Post
Topic
Board Service Discussion
Re: Minergate cloud contracts have raised my suspicion
by
newplato
on 03/12/2017, 19:24:51 UTC
Hello ahmaddanyal06 and thank you for being my first comment.

Minergate has two profitability calculators for BTC, one for pool mining and another one for cloud mining.

I calculated that 24 TH/s give you profit $410 per week in pool mining and $70 per week in cloud mining.  This is because for cloud mining you have to pay the maintenance fee, but even that does not explain the factor of 6 in difference.  So, I suspect they keep a lot of your profit for themselves.  As a matter of comparison, currently the profit is twice the maintenance.  So, in ideal conditions, with 24 TH/s you should have made $270 per week, but they only pay you $70.

Another important point is that ROI is one year, but given the difficulty does not change.  For comparison, I mention that in one year the difficulty of BTC went up by an order of magnitude, around ten times.

I think the suspicion here is that your profit does not depend on your H/s, but on how many BTC you paid for the contract.  What I'm afraid is that they will keep reducing the profit every day, so that in the end ROI will be very difficult to reach.

I have raised my concerns to minergate, I will update if and when they reply, although from past experience, they might never do so.

Let me know if you want to discuss anything further.

Best regards.