I invested 100$ in hashflare mining at the end of 2017. Soon after the bitcoin price started declining and is declining at the moment. In this situation hashflare has stopped giving payouts and says that the mining fees are higher than the payouts. Can anyone suggest what to do next? the following is exactly what they say.
"Dear users,
Because of the current market situation, with the latest spike of mining difficulty exceeding 14% (https://bitcoinwisdom.com/bitcoin/difficulty), while the price of Bitcoin continues to decline, the payout was lower than the maintenance fee, which resulted in the balance not increasing and remaining the same. We are considering all possible options, while taking into account the available resources, to optimize the mining process where it is possible."I read the same on their officiap facebook. You can do nothing, just wait what they'll decide to do and fix situation. Usually that's strategy of genesis mining to close your contract because of mining difficulty reason. To my mind they aren't scammers but if they won't be able to continue profitable mining for investors, then they have to return some invested money and give 100% back of investment - currently profited to new customers and them, who hasn't ROI-ed yet.
Thing is they have no ability to try and 'fix the situation' the mining difficulty has increased and that's that. The only way this situation could be fixed is if the difficulty goes down a substantial amount, which I doubt is going to happen. This is the thing with cloud mining, the company is either going to stop paying you when its not profitable anymore for them to pay you (a legitimate company does this, as they're looking out for their bottom line) or a company scams you. Simple.