Ok so when I first got in to cryptocurrency I wanted to try everything out so I stupidly bought a BTC Sha 256 mining contract with Hashflare.
I know I know stupid and waste of money but I wanted to try every angle of cryptocurrency non the less.
Now it was an open contract, meaning the contract ends when it's no longer profitable. Ok so I set my account to reinvest and left it grow its hash power.
So this morning I thought I'd check on my contract see how it's doing and when I logged on to hashflare a notice popped up.
This is the exact message...
Dear users,
The cryptocurrency industry has always been susceptible to a high amount of volatility, and recent global changes have been some of the most significant. Due to an industry-wide hardware deficit, many market participants, especially mining hardware manufacturers, have to adjust their operations, procurements, terms, and prices of ASIC miners and their delivery.
Per Section 5 of Hashflare Terms of Service, SHA-256 and Scrypt contracts are now also subject to change. The changes, which mainly cover the terms and the prices of the contracts will become effective on September 1, 2017.
The new price for 10 GH/s of SHA-256 will be $2.40, while 1 MH/s of Scrypt will now cost $11.50. The maintenance & electricity fee will remain the same.
All new SHA-256 and Scrypt contracts will be issued for a limited term of 1 year from the moment of activation. All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018.
Sincerely,
Hashflare.io team
Right so basically they've changed my contract from open ended to 1 year and doubled the price to buy hash power.
Let this be a warning to everyone, with the price doubled and only a 1 year contract it is IMPOSSIBLE to make any profit whatsoever.
It was pretty much impossible before but now there is absolutely no chance of it.
DO NOT EVEN THINK ABOUT BUYING A MINING CONTRACT, YOUR DOING NOTHING BUT THROWING YOUR MONEY AWAY