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Is Hashflare's Maintenance Fees The Highest In The Industry?

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Jun 19, 2018.

  1. Prezzy

    Prezzy Leader Protector

    Most recently, Bitcoin mining on hashflare became unprofitable and this has led to a lot of questions.
    Meanwhile, for the sake of newbies in the house,

    What is maintenance fee?
    The maintenance fee covers all costs related to mining including, inter alia:
    • electricity cost
    • cooling systems
    • maintenance work
    • hosting services

    This is the comment i recently got from @SIC in one of my threads:
    This makes a lot of sense so i decided to go and find out what the transaction fees are for the different mining companies out there. Perhaps, this information will be helpful in the future.

    Hashflare's Maintenace fees

    It goes like this...

    Maintenance and electricity fees (MEF)

    The mining process requires energy consumption and human resources for the maintenance. In order to cover these fees all users are issued with maintenance and electricity fees (MEF) accordingly to their contract type and hashrate.

    Ethereum contracts are not subject to any fees.
    Maintenance and electricity fees are not billed in an invoice. Instead the fees are deducted from the customer's balance at the moment of daily payouts.

    Despite the fact that balance is accounted for in BTC and the fees - in USD, the fees are deducted in BTC according to the current USD/BTC exchange rate which is beneficial for the customer in case the exchange rate trend is positive - more BTC remains in the customer's balance.

    source: Maintenance and electricity fees (MEF)

    How about that of other companies?

    Hashing24
    I just queried their help center and this is what i got!
    $0.033 for every 100GH/s daily

    From this, you can see that it is not very different from that of Hashflare!
    While Hashflare will charge 0.0035, hashing24 charges 0.0033
    I have no doubt that Genesis mining also shares same maintenace fees!
    check out: Genesis-mining Bitcoin Cloud Mining: How I Invested 500k|$1k To Earn 1.5k|$3 Daily 4 Life!

    from this, you can see that there is no much difference between the two of them @SIC so maintenace fee should not be the single factor that explains the higher profitability of hashing24 over hashflare!
     
    Adigun and SIC like this.
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  3. SIC

    SIC Active

    Prezzy likes this.
  4. SIC

    SIC Active

    200ths contract.JPG Though the income is quite small compared to the calculation given above, One can only hope and pray it becomes profitable pretty soon..
     
    Prezzy likes this.
  5. Prezzy

    Prezzy Leader Protector

    Wow. Am actually excited about the future of mining

    Coins are slowly climbing through out today and am sure of more positive action

    Am also glad you have some lifetime contracts. I think the next thing js to Keep your eyes open for opportunities to buy very cheap and accumulate more.

    It will eventually become highly profitable although it will not remain that way forever
     
  6. Prezzy

    Prezzy Leader Protector

    Am looking around to see more enthusiastic miners in the house . @gbolahan are you still with us?

    @zedzed
    @Barnabias and Co. Show up !
     
    gbolahan likes this.
  7. SIC

    SIC Active

    If you know how annoying it made me feel buying those contracts (which wasn't lifetime) then you showed me the LIGHT, thinking of discarding the first hashrates i purchased before to get more profitable Lifetime contracts.
     
    Prezzy likes this.
  8. Prezzy

    Prezzy Leader Protector

    If you ask me, I will suggest that you don't do that NOW because you will not be able to sell them at a good rate.

    However when crypto rises and mining becomes red hot again, you can then dish them
     
    SIC likes this.
  9. Barnabias

    Barnabias GrandMaster

    I'm here just watching
     
  10. SIC

    SIC Active

    Brother don't wait and be looking, start mining for lifetime. You won't regret it
     
    Prezzy likes this.
  11. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Block reward will be reduced early next year which means supply will be reduced, i think this is the best time to get the contract cheap and mine still when it become expensive in the next 3years,if the cycle repeat itself
     
    Barnabias and SIC like this.
  12. Barnabias

    Barnabias GrandMaster

    You don't get it Bro
     
    Prezzy likes this.
  13. SIC

    SIC Active

    I now understand b. *grabs a seat* Am with you brother
     
  14. Prezzy

    Prezzy Leader Protector

    What's the challenge that's discouraging you ?
     
  15. Barnabias

    Barnabias GrandMaster

    None really
    Just watching when we will enjoy cloud mining back like year
     
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