Cloud Mining with Hashflare

Mining Bitcoins on your own is no longer profitable. Another option is to use cloud mining. These are services that allow you to "rent" their mining. Now I've read that most cloud mining operations are just ponzi scams, but I already put in some money into Hashflare.io before I read up.

Let's see if Hashflare breaks the "it's a ponzi" notion. It would take approximately 6 months for me to ROI. Buying bitcoins and holding on to it may seem the better option. But if the service continues after 6 months, then I'm getting extra satoshi everyday. Of course, profitability depends on many factors such as BTCUSD rate and maintenance costs.

Take note that maintenance fees are in USD, so the higher the price of bitcoins, the lesser the fees take away (and vice versa). So we really want bitcoin to go to the moon!

Another thing to note is the withdrawal minimum of 0.0016 BTC and a withdrawal fee of 0.0006 BTC; so don't think you can withdraw too often.

Here I will list my earnings so far. I will already deduct the maintenance fees in the list.

TOTAL WITHDRAWN: 0.0154582 BTC (98.94 USD as of Nov 1, 2017)
Total Amount Invested: [USD 28.20] USD 15.00 (0.15 TH/s SHA-256) + USD 13.20 (2 MH/s Scrypt)

Last update: Jan 23, 2017

My thoughts: Scrypt profits really dismal also for SHA-256. This is so painful to watch especially with BTC price staying above USD900.
updated thoughts: Litecoin shot up in price allowing for better returns. I've broken even. Still, that $28 back when I put it in Hashflare would be much more that "break even" point. So in conclusion; you'll break even, but HODL will give you better returns.

Date	Total	Scrypt	SHA-256
Jan 23	0.00005816	0.00002132	0.00003684
Jan 22	0.00006264	0.00002328	0.00003936
Jan 21	0.00006266	0.00002664	0.00003602
Jan 20	0.00007729	0.00002958	0.00004771
Jan 19	0.00007323	0.00002551	0.00004772
Jan 18	0.00007251	0.00003073	0.00004178
Jan 17	0.00006156	0.00003064	0.00003092
Jan 16	0.00007148	0.00004084	0.00003064
Jan 15	0.00006988	0.00003646	0.00003342
Jan 14	0.00007146	0.00003555	0.00003591
Jan 13	0.00006870	0.00004139	0.00002731
Jan 12	0.00008628	0.00004007	0.00004621
Jan 11	0.00007960	0.00003792	0.00004168
Jan 10	0.00008233	0.00003630	0.00004603
Jan 9	0.00008610	0.00004244	0.00004366
Jan 8	0.00008889	0.00003558	0.00005331
Jan 7	0.00009142	0.00003821	0.00005321
Jan 6	0.00009757	0.00003919	0.00005838
Jan 5	0.00011599	0.00005100	0.00006499
Jan 4	0.00010984	0.00004992	0.00005992
Jan 3	0.00011900	0.00005167	0.00006733
Jan 2	0.00011518	0.00005046	0.00006472
Jan 1	0.00011693	0.00005854	0.00005839

Date	Total	Scrypt	SHA-256
Dec 31	0.00010321	0.00005859	0.00004462
Dec 30	0.00009763	0.00005198	0.00004565
Dec 29	0.00010701	0.00005648	0.00005053
Dec 28	0.00011216	0.00005405	0.00005811
Dec 27	0.00010339	0.00004810	0.00005529
Dec 26	0.00010391	0.00005795	0.00004596
Dec 25	0.00007859	0.00003725	0.00004134
Dec 24	0.00009420	0.00003751	0.00005669
Dec 23	0.00008285	0.00004139	0.00004146

* started earlier than Dec 23 but I'll start here *