HashFlare Fees Hit 40%

HashFlare logo 40% Fees
HashFlare logo 40% Fees

On completing the weekly review of my mining contracts, pool pay outs and on-site miners I noticed the Maintenance fee on HashFlare have sky rocketed (no pun intended) over the pass few weeks due to the drop in BTC price.

HashFlare SHA256 (Bitcoin) mining contracts have a maintenance fee associated with them to cover “energy consumption and human resources for the maintenance”. This is a fixed amount in $$$ at “0.0035 USD per every 10 GH/s of SHA-256 and 0.005 USD per every 1 MH/s of Scrypt per day” this doesn’t seem much but it soon adds up and will soon eat into that daily BTC amount if the price of coin drops.

Click here for HashFlare Mining Fees

Today’s maintenance on my 220 TH/s was 40.78% of my daily pay out! This is a massive increase compared to the 10% i was first charged when I started the contract in November 2017. The price of coin was high and it all look great, I was going to get my BTC back in about 3 Months looking at the projections and a Lambo in 12Months! I think my HashFlare 30 Day assessment it still good and ill end up doubling my BTC but nothing like the huge projections they first gave.

Todays BTC price quoted by HashFlare was $8090.36

 BTC$$$
Pay-out0.0207879168.18
Maintenance 0.008477768.59
Profit Received0.012310299.59
Hashflare Fees Hit 40%
Hashflare Fees Hit 40% – Click to Enlarge

 

Plugin for Chrome can be down loaded from here:   HashFlair Reborn     Not sure if spelling it like that was a great idea, its got to be a typo

HashFlare Fees Eating the profits

This has increased due to requiring more BTC to cover the $$ amount of “0.0035 USD per every 10 GH/s”  This fee is fixed in $$$ and so should always be taken into consideration when taking out contracts like this. They Look great when the price of coin is high but soon as it drops its starts eating your profits. If BTC price increases over the next few weeks we will see the % reduce and the pay-out in BTC increase again.

Predicting HashFlare Daily profits

Calculating profits on the day is easy as show in the table above but working out long term profits from mining in this hugely volatile market is beyond anyone or any computers capability. It just cant be done, all it takes is bad new incorrectly reported by the media that doesn’t understand cryptocurrency and the price will drop. The online calculators like CoinWarz can only give you the calculation on the day, do not use these for long term reports.

Take care with your money and aim to take back your investment as soon as you can. Never invest what you cant afford to lose.

 

About Daniel Hall 48 Articles
Technical Project Manager

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