What is HashFlare
Hashflare experiences 2021 - review and instructions
HashFlare is a bitcoin cloud mining platform that promises fixed fees, instant payouts, and multi-pool support. Read our HashFlare review to find out how it works.
Hashflare makes cryptocurrency mining accessible to everyone. There is no need to buy expensive and complex mining equipment, Hashflare aims to make mining accessible to all users around the world, regardless of age or background. Customers only have to select the hash power they want and immediately generate sales with the Hashflare Cloud Mining Service.
The yields with cloud mining are more predictable with Hashflare than with traditional Bitcoin hardware mining. The hashrate starts at just 10GH / s, so new customers don't have to invest a lot of money to get into the cloud mining business.
The interface of the website is also worth mentioning. It's simple and easy to use. It's further proof of HashFlare's goal of bringing cloud mining closer to people, especially those who don't know anything about the industry. And they actually do a great job, as various HashFlare.io review articles and user testimonials show.
What is HashFlare?
HashFlare was launched in 2015 and has grown to become a trusted online cryptocurrency mining retailer today. What sets it apart from other similar bitcoin mines is that it is also the ASIC miner manufacturer. In other words, the company has issued large amounts of ASIC miners, special devices designed to mine Bitcoin.
In general, you can mine 5 main cryptocurrencies through HashFlare:
The mined cryptocurrencies are distributed to all cloud members, depending on the amount of the purchased share. Yes, that's right, the more you buy the more you will gain. Note, however, that you cannot 100% guess the size of a person's income because the blockchain is constantly evolving and mining becomes more difficult.
By the way, there's another great thing about HashFlare that it doesn't require a large investment to get started, as you can start your way with just $ 1.50. Several payment options for depositing and withdrawing your money are possible, including bank transfer, Bitcoin, VISA, MasterCard and Webmoney.
How does HashFlare work?
HashFlare works in a similar way to other cloud mining projects. You pay to join the company and then receive a proportional share of the company's computing power. The HashFlare data centers, according to the official website, "have hundreds of miners". These computers are constantly mining various cryptocurrencies. You earn a portion of these cryptocurrencies based on the amount of money you have provided for cloud mining operations.
Some of the key features of the HashFlare platform are:
HashFlare promises to offer all of the following features:
Overall, HashFlare has designed its platform so that mining is accessible to everyone.
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Hashflare cloud mining
Hashflare.io has a space themed website that is easy to navigate. The landing page provides all the necessary information for the cloud mining service they offer.
Customers appreciate the user-friendly interface and the low acquisition costs of Hashflare's cloud mining. Although there are sometimes problems, according to user feedback, the support team handles any problems quickly and carefully. The help desk is operated via the Zendesk platform so that it takes care of all matters. The FAQ section doesn't have too many ready-made questions, it has the most common ones and also has a search function to help users find solutions faster.
Hashflare takes care of security. For DDOS protection, they use CloudFlare services and recommend that users use two-factor authentication as well. The website is available in 11 different languages, besides English, Russian, German and Portuguese, Greek, Turkish, Japanese and Chinese customers can read the pages in their native language.
HashFlare hashrate pricing
Scrypt Cloud Mining (Scrypt Algorithm Miner)
The Scrypt Cloud Mining offers Bitcoin contract with the mining service based on the company's Scrypt algorithm. The plan is 1 year and the maintenance fee is $ 0.005 per day. Payouts are made in BTC, which are also made daily. The minimum amount of hash power you can buy is 1MH / s ($ 7.5) while the maximum is 10 GH / s ($ 75,000).
Bitcoin Cloud Mining (SHA-256 Algorithm Miner)
Bitcoin has another cloud mining plan that involves the company's mining services using the SHA-256 algorithm. The said program has a minimum of 10 GH / s ($ 2.2) while the maximum is 100 TH / s ($ 22,000). The contract duration is 1 year while the maintenance cost that you have to pay daily is $ 0.0035. This plan also pays you BTCs on a daily basis.
Ethereum Cloud Mining (ETHASH Algorithm Miner)
The Ethereum Cloud Mining Program uses GPU rigs as the mining algorithm, while the contract period is 1 year like all other plans at Hashflare. There are no maintenance costs to pay for. The minimum amount of energy is 100 KH / s ($ 2.2) while the maximum amount you can buy is 1,000 MH / s ($ 22,000). The payout is automatic daily, expressed in ETH coins that you would receive on your Hashflare wallet.
ZCash Cloud Mining (EQUIHASH Algorithm Miner)
The Zcash program also uses CPU rigs for mining and there are no maintenance costs. The plan offers a minimum of 1 H / s for a price of $ 2.0 while the maximum amount you can get is 10,000 H / s for a price of $ 20,000. Payouts are made in ZEC currency on a daily basis to your credit balance.
Dash Cloud Mining (X11 Algorithm Miner)
DASH plan offers DASH mining services based on an X11 algorithm. There are no maintenance fees and the payouts are expressed in DASH crypto coins that are paid out to you on a daily basis. The minimum amount of hash power to start the program is 1 MH / s, which is $ 3.20 at the moment. Please note that the plan is not in stock for the time being.
Hashflare charges a maintenance fee of $ 0.01 for 1MH / s Litecoin hash power and $ 0.004 for 10 GH / s Bitcoin hash power daily, after every 