Tuesday, October 28, 2014

Hash Profit: Free 200KH/s Test

So here's an interesting one for you: Hash Profit is claiming that through a variety of coin mining algorithms, they're able to pay a whopping 0.00698 BTC per 1000 KH per day. What's more, there's an option to get a free 200 KH/s for seven days as a trial. And since it's free, I figure why not give it a try?

There are a couple options. One is that they've misplaced a decimal point (which would be crazy, since this should be based on running some calculations and automatically generating a figure, not manually updating a field). The other is more likely: they're not talking about Scrypt MH/s or any number of other algorithms, so in fact their 0.00698 "MH/s" rate is some apparently arbitrary number that they've come up with.

I'll report back tomorrow with the actual daily returns. It looks like the free 200 KH for seven days will net you about 0.01 BTC by the end of the week at the current rates. So basically, for signing up you get a free $3.50 or so of Bitcoin; I suppose there are worse ways to spend your time. :-)

In the meantime, if you're wondering, the price for 1 MH/s (1000 KH/s) is currently 1.28457 BTC, which explains the apparently crazy returns per MH. See, if you're earning 0.00698 BTC per day off of a 1.28457 BTC investment, you're time to ROI is 184 days. Six months to hit ROI would be great on most investments, but in the world of cryptocurrencies there are far too many companies that don't last that long.

Still, if you're interested in something other than GAW or LTC Gear, you could give Hash Profit a shot.

2 comments:

  1. Hi Jarred,
    This site looks scammy than you think. I was deceived by its look at first. But if you research further, you will see some points:
    - You get 0.01BTC "for free" but you can't never get this out because your account is locked. In order to unlock your account, you need to invest far more than the amount you get for free.
    - Look at their address at Cyprus. Try to do a quick google search you will see that the address is a ghost address.

    Only these 2 points are enough for me to say No.

    Regards,

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    1. Yeah, I wouldn't invest money into them, simply because the ~six months to ROI with all of their limitations is too much. I don't know what you mean about a "locked" account, though -- are you talking about a minimum amount to withdraw funds? If so, yes, you appear to be correct.

      FWIW, I created an account, received a "free" 0.0001 BTC (which isn't enough to do anything), and got the free for seven days 200KH. Yesterday's payout was 0.00143 BTC ($0.47 or so), which means by the end of the week I might have 0.01 BTC (give or take). You can't withdraw anything unless you buy some KH, and with a minimum order of 0.02 BTC that means best-case I would have to invest $3.50 to match their $3.50 "gift".

      ROI to make back your $3.50 investment ends up being about 110 days. Basically, buy 14KH/s after investing 0.01 BTC and adding that to the BTC you get from the seven day trial. If the payouts stay where they're currently sitting (I know -- BIG IF!), you make about $1 per month from 14KH. But hey, it's free to try so no harm no foul. Just don't lose your shirt. :-)

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