All About BTC, LTC, ETH mining as well as other alternative crypto currencies
We have apparently reached the 10 consecutive day moment with the mined Litecoins being lower than what the maintenance fee for the Scrypt hashrate at the ZeusHash cloud mining service. The 10 day period has been extended with extra 5 days to see if the negative trend will chance, though this currently seems not very likely to happen with the exchange rate of LTC still going down even though the network difficulty is fluctuating. After the extra 5 days end unless we see some improvement and the Scrypt cloud hashrate starts making profit again the mining hashrate will be taken offline, but the MHS that have been purchased will remain in the user’s accounts and the mining might be resumed again next year if SCrypt cloud mining becomes profitable again. Below is the quote of the announcement that ZeusHash has sent to the users of the service regarding the situation:
Dear miners, we are sorry to inform you the daily payouts of your MHS contracts have been lower than maintenance fees for 10 consecutive days. As we negotiated with our partners, we will wait for another 5 days to see if there’s any change in the current situation. If it continues for another 5 days, we have to shut down all the miners. But we won’t cancel your accounts and your MHS will be freezed there. We will try to introduce more advanced miners and MHS contracts in the coming New Year for more of your profits.
A few days ago we have warned you that ZeusHash May Start Terminating Scrypt Cloud Mining Contracts due to the fact that the value of the mined coins is lower than what you need to pay as a daily maintenance fee. According to the terms of the Scrypt cloud mining contracts if this continues for 10 consecutive days your “lifetime” Scrypt cloud mining contract may be terminated. This has been continuing for the last 7 days, so only 3 more are left before ZeusHash starts terminating existing contracts if the trend continues. The problem is that ZeusHash still sells Scrypt cloud mining hashrate to users, even though they are aware of the situation and the high probability that even if you buy now not only you will not be earning anything back at the moment, but in 10 days your new contract may be terminated as per the conditions of the service you have agreed with. So stay away from the Scrypt cloud mining offers from ZeusHash for the moment and you might want to be careful with other services for mining Litecoin. The reason for the recent development and the fact that Scrypt cloud mining at ZeusHash is not profitable anymore is the low exchange rate of Litecoin and the high maintenance fees that the service has for LTC. Do note that if this trend continues other services that offer “lifetime” Scrypt cloud mining hashrate might be affected as well and start terminating their contracts. So at the moment and current market conditions it is wise not to think about investing in Scrypt cloud mining hashrate at all and most definitely stay away from ZeusHash Scrypt cloud mining. The recent drop in the Litecoin network hashrate and difficulty did not help in making the situation better…
The cloud mining service ZeusHash has started a new promotion for users of the service giving them the chance to get some HashBuffs that may give users of the service some boost in profitability. The new promotion is for collecting HashScore by doing various things and then you can redeem the collected HashScore for HashBuff upgrades. The promotion will run from today November 27th until December 3rd and the HashBuff upgrades you can win during this time via HashScore apply for new orders only and if unused they will expire in 7 days. The way we understand this is that if you for example win a 1 Day double payout and you activate it you will only benefit from it only if you also purchase some hashrate after you activate, it will not double the payout for the hashrate that you already own, the same should also apply for the zero maintenance fee HashBuffs. The only more interesting HashBuffs that should give you a nice advantage are the 5 GHS and 100 GHS extra hashrate, but these are probably the hardest to get and they still need a new hashrate purchase to be activated and the bonus hashrate to be credited to your account.
We have tried the HashScore lottery already just out of curiosity as we’ve had some points in our account, so we’ve decided to spend them and thus try our luck. The result from 6 tries to win HashBuff upgrades were 1x 5GHS Extra Hashrate, 2x 1 Day Double Payout and 1x 1 Day 0 Maintenance Fee. Do note that you need to actually activate the won HashBuffs in order for them to do what they are giving you as an advantage and you have 7 days to do so or you will loose them – this means you need to make a separate purchase of hashrate for each and every HashBuff in 7 days after you’ve won it. The funny thing is that when we try to directly activate our 5 GHS Extra Hashrate HashBuff it does nothing, we neither get extra hashrate, nor we get the HashBuff marked as used. After a bit of digging we have found out that even the Extra Hashrate HashBuff upgrades do require you to purchase new hashrate in order for them to be applied, just like all the other HashBuffs do.
We can say that ZeusHash has been quite active lately in trying to promote their cloud mining service via various promotions like the latest one, and although these could add something fun to the cloud mining thing and engage users, the end result is not so good. What the ultimate goal of all these things is to bring more people to the service and to sell them more hashrate, either for Bitcoin or Litecoin cloud mining. However these do not seem to work pretty well and the actual reason for that is the not overly attractive prices for hashrate, combined with the high maintenance fees that result in pretty low actual profit. Unless that changes whatever clever or fun promotions the service thinks of it will probably not attract that much new users that will be ready to invest into hashrate.