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Hashing24: I Finally Gave Up On Bitcoin Mining, Or Did It Give Up On Me?

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Sep 8, 2018.

  1. Prezzy

    Prezzy Leader Protector

    About 2 weeks ago, my major mining account on hashing24 accidentally lost its entire mining contracts! That was the beginning of a new approach in considering bitcoin mining for me.

    I want to briefly discuss the experience with us here.

    Buying the contracts....
    I think this is the most interesting part of the journey.
    Thanks to the positive experience we had mining Bitcoins from last year. I purchased my contracts with all convictions that all will go well and the profits will keep coming. I don't think I have ever mined bitcoin at a loss before so I didn't know what it was like until it happened this year.

    I even purchased some of my contracts from people who were ready to sell theirs on auction at hashing24 and I thought it was real cheap.
    Indeed it was really cheap until I could not keep them and Bitcoin kept slumping.

    Really, it was fun getting these contracts. I felt like I was doing the best thing I could for myself. Maybe It really was

    Keeping the mining Contracts...
    When bitcoin mining became unprofitable due to the constant drop in price and hike in mining difficulty , I first lost the contracts in one of my mining accounts.
    Then it was very little and I didn't feel the weight much. And sooner, hashing24 gave us the ability to reclaim the lost hashrates which I did.
    But it was just the start.
    Before long, I was depositing money into my account to pay for the maintenance fees and I would get mails like this one.
    Screenshot_20180908-075949.png-Hashing24: I Finally Gave Up On Bitcoin Mining, Or Did It Give Up On Me?

    The good part is that, the larger the contracts you have with hashing24 the more you have to pay! Paying daily without the ability to paused one's mining machines would mean one had to pay for as long as the mining remains unprofitable.
    It comes down to how much faith you have in the price of Bitcoins going up!
    I had much until

    Losing the Contracts...
    I lost my contracts!
    I was actually writing exams during this period and didn't have much time to monitor my account
    From my own count, I had one more day to make the payments after receiving 2 mails from hashing24.com that there isn't enough money in my account account to pay for the fees any longer for a consecutive 2 days or so I thought.
    On the supposed 3rd day, I logged in to discover that all my contracts were gone!

    At first, I felt worse than I can explain.
    The first thing I did was to chat with their customer representatives I did so with little hope of obtaining any assistance beyond referral to someone else who has an upper hand that could help me. It was worse. There's no one he referred me to.

    I wrote to hashing24 support via mail and got same response back.

    I had decided to chill and watch how things go. Somehow I am convinced that I might just save some money that could have been used in paying for the fees because mining IS STILL UNAPOLOGETICALLY UNPROFITABLE!

    That's it. Even now, mining is still unprofitable and am still saving some money. But that's now...

    My Future plans about mining

    I still have plans of getting back into mining with hashing24 in the future.

    I will start with buying contracts with less maintenance fees because those are profitable even now and with be for longer.
    Secondly I will be patient this time (I really hope so!) and won't ride with whatever wave crypto might be throwing when am ready. I feel it's going to be a bullish one.
    I intend to wait for bitcoin mining to become as bad if not worse than it is now and then grab some mining contracts at whatever best rate I could probably through auctions!

    It's going to take a lot of focus and patience but am ready for that!

    For those that are still mining Now!

    I don't think it's worth it losing your contracts as long as you can keep financing them for a few months especially if you'll be financing it from the profits you have made during the good mining days. That's actually what am doing with one of my accounts!

    But if it comes to putting in your money from another source, I suggest you should seriously consider it!

    What's your own input?
    Are you still mining?
    Are you still paying the fees?
    What's your thought about the future of mining in the near and far future?
     
    SalimSojay, gbolahan and Barnabias like this.
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  3. Barnabias

    Barnabias Leader

    I lost 8TH altogether. Honestly it's painful because they are all fresh contract that hasn't yielded anything.
     
