I purchased a mining contract back in December 2017 for 1500 for 5TH/s. Today, i received a notice stating "Bitcoin.com Pool: Contract ID xxxxx Ended - Contract ID xxxxx(5 TH/s) has ended due to daily fees exceeding weekly revenue for 60 days. "
I emailed the company and received this email:
Thank you for contacting the Bitcoin.com mining pool support team.
In and throughout the last active 60 days of your contract the Daily Fee was equal to, or greater than (we automatically reduce it to equal when it's greater so that your account won't be debited), the Daily Profit (PPS reward). This has resulted in your mining contracts becoming too expensive to continue, they are costing more to run than they are earning.
The cloud mining revenue is based on the bitcoin mining difficulty level and the price of bitcoin. The mining difficulty and market price of bitcoins change over time and the prices fluctuate significantly during a time of high volatility.
Due to the large drop in the bitcoin price since you first purchased the contracts, and the increasing mining difficulty on both chains. This has caused all the older contracts on our mining pool to now become unprofitable, this is earlier than we expected and if the price of bitcoin didn't fall so low the contracts would most likely still be profitable. Unfortunately, nobody can foresee what the markets will do, bitcoin is still a very volatile currency.
As explained in our term & conditions, cloud mining contracts will be terminated before the expiry date if a contract is not profitable for 60 consecutive days (see Section 5.0 - Contract termination – Full Terms and Conditions).
At no stage have we offered to refund the initial cost of a mining contract to the buyer. That would make it a completely risk-free service and as much as we all would love it, that is not possible.
We are sorry to hear that you have had a bad experience in the Bitcoin.com mining pool.
NOW, the increased difficulty is understood, but they now offer the same contract for 175$ (versus 1500 what i paid), and they are still showing it to be profitable on their calculator. Remember, these are contracts, you are not renting anything physical... just a piece of their hashrate. This is free money for them. This contract has NEVER been profitable for me. Any right company would have upped the hash rate in the event that the prices dropped like they did, if the company is still offering the same product that was originally purchased.
DO NOT MINE WITH THIS COMPANY. THEY WILL RIP YOU OFF!
Bitcoin.com Pool Reviews
I purchased a mining contract back in December 2017 for 1500 for 5TH/s. Today, i received a notice stating "Bitcoin.com Pool: Contract ID xxxxx Ended - Contract ID xxxxx(5 TH/s) has ended due to daily fees exceeding weekly revenue for 60 days. "
I emailed the company and received this email:
Thank you for contacting the Bitcoin.com mining pool support team.
In and throughout the last active 60 days of your contract the Daily Fee was equal to, or greater than (we automatically reduce it to equal when it's greater so that your account won't be debited), the Daily Profit (PPS reward). This has resulted in your mining contracts becoming too expensive to continue, they are costing more to run than they are earning.
The cloud mining revenue is based on the bitcoin mining difficulty level and the price of bitcoin. The mining difficulty and market price of bitcoins change over time and the prices fluctuate significantly during a time of high volatility.
Due to the large drop in the bitcoin price since you first purchased the contracts, and the increasing mining difficulty on both chains. This has caused all the older contracts on our mining pool to now become unprofitable, this is earlier than we expected and if the price of bitcoin didn't fall so low the contracts would most likely still be profitable. Unfortunately, nobody can foresee what the markets will do, bitcoin is still a very volatile currency.
As explained in our term & conditions, cloud mining contracts will be terminated before the expiry date if a contract is not profitable for 60 consecutive days (see Section 5.0 - Contract termination – Full Terms and Conditions).
At no stage have we offered to refund the initial cost of a mining contract to the buyer. That would make it a completely risk-free service and as much as we all would love it, that is not possible.
We are sorry to hear that you have had a bad experience in the Bitcoin.com mining pool.
https://poolsupport.bitcoin.com/article/67/full-terms-and-conditions
https://poolsupport.bitcoin.com/article/72/is-the-initial-cost-refunded-after-the-plan-ends
https://poolsupport.bitcoin.com
Thank you again for contacting us.
Best regards,
Ciaran
NOW, the increased difficulty is understood, but they now offer the same contract for 175$ (versus 1500 what i paid), and they are still showing it to be profitable on their calculator. Remember, these are contracts, you are not renting anything physical... just a piece of their hashrate. This is free money for them. This contract has NEVER been profitable for me. Any right company would have upped the hash rate in the event that the prices dropped like they did, if the company is still offering the same product that was originally purchased.
DO NOT MINE WITH THIS COMPANY. THEY WILL RIP YOU OFF!