Is it advisable to use hashflare.io, or hsshnest?

Bitcoin Questions and AnswersCategory: General questionsIs it advisable to use hashflare.io, or hsshnest?

Orest Chornij asked 5 months ago

Hi,
I’ve been using Hashflare since October of last year and have been generally satisfied with them. However, recently I’ve noticed my profits dwindling I did a calculation of the payouts vs their fees and it turns out I’m paying a whopping 55% in totals fees. Are any of you guys seeing the same thing as me? When I wrote to them I got what I consider a limp answer blaming the bitcoin difficulty as the problem. What do you guys think? Thanks,
Orest

1 Answers
Steven Hay answered 5 months ago

Hi Orest,
 
Well, my general advice to people is to stay away from cloud mining. It’s very risky and there’s a long history of cloud mining scams and failures. While Bitcoin’s difficulty is certainly going up, it does sound like they’re using that as an excuse for exorbitant fees. I’d be interested to see your calculations. You could perhaps add them as a comment to this article of ours, which deals with cloud mining:
 

Cloud Mining – Profitable or an Evolution of a Scam?


 
While it won’t help you much, it might just stop someone else from investing into that company.

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