Hashop.io is a relatively new service offering Bitcoin cloud mining services that we have decided to check out. When you register and get a contract pretty much all you get is a Balance tab with a brief information about your current hashrate and mined BTCs as well as an Account page where you can edit your details.
Our conclusion in short – be careful with that cloud mining service, even though it has been available for a while and seems to be here to stay. Copyright ©2016 - Crypto Mining Blog - All About BTC, LTC, ETH mining as well as other alternative crypto currencies. This is a blog dedicated to crypto currency miners and users of Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and other altcoins.
Bitcoin Cloud Mining Service Craters: How Can You Tell the Difference Between a Profit Maker and a Ponzi Scheme? NEW YORK (InsideBitcoins) — Mining bitcoin has become a big ticket manufacturing game, played by operators with deep venture capital pockets.
It sounds particularly appealing to those looking to strike it rich in a cryptocurrency gold rush.
One cloud mining pool went offline this weekend — and at least one other is gathering a growing number of disgruntled users. Hashie.co – whose homepage was abruptly replaced by an alternate reality game comprised of music and Morse code – went dark after a growing number of complaints regarding missed payouts. Such fragility in generating revenue has to be a concern for not only cloud mining consumers, but the pools themselves. But while CloudHashing customers may be mollified for the moment — and Hashie clients apparently left out in the cold — how can a consumer tell the difference between a pooled platform offering a true profit from one that is nothing more than a Ponzi scheme?
Gavin Andresen, lead developer of the bitcoin protocol and chief scientist for the Bitcoin Foundation, has been an outspoken critic of cloud mining for a while.
So, are the days of hooking up a PC with a couple of fans and an open window to keep the whole contraption cool, a thing of the past? Cryptocurrency Pubcon is an exciting new networking show taking place in a pub In New York City on October 8, 2016.
In addition to great networking, we will soon be announcing 5 well known speakers from around the world. Join us at the Korean International Exhibition Center December 7-9, 2016 for the largest bitcoin & blockchain event worldwide! Cloud mining services should pay 12 months of estimated mining profits to each user according to how much hashing power they have purchased.
I’m having the same problem does not make payments and do not respond emails, were we hit victims ? It would have been nice to let people back out or quit when they saw the difficulty level continue to climb to unsustainable levels that couldn’t not support the price. We need to get the word out to newbies that are still being drawn into the youtube videos where people are still getting sucked into the market. Interesting that Emmanuel Abiodun can respond so quickly to your enquiry, but is unable to respond to all his customers who have purchased apparently worthless contracts with his company. Aside from CexIO there is another old enough service offering with long enough history in order to be able to consider it as a trusted in terms of Cloud Mining services for Bitcoin mining.
Running the numbers for the cheapest 85 GHS cloud mining hashrate plan we got a really disappointing results, as you can see in the graph above if the conditions do not change in favor of serious price increase for the Bitcoin there is absolutely no chance to get even in just 1 year (the period of the mining contract) and even if the contract duration was 2 years you will still be in the red. The cloud mining company Genesis Mining has just added X11 algorithm cloud mining plans, something that we’ve been waiting for eagerly to happen. Purchasing X11 cloud mining hashrate from Genesis Mining will allow you to mine Dash (the former DarkCoin), Startcoin or to mine the most profitable of these two and automatically convert to Bitcoin (BTC). Bitcoin Price Decline Targets $500 BitfinexBitcoin price continues decline as the crowd keeps selling. Being contacted by the operators of the service gave us the opportunity to ask a bit more information about the service and their mining operation. What makes this service seem very attractive is the price they currently offer for their mining contracts, currently 10 MHS Litecoin Scrypt mining power will cost you $88 USD (were $85 earleir today when we have purchased a contract).
The user account control panel and the mining information available is not the best we’ve seen, but it provides you with the most important information to help you keep track of your mining and calculate profitability and expected ROI time. Genesis Mining is a relatively new and interesting Scrypt cloud mining service provider that has apparently been operating for a bit over a month already, so we have decided to give it a try and have been testing it for a few days already. Genesis Mining offers the ability not to mine only Litecoin, but also multiple other Scrypt crypto currencies such as DOGE for example with user control what to be mined. The standard cloud hashrate plans offered by Genesis Mining are for 2 MHS, 10 MHS and 50 MHS, though there is an option that allows you to set a custom hashrate like for example 1 MHS. After we have purchased our 1 MHS hashrate for testing it took less than an hour for our payment in Bitcoins to be processed and our hashrate to be credited in the account. Although this easy to use interface does look very nice it lacks something very important and that is some information about current profitability. The main dashboard also is clean and nicely structured giving you a brief about your current hashrate, last payment in USD as well as the total payments for the last 7 days again shown in USD. And now a bit more about the return of investment you can expect and the actual profitability of the Genesis Mining cloud mining service according to our tests. So far our general impressions from the service are positive, even though it still can use some improvements in terms of functionality and a speedup in the time it takes to get your earnings would also be nice. Your results agree with what other customers of Genesis Mining are reporting: about 8% returns and at least three months to ROI.
