I was just looking to withdraw a small amount from my Hashing24 mining account when I noticed that there is now a fixed withdrawal fee of 0.001 BTC. I'm quite sure that previously the fees were quite minimal, as would be expected from batch processing.
After checking my previous withdrawals, it does seem that the actual fees were much smaller.
0.001 BTC might seem quite normal to some people, but if someone is buying a plan with a small hashrate, 0.001 BTC accounts for a percentage even if the payout is only taken out one time at the end of the contract.
Example:
Current plans are 0.007752 per 100 GH/s
If someone buys 500 GH/s thats equal to 0.007752 x 5 = 0.035 BTC
Assuming the contract actually leads to that exact amount being mined (0.035 BTC), then the percentage the transfer fee takes is:
0.001/0.035 % = nearly 3%
If someone wants to take regular payments from their Hashing24 contract, it's really not worth it, even if they are investing at a much higher hashrate.
Another example:
Someone decides to invest 0.35 BTC in a mining contract (ten times the first example) and wants to receive payments once a month, over, say, 24 months...
Again, assuming a return on investment of 0.35 BTC, the percentage the transfer fees takes is
(24 x 0.001)/0.35 % = 0.024/0.35 %
= 7%
Considering the risk taken when investing in hash power (if you are buying hash power with BTC rather than $, a return is unlikely anyway) this extra percentage for withdrawal fees makes the case for investment even worse.
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