ZeusHash May Start Terminating Scrypt Cloud Mining Contracts

19 Dec
2014

zeushash-website

We just got a not so pleasant surprise from ZeusHash in the form of a notifications that they may start terminating customers’ Scrypt cloud mining contracts. With “lifetime” cloud mining contracts offered by services such as ZeusHash the duration of the contract is until the coins you mine result in more than what you have to pay for the daily maintenance fee. If the mined coins end up being less than what you need to pay for maintenance for a period of time, 10 consecutive days for ZeusHash, then your Scrypt cloud mining hashrate contract will be terminated. We were just notified that there was one such day and if we get 9 more days like that our Scrypt cloud mining contract will be terminated as it would have reached its “lifetime” term. Below you can see a quote of the notification that we and apparently every other ZeusHash customer with Scrypt cloud mining hashrate probably has received today.

Dear Customer,

This is an important notice for your MHS contracts.

Due to the surging of Litecoin minining difficulty, the daily payout of MHS fails to cover the maintenance fee today. According to the term of MHS contract, “the payout allocation will be terminated in case the daily mining return is lower than the maintenance fee for 10 days in a row”.

We are sorry to inform you when this continues for 10 consecutive days, we’ll have to terminate your MHS contracts. We didn’t expect this happening so soon but we have no other choice.

For now, GHS will be a better investment and we recommend you to buy GHS instead. And to thank you for your long-term support and faith in us, we’d like to give you a GIFT of 5 GHS so you can continue with your profits in cloud mining. Please check your balance in 24 hours.

Besides, to provide more ROI despite the termination of your MHS contract, we are offering you the LOWEST PRICE TIER @ $0.419 per GHS for your FIRST ORDER between Dec. 20th and Dec. 21st(UTC+8). More promotions are on the way for Christmas as well. Stay tuned for the good news soon.

In the meanwhile, we’ll strengthen our efforts to find you better contracts–MHS with lower costs for a better ROI and cloud mining investment.

Best Regards,
ZeusHash CS Team






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8 Responses to ZeusHash May Start Terminating Scrypt Cloud Mining Contracts

dean

December 20th, 2014 at 00:45

This is complete bullshit. There is a number of ways around this other than terminating our contracts with them, i will list a few.

1. Refund us the full amount, or refund us minus the profit we have made.

2. Merged mining there are plenty of sites that do this is it that hard for them to figure it out?

3.Convert our MH/S to GH/S, easy enough to do.

This should be illegal as they are basically just scamming us at this point. They came to the conclusion by them self they did not ask the community.

d

December 20th, 2014 at 02:27

Its interesting they would terminate without an option of paying to keep it going (sort of like a pay-as-you-go cell phone). There are probably people out there who would cover the daily maintenance fee out of pocket under the belief the price of the coins mined will rise in the future, thus covering past costs. I guess this is a downside of “cloud mining” (owning the equipment you could run it no matter the cost). Another downside would be the fact they don’t merge mine any coins.

I don’t understand why ZeusHash should do any refunds or convert hashing power for people for free, but maybe I am not seeing something. An explination for points one and three would be gladly welcomed!

Jack

December 20th, 2014 at 08:45

Well they could have created a PoS coin and scammed all their customers like GaW…

Reader

December 20th, 2014 at 16:08

I guess the first question is this something that was agreed to in the TOS? I don’t think this should be a complete shocker just looking at the rise in difficulty.

dysan819

December 20th, 2014 at 19:13

@Jack Instead, they scammed their customers by promising to release hardware, developing it on customer’s dime, and keeping it for themselves after giving you the “option” to buy into their failing cloud farm. (Or refund, which I am so glad that I took. Many are not so lucky.)

ScammedJohn

December 22nd, 2014 at 03:14

exactly, promised hardware with extra hardware if late, used my 5 digit order money to build their farm, then cancelled the order, offered me 15 usd compensation as a middle finger gesture. It’s cost me close to 1000 usd in bank fees, and the few hundreds I put in in could hash has returned 25 usd to this day, now they are going to cancel that to. Make no mistake, 100 years ago they would be walking around covered in tar in feathers, these guys are scammers

tim

December 22nd, 2014 at 10:57

No one could have known the difficulty rise so fast, I think it’s not what zeus could control. Like I buy a miner and could not afford the electricity fees, I will turn off them. Same situation.

Siplex

December 23rd, 2014 at 08:44

Cloud mining is such a great deal i get to buy the hardware to mine (MHS) and them when the maintenance fee eats my profits they get to keep the hardware, so they sell the hardware in the “cloud” and get to keep it any way at the end that’s awesome.

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