Digital currency cloud mining is still in a pickle, which has only gotten worse after Bitcoin prices dropped below US$220 once again yesterday evening. As a result of that, cloud mining service operators are either forced to shut down (temporarily), come up with new mining contracts, or try something entirely different. Needless to say, a lot of companies are facing scrutiny right now, as every move is being looked at from multiple angles. Cointellect, a relatively new player in the cloud mining world, is facing the biggest amount of scrutiny to date.
Cointellect – Profitability and Payout Delays
Do not be mistaken in thinking that digital currency cloud mining will get you rich overnight, as that simply is not possible given the current Bitcoin value. In fact, many people will advise you not to invest in any cloud mining platform for the time being, as chances of hitting your ROI are slim to none in most cases. But there are exceptions to this rule, or so it seems at least.
Cointellect, a digital currency cloud mining company which saw the light of day during the summer of 2014, is one of the handful of cloud mining service still in operation to this day, despite falling Bitcoin prices. In fact, if you take a look at their contracts and expected returns, you stand to make quite a lot money when buying one of their contracts.
It will come as no surprise to know that many people have jumped aboard the Cointellect train, and started purchasing mining contracts. Due to this overwhelming success, the Cointellect team soon started facing several issues regarding paying out their customers. Paypal payout limits had to be increased to prevent users from requesting microtransactions on a daily basis.
On the other hand, the CryptoPay payout option was made available only to Basic and higher contract owners. Both of these contracts require a vast financial investment upfront, but they do promise a massive return on a daily basis during their allotted period. Last but not least, most users are left with one payout option, in the form of Dogecoin. And this is a point of heavy debate and discussion for most Cointellect users.
Unlike its Paypal counterpart, the Dogecoin payout option on Cointellect has no minimum amount limit, albeit you can only withdraw up to a maximum of 100 EUR at a time. A lot of Cointellect customers still want to withdraw their earnings on a daily basis, creating a ton of payout requests which all have to be verified and checked manually, causing delays in payouts. Needless to say, there are quite a few unhappy campers in the Cointellect customer base at this point in time.
Even the 20% withdrawal fee on Dogecoin payouts could not stop users from making a ton of small payout requests, and as more and more payouts get delayed and bunched up, the situation only got worse. In my Cointellect review, I addressed this situation, and even though I had not made a withdrawal request myself, I knew the situation was turning out to be quite dire.
Higher Amount Payout Processed In A Few Hours
After receiving a ton of feedback – both constructive and rather aggressive – on my Cointellect review, I decided to give the withdrawal process a test myself. The only withdrawal option for me is the Dogecoin one, with its 20% commission. Then again, if the earnings keep trickling in at this rate, I will still ROI in a month and a few weeks from now.
As you can see from the following screenshot, which is taken from my own Cointellect account, I made a withdrawal request at 11:30 AM local time, which is about four and a half hours ago from the time of publishing this article. My request was made for a payout of 77.15 EUR, which would be subject to fee of 15.43 EUR (20%), paid out in Dogecoin to a new address I have set up on Dogechain.
When browsing through several user testimonials, I noticed that withdrawals can take up to a few days to show up in your account. Even though I am not exactly in a hurry to receive the money, I would rather not wait around too long either. However long it would turn out to take to receive my DOGE, an article including my own experience and findings would be written and published on this very website.
Big was my surprise when I noticed that my Cointellect Dogecoin withdrawal request was processed 25 minutes ago. At first I assumed it was marked as completed, but maybe not showing up in my wallet just yet. Once I logged into my Dogechain DOGE wallet, the funds was sitting there, for a total amount of 475,684.00770713 Dogecoin.
(My address is DGzvPtESf3PaBiStQBwKSqMiLicPRavxk5 in that list)
When you look up that transaction, you may notice my balance is 0 once again. The reason for that is simple : the DOGE I received from Cointellect are on their way to a Poloniex wallet, where they will be exchanged for Bitcoin in a few minutes from now. With the current Bitcoin value being so low, gathering up as many BTC as I can is a solid strategy, just in case the price would go up again in the near future.
I understand there are still a lot of people waiting on their payouts. Maybe I was one of the lucky few to receive their payment so fast, if at all within 24 hours. Either way, this article serves as an indication that payout requests for a bigger amount do seem to get processed by Cointellect without any issue, whereas small amounts may be more likely to get bunched up and delayed.
Website (non-ref link) : https://cointellect.com
For those of you interested, here is a screenshot of my “Statement” on Cointellect :