Welcome to day 5 of the HODL Experiment!
I came home from work today, and checked my Hashflare stats. (Hashflare is a great mining service which I have a 1 TH contract with.) And a new notice was posted in my dashboard changing their terms. I payed $120 USD about a month ago for 1 TH of hash power. Why did I do this? Well I know Bitcoin is going to boom, and soon enough the pennies are going to become dollars. As well, the contract was open ended, so it would run as long as Hashing is profitable. I signed up just based on that alone. As well Id net about $420 USD with running it for a year.
Well thats all about to change. In a few hours, Hashflare will be doubling the price of 10 GH from $1.20 to $2.40 USD. Essentially my contract is double what I paid for it now.
[Hashflare News Source] (http://mailchi.mp/hashflare/mining-profitability-continues-to-grow-1182309?e=9a1b60b00c)
Now im posting this as its STILL AVAILABLE right now for $1.20 per GH. The price changes in a few hours.
If your looking to mine BTC, Hashflare is superprofitable for 1TH based on a year running. At $240, I probably wouldn't have bought it.
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Potentially profitable for a year, but I'm not giving a dollar to a company that makes such an announcement with 1 day of advanced notice so that they maximized fooling as many people as possible to buy under a lifetime term while Bitcoin's price is rising and mining output is wonderfully getting more productive.
It feels unethical to me and it severed a lot of trust in the community. A price raise is fine. Getting rid of lifetime contracts going forward is fine.
BACKSTABBING their current loyal customers by letting them buy/upgrade until 24 hours before a change, and deceiving them, while also not honoring their agreements for the long term for good-will is a horrible move. The ill-will this created will not fare well and will now risk future business and their ability to stay in business if sales plummet and legal action is taken for false advertisement.
I'm noting that the contract terms probably have a loophole that the contract is able to be terminated if they can't cover their daily costs, but I doubt that's the case here. They should prove it then otherwise...
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I get exactly what you're saying. It seems that existing hashing did not get capped for a year, which I'm grateful for. However IMO after maintenance fees @ 240/yr for 1TH with expected difficulty increases; not even worth it. 120 even for a year will still net you more. Other hash rates are just crazy prices.
I find it funny this increase happened right after bitmain had put miners up for sale less then a day prior and sold out.
I'm not upset with the performance I'm getting from them, but I will not buy any additional hashing power at double what it was. Especially when BTC is MUCH higher now.
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