Re:Is Bitcoin too expensive to buy? Mine them instead
by tinus_hn on Wednesday December 20, 2017 @04:43PM
(#15974113)
Why would someone provide this service? It's like they say you pay us $1 and then you get $2 in return. It looks too good to be true.
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Re:Is Bitcoin too expensive to buy? Mine them instead
by enthdegree on Wednesday December 20, 2017 @05:23PM
(#15974430)
It's a long-term short on the value cryptocurrencies hold.
They're betting on their 'service fees' eventually overtaking mining returns, while customers are betting on the opposite.
Customers have to trust that HashFlare is going to keep it's mining systems state-of-the-art. But I don't see how the service has any incentive to do so: that's hard work and cuts into their profits.
A counterargument is that HashFlare might also be taking the lion's share of the cryptocurrencies they mine. Well, if they were that confident in cryptocurrency, why wouldn't they just use their hardware in a normal mining pool?