HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   2488

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.

Argo Blockchain to Report on x10 Revenue Increase

For the 2019, the company received Bitcoin mining revenue of £ 8.5 million, in 2018 it was £ 760,000
20 January 2020   122

Bitcoin mining company Argo Blockchain said this Monday that its revenue from its core business in 2019 increased 10 times. According to a press release on the website of the London Stock Exchange (LSE), where Argo shares are traded, for the first full year in business, the company received revenue of £ 8.5 million compared to £ 760,000 in 2018.

Argo listing on the main LSE market took place in August 2018. The data presented were not audited - the reports after the audit will be available in April.

The company clarifies that in the fourth quarter of 2019, it mined 432 bitcoins, which is six bitcoins higher than in the third quarter. However, in the last quarter, the company's revenue fell to £ 2.66 million, while in the third quarter it was £ 3.63 million.

Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead.

 

Peter Wall

Argo Blockchain CEO

 The company is increasing mining capacity in anticipation of halving and currently has 13,364 devices, including 6,375 Bitmain Antminer T17s, which were installed on January 1. By the end of the quarter, Argo intends to add another 3,625 of the same miners. It is estimated that with a full set of 17,000 devices, its computing capacity will exceed 650 petaheches.