    Prezzy likes this.
  4. Barnabias

    Barnabias Leader

    But what I can't really understand is why difficulty keep rising despite the fall.
    Many contract has been terminated, many miners are withdrawing, people are less interested in cloud mining, yet difficulty keep increasing. I'm still confused...
     
  5. Barnabias

    Barnabias Leader

    As for me, I think I'm done with mining and parking. Holding will be my next approach to btc
     
    gbolahan likes this.
  6. Tbossofficial

    Tbossofficial Well Known

    This is what I was thinking until I lost 2.9/Th to them

    When was this, cause I never get any mail of reclaiming my hashrate
     
    Prezzy likes this.
  7. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Lolz...we just have to learn from it and move on
     
    Prezzy and Barnabias like this.
  8. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    About parking, i reserve my comments on that.

    self believe
     
    Barnabias likes this.
  9. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    But why do you want to exist parking? I think this is a new economy model from how central bank control the price

    Wanna here your opinion @Barnabias
     
    Prezzy likes this.
  10. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    I have stopped mining long ago, took that decision on one of your mining post,that was few months ago. mining is only profitable when you have full control of it.

    Here in Nigeria,it is not profitable to start mining farm only to explore other form of generating bitcoin like dividends, staking,masternode and parking.
     
  11. Barnabias

    Barnabias Leader

    I got the message from Genesis, just that I'm not interested in mining for now
     
  12. Barnabias

    Barnabias Leader

    As for parking, I'm yet to extend my investment beyond minexcoin. And minexcoin has dropped over 100% in the last 6months. Hence, it's not profitable
     
    gbolahan and Prezzy like this.
  13. SalimSojay

    SalimSojay Well Known

    I suppose u should know this is not the right thread to drop this
     
  14. SalimSojay

    SalimSojay Well Known

    I have never been in cloud mining
    Always wish I had but later decided not to when I did my math.
    The latest news about them made me to finally forbid the plan to ever be involve

    #SalimSojay
     
    Prezzy likes this.
  15. Prezzy

    Prezzy Leader Protector

    How can a coin drop 100% bro?
     
  16. Prezzy

    Prezzy Leader Protector

    All markets go red bro but that does not mean we should stay away

    It simply means we should be diligent enough to study and know when to run and take shelter and when we should bring our money to the table and game.

    I understand cloud mining is increasingly risky but it can as well be profitable if done right. The question is how can one do this stuff right?
     
    gbolahan likes this.
  17. Prezzy

    Prezzy Leader Protector

    I think it's wrong to say something like you earn 15% or so so % in cloud mining when the hashrates and difficulty is changing every now and then

    15% monthly sounds too high even without maintenance fees being paid sha.
    How does this guys work
     
  18. Prezzy

    Prezzy Leader Protector

    Yes, I can't understand this either and that tells me that Bitcoin can be headed somewhere that many of us do not even understand.
    Bitcoin always has a way to take us by surprise. While are thinking the field is getting familiar, something pops up that tells us we are thinking about a different field
     
    Barnabias likes this.
  19. Barnabias

    Barnabias Leader

    Lol
    Actually it's about -95%
     
  20. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    It is true that it has dropped so much,but that doesn't stop me from investing more because i see the long term goal but i might be wrong and lose my investment.

    No real use of Minexcoin now,card,insurance and more products will create the demand that is what i believe.
     
    Barnabias likes this.
  21. Barnabias

    Barnabias Leader

    At least it's better than a terminated mining contract
     
    Prezzy and gbolahan like this.
  22. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Yea....no third party is involved here,you decided what you want to do with your coin.
     
    Barnabias likes this.
  23. Prezzy

    Prezzy Leader Protector

    I agree
     
  24. Benedict pepple

    Benedict pepple Well Known

    Expirence is the best teacher. I'm still paying my fees from my balance, at the same time looking forward to buy more contacts.
     
    Prezzy likes this.
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