Zeushash logo

In the same week that CEX.io announced that they are temporarily suspending their cloud mining service due to the low cost of Bitcoin rendering it unprofitable, ZeusHash, the cloud mining service offered by hardware manufacturer Zeusminer have followed suit announcing on their blog that they may also be forced to suspend their cloud mining operations, stating that as per their terms of service, if the cloud mining contracts remain unprofitable for 10 consecutive days then the service will be suspended

[blockquote style=”3″]”As Bitcoin price witnessed significant and continuous dropping lately, the daily payouts of GHS will not be able to cover maintenance fees (now at $0.0023 per GHS per day) very soon. As you can see the payouts today have already been eaten up by 98%+ of maintenance fees. According to our Terms, “in case the daily mining return is lower than the maintenance fee for at least 10 days in a row”, we’ll have to cease the operation of our mining farms and freeze all GHS contracts, which is a forced measure when there’s no mining profitability. We’d like to warn you not to purchase more GHS as it’s not the best time for investment. And we are working on different plans for your profits when the conditions for freezing GHS contracts are met. The final solution will be released then.”[/blockquote]

The Cloud Mining Climate

Being the 2nd cloud mining company in a week to suspend services paints a bearish picture for the short term future of cloud mining. In our interview with Ghash, Bitmain & BTC China we discussed cloud mining as well as mining centralisation. With Bitcoin losing value over the last few weeks and difficulty remaining high, it’s hard to not envisage a future where only those with cheap, or renewable energy are able to run cost efficient mining operations. In CEX’s blog post that announced the suspension of their cloud mining service they referenced the need to negotiate more attractive rates in order for the operation to become profitable again, something also shared by Zeushash in their announcement

[blockquote style=”1″]As a dedicated cloud mining platform, ZeusHash will continue its efforts to seek for better solutions to deliver more cost-efficient cloud mining contracts. Negotiations with our partners are going on smoothly and it won’t be long before the new contracts are available[/blockquote]

 

  • bob

    Zeushash is a ponzi scheme, investor beware! Do not invest any btc in zeushash or zeushminer without due diligence

    It seems that zeus stopped paying as btc increased price and many users are experiencing trouble withdrawing, or using their authenticator app. Customer service is non-existent

    If you have been a victim of the zeushash ponzi scheme, file a complaint with http://www.ic3.gov

  • tim

    If you are reading this, most likely you have already been scammed. You can kiss your btc goodbye. What you should do, as bob proposed, is to file a complaint with http://www.ic3.gov, asking for a refund, complaining to their webhost, all of that pales in comparison to the full might of the US govt

    if by chance you are reading this and haven't "invested" in this ponzi pyramid, you just caught a break. RUN, run, far away from zeushash / zeusminer

  • tim

    UPDATE: zeushash/ zeusminer has now rebranded as "halleybtc", the audacity of this company knows no bounds. You can't make this up.

    Not only are they refusing to credit users, or honor cancelation requests, but they are now running a 2nd ponzi scheme after users started complaining about their brand.

    If you are coming across this article doing your due diligence on "halley btc", they are a scam. Run run run away. If you are reading this because you have already been scammed, get vocal & help others escape the same fate. Let's make them rebrand again, and again. You & I can buy more btc, but Terry Li will never be able to buy ethics. Do not "invest" in Halleybtc!

    Here is there full email:

    Dear Bitcoin lovers,

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    HalleyBTC is now offering Bitcoin savings products with a much higher ROI than any of its peers globally. Founded in October 2014 by several well-established investors in China, HalleyBTC boasts an experienced R&D team who has been in the Bitcoin industry for years. Our long-time experience in Bitcoin mining and mining farm deployment support our success and leadership in China’s Bitcoin mining industry.

    We are glad to tell you that after successful operation in China, we started to expand our business in the global market. We just launched our English website and it’s gonna be a great chance for you now to explore the brand new investment platform and its high ROI, especially when there’s an uptrend in Bitcoin! Check out our products now on https://www.halleybtc.com/ !!

    There are two types of deposit for HalleyBTC’s Bitcoin savings investment:

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    2. Fixed Deposit: 30-Day and 90-Day fixed terms with higher ROI; and the deposit yield is settled upon maturity.

    Besides the high yield, HalleyBTC also provides a very flexible and user-friendly policy under which fixed term deposit can be converted to current deposit any time in case you need to withdraw your Bitcoins before maturity.

    The foundation for HalleyBTC’s highly profitable investment products is its 3 mining farms which are among the largest ones in China and they are run under very low electricity cost and highly efficient operation, hence the high yields.

    BONUS DEPOSIT FOR NEW USERS

    We recommend you to visit HalleyBTC right away because we now have a promotional campaign to celebrate the beginning of our global reach:

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    Don’t hesitate before it’s too late cos the campaign will end very soooooon…

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    Contact Info:

    Email: support@halleybtc.com

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