I have formed this article in order to share my experience on bitcoin cloud mining. I will update regularly my review from my SHA-256 contract of BTC mining
I have invested 42K USD (2.48BTC), 4 payments that I have done on 10th, 11th and 12th December.
The forecast is 287K USD (minus about 20% of maintenance fee = 229.6K), I will get back my initial investment : 42K USD in about 67 days, the rest : 187.6K USD will be net profit. So we are on a profit at 346% (initial investment is multiply by 5.46). It is a forecast, but this forecast is so far acknowledged by my withdraw this first 2 weeks, check at the end of this article.
How much money are you ready to invest? You can visit this simulator forecast for evaluate your income. The evaluation is based on the BTC value and hashrate difficulty of the day. Remarks: you need to remove -20% for the maintenance fee on the monthly income which are automatically debited by Hashflare on the payoff.
hashflare control panel
Gain is calculated via the deduction of expenses from income.
The revenue consists of daily payments which size depends on the hashrate. In order to calculate an estimated revenue using the hashrate you’ll need to include it in one of the calculators below (set all Power values to zero):
Then deduct the maintenance + electricity fee of 0.0035 USD per 10 GH/s of SHA-256 , the contract I have chosen.
I will get back my initial investment : 42K USD in about 67 days, the rest : 187.6K USD will be net profit.
I’m one of those who will believe that the bitcoin will reach 50K USD immediately in 2018, and I am not the only one, you can fine online many experts predicting that, one example:
So once the bitcoin will reach 50K USD, even if the hashrate difficulty is increasing, my gain might be about 300K-400K USD.
How much money are you ready to invest? You can calculate here your monthly revenue with a 1 year contract.
I have made 2 withdrawals for what I’ve mined between the 13/12 to 27/12, so in 2 weeks 0.48BTC
You can see that I have withdraw a small sum on 12/12/2017 for test the withdraw functionality on my wallet, Now I will wait every 1-2 weeks before to withdraw again, for avoid too many withdraw fee.
So in 2 weeks 0.48btc, mean in one year I should get 365 / 14 * 0.48 = 12.51BTC, we are a bit lower than the forecast (16.14btc) since the hashrate has recently lower, but we are still over 300% of gain, and keep in mind that this forecast can progress in accordance with the hashrate and BTC value also if you wish to cash out your bitcoin in USD.
Purchasing of the contract on this platform can be made in BTC or USD per credit card or bank transfer, which is offering some flexibility.
Here you can see the history of the bitcoin mined, the detail of the fee and the date I have bought some THS :
mining payout history
mining payout history
Other interesting details:
Choice of the pool mining:
You can select the ratio you want to mine among 3 pools.
You can test which one is the most lucrative and make your own regulation:
When you choose one specific pool and the hashrate % allocated to it, the system begins to use that sum of hashrate in the chosen pool. The accounting happens daily, thus you are able to change the pools once a day. After the system calculates your hashrate’s input and the total payment from that pool you’ll be given your share of the mined BTC.
mining pool choice
Recall or reinvestment
The Reinvest function allows you to automatically buy additional hashrate as soon as your Balance allows it.
Involving this function will use your current Balance to buy the maximum possible sum of hash rate.
After every payment the system will check if your Balance is enough to buy at least a minimum amount of hashrate (10 GH/s for SHA-256 or 1 MH/s for Scrypt). If it is, then the purchase will be made and automatically confirmed.
reinvest in hashflare