Charging $140 to $180 per mH with ROI over three months does not cut it in todays competitive environment. For the rates charged versus the the BTC earned, one can easily earn better by paying less for their own ASIC device and selling the hashpower with some of the available services. It seems that the Hashie cloud mining service is now back online and fully functioning, however the way they handled the recent problems they’ve had (apparently getting hacked and Bitcoins stolen) is far from good. The service itself was announced about two months ago, but we decided to give it some time in order to see if it will be here to stay or not. There is no detailed statistics or option to change settings in the mining process or to use a pool of your choice.
Their prices, while lower than some other alternatives, are still pretty high and it is doubtful if you will manage to break even let alone make some profit with the current market situation.


Enter your email address below to receive daily news about bitcoin and updates on the Inside Bitcoins conference series. One user told Inside Bitcoins that he had been buying CloudHashing contracts since last January – after attending the Inside Bitcoins Conference in New York. Less than two weeks ago, PeerNova announced Series A equity and debt funding totaling nearly $9 million, led by Mosiak Partners. If you have access to very cheap or free electricity, that is a competitive advantage, and you can probably mine profitably.
The event will feature inspirational keynotes and seminars from thought leaders in the, FinTech innovation, blockchain technology and cryptocurrency space. The anger they will feel and the negative feelings they express to there friends and family will stick for a long time and is hard to overcome. Join the long list – including the mining equipment makers that suckered us in (Butterfly Labs was just the beginning). We have been left completely in the dark about what’s going on as there has not been ANY communication from them whatsoever for a couple of weeks. Several emails sent to them have gone unanswered, except for one, which finally admitted to the Reinvestment program being shutdown. I am currently unable to log into my account and have not heard from cloudhashing since I originally contacted them on Dec 18, 2014. That service is called Cloud Hashing and we’ve been keeping an eye on it for a while already, though we were a bit reserved about investing some coins in it due to the quite high process they have. Going for the 370 GHS plan also returns pretty much the same unfavorable results, and even the 1 THS plan at the current price is way too high. No, there are still no ASICs available for X11 mining, what they are using are GPUs for the mining and you can purchase X11 cloud mining hashrate for $24 USD per MHS for 1 year contract with no maintenance fee! Furthermore there is a loyalty program giving 5% discount off the regular prices mentioned above on X11 cloud hashrate for everybody that purchased hashpower from the company in the past.
In our experience so far with some new cloud mining services that have later on turned out to be scams, most of them are usually gone in a month, so when we see a new one appear we are approaching it more careful. It seems the people behind Chabat Mining are from France, however their mining operation is based in Bangalore, India in order to take advantage of cheaper workforce and electricity there, or so we were told. If the current conditions for Litecoin remain the same you might be able to ROI in about 4 months with the current low prices and difficulty that has been showing pretty moderate increase for quite some time already. There is an option to be payed in Bitcoins as well, with the service automatically mining the most profitable coins for you and exchanging them for BTC. For the purposes of our test we have purchased 1 MHS worth of Scrypt hashrate in order to try out the service and report our experience with it. After you get the purchased hashrate credited into your account you have to setup the way you want your hashrate to work for you.
This is a must have feature in order to give the users of the service some information on what could be the best option for the moment based on the current exchange rates.
Below that you can find a chart with the daily earnings you get each day for roughly the last month. The service is back online, but any Bitcoins you might have had in your wallet are no longer available and the service apparently is now offering new cheaper miners called Generation 2. The good news is that the service is still here and has been adjusting their prices down with the increase of the network difficulty.
There is also an option for future cloud mining contracts that will start on 1st of June that come cheaper in terms of price, but the two more jumps expected by then in the Bitcoin difficulty will most likely make them not that more interesting anyway. According to the information available you should be get an option to convert your purchased GHS to BTC (sell them back at lower price) in a week after you have purchased a cloud mining contract. There are better priced alternatives available, ones that have been available for longer time and have earned the trusts of many users that you should stick with if you are interested in Bitcoin cloud mining. Yet to be explained is how my balance has been reset to zero, along with the disappearance of my Reinvestment balance.
You can rent 85 GHS for $999 USD, 370 GHS for $3999 USD or 1 THS for $8999 USD, the lower the cloud mining hashrate the less attractive it is in terms of break even time.
In order for these BTC cloud mining hashrate plans to be profitable for sure with the current conditions they need to be half the price to what they currently are.
Yes, you heard it right, there are no maintenance fees for the X11 cloud mining hashrate – all you have to do is pay the price per MHS and you get all of the mined coins as profit for the next year. Furthermore if you use our special discount code you will also get 3% discount off the regular price for the new X11 cloud mining contracts, so you can get even better deal for the price per MHS – all you have to do is to enter the promo code CryptoMiningBlog5 during checkout for the extra discount.
This is especially true when the service operators want to remain pretty much anonymous and do not provide a lot of information on their website about their mining operation, so doing a bit of research is a good idea.
We were sent the photo above as a proof of their mining operation, a not very clear image of a data center and the Litecoin mining equipment the service says they use is custom built based on 28nm ASIC chips.
There is also a future contract available for pre-order where 10 MHS will cost you $69 USD, but the mining for that one will start at the end of the year, so not that much attractive.
This is just a rough estimate however as it is really hard to predict what can and will happen in the next 4 months with Litecoin, but considering that some alternative services offer significantly higher prices for hashrate this deal might not be bad at all. It seems that Genesis Mining has already attended some Bitcoin and crypto currencies related conferences as sponsors or speaker, and the fact that they have been around for a while and that they are actively developing the service makes them seem more trustworthy.
Also you get to receive your earnings on a daily basis directly sent to your wallet, definitely an advantage over some other alternatives that do have weekly payments for example. By default it is set to 100% Auto (BTC) mode, so that you will mine various coins and get them sold for BTC and get payments directly in Bitcoins every day.
At least some approximates would be nice, otherwise people would have to track manually all of these currencies to see what to mine all the time in order to get the maximum profit, or the idea here is just to choose the Automatic BTC option and not care much. What we are missing here is an option to see the total earnings you have received since you have started using the service, something that is really useful. We are going to continue using the service for the next year until our contract is over, so you can expect more reports about the service as we are ready to share more of our experience using it. It will however be very had to earn back the trust of the over 40 thousand users that the service claims to have, especially of the ones that did not have purchased AMHash cloud mining hashrate. The website has not returned, the ARG has morphed into a quasi-legitimate method to mitigate the legal violations for grand theft that have occurred.
With that said we do still want to warn you to be careful should you decide to try this service yourself.


This is a good option should you decide you no longer want to continue using the service and recover some of the money you have invested as most other long-term cloud mining services do not offer such an option (unless they have a exchange). The prices cited here are quite high and they are for 1 year contract, so we took the numbers in a Bitcoin mining calculator that is supposed to give us an idea on when you can expect to break even and the results weren’t promising at all.
Otherwise you are most likely going to loose money instead of earn investing in the cloud mining hashrate at the current prices that Cloud Hashing has… that is if the price of the BTC stays at the same level for another year.
Going for 20 MHS worth of X11 cloud mining hashrate you will have to pay $420 USD ($21 USD per MHS) and if you go for 100 MHS X11 hashrate the price is $1900 USD or as low as $19 USD per MHS.
So you can really get a great deal on the prices of the X11 cloud mining hashrate, we are off to purchasing some X11 hashrate and trying things out.
The website has been registered on August 20th and the first news on the website appear to be published on 26th, Archive.org has a snapshot of the website from September 22nd. According to the statistics available on the main page of the service they operate a 14 GHS Litecoin mining farm out of which a little over 1000 MHS (1 GHS) are currently available for customers. The service uses CoinPayments as a payment processor for paying with either BTC or LTC for the hashrate, but there is also an option to pay with PayPal, not something we often see with cloud mining services nowadays. Of course there is always some risk and the better the deal, the higher the risk usually is, so as usual we advice caution, start small and do not spend more than you can afford to loose. Though as usual we advise caution when checking out new services of this type as you may never know for sure, so never invest more than you can afford to lose. Another good thing is that there are no hidden fees to pay such as percentage from your earnings for hardware maintenance or electricity bills, you pay a fixed price for the hashrate you want to rent and it is yours for a period of 1 year. You have a nice and clean interface with dials where you can set in percentages how you wish your hashrate to be distributed and in what crypto currency you want to get paid. An estimate on profitability based on the last 24 hours of mining would be nice to have and very useful, for the purposes of our tests we have decided to start with 100% to get payment in Bitcoins, even though this may not be the most profitable option on the long term. Another nice feature that we would want to have here is not only earnings calculated in USD, but also in BTC for example to go along the USD estimate.
Considering the fact that there are still not many options to go for a Scrypt cloud mining service, this one is definitely worth keeping an eye on. Owners of AMHash cloud miners at Hashie can still move them to the AMHash platform, if they have not done so already.
The company behind the service is apparently registered in the Seychelles and the website itself does not give you too much information on who is actually behind the website.
But that is not the problem, the actual problem is that the Profit calculator offered by the service does produce some really nice numbers such as about $128 USD actual profit (after you return the $109 USD paid for the contract) after two years if you buy the 20 GHS plan.
Also do note that the service has a maintenance fee of $0.00045 USD per hour per GHS, this fee is subtracted from your mined coins depending on the amount of GHS you have and you may miss reading about this fee. Do note that the calculator uses some fixed values that we gave it like 15% increase in difficulty each time and a fixed price for Bitcoin at about $560 USD. If the price gets twice than what it is for the moment you can actually make some money, however the risk is higher and no guarantees that this will happen.
Of course you can purchase any hashrate in between these preset options for contracts with the bigger ones offering a nice discount, but there are more good news available to current and new customers of the service. We’ve purchased 10 MHS hashrate and will continue to test the service and report our experience over time, so you can keep an eye out on how things develop further. The page for ordering hashpower has an option to enter a promo code as well, you can use the following up to date promo code to get a 5% discount of the regular price CryptoMiningBlog5.
You can for example use your hashrate to mine for Litecoin or DOGE along with a few other crypto Scrypt-based currencies such as AUR, FTC, LOT or MEC. The service does daily payments, though so far it takes more than another half of day to get your daily payment for the previous day and this can use some improvement. Considering the fact that for our 1 MHS worth of Scrypt hashrate we have paid 0.21387012 BTC by using a discount code and taking into account the earnings from the last two days as a reference we will need about three and a half months to break even. What the service has apparently done for people that have had Generation 1 miners as well as any Bitcoins in their wallets was to distribute them some Frostcoins that should result in bringing some dividends to users based on Generation 2 miner sales. If I suddenly tell you that you now own a cloud in the sky and all of your money is now water vapors, I still owe you the stock or money. The business model that this service follows is very similar to that of Cloudhashing – targeting people that are new to crypto currencies. This may sound really nice, but running the numbers through an independent profit calculator produces significantly different numbers, ones that say you cannot even get half of the money you have invested back from the mined coins. In a year the price of Bitcoin could be double than what we have at the moment, the difficulty increase may be lower or higher, so there are quite a few unknown variables to take into account.
Our purchase of 10 MHS hashrate (order number a little over 100) that we use for testing the service went smooth and fast and pretty much within 30-40 minutes we got the hashrate available in our account and mining coins, though it could take some more time. Meanwhile, if you are interested in trying out the service you can use the link below to register, as following it you will get a 3% promo code for your first order, so even better price per MHS. This code does give you a good opportunity to test out the service starting with one or just a few MHS at a better price than the standard one. Interestingly enough an option to get payment in Darkcoin has also just been added, meaning that what you have mined gets sold for DRK and you get the amount sent to your wallet. This of course will be true if the current profitability remains the same as it is now, meaning that we are going to have a decent profit for the rest of the contract period that is 12 months in total. We have already moved our AMHash hashrate to the AMHash platform, however our account did not get any Frostcoins for the Bitcoins we had in the wallet that are now gone. That of course is with the current market conditions which are far from great, but when investing in cloud mining you should do the math for the best and for the worst case scenario before actually giving your money.
We are probably still going to get a plan just so that we can properly test the service when we have some spare resources to invest there. Do note that once you register and add a contract in your Cart you will see the 3% discount code shown in the Cart, but you need to copy and paste it in the Coupon Code field and click on the Apply Coupon button in order for the code to be activated for your purchase… it will not be activated by default, just displayed for you to use it!
Without the discount however and at the current standard price for 1 MHS the break even time will be close to about 5 months of the daily profitability remains the same. So we would currently recommend to avoid that service if you are interested in investing in cloud mining.



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Comments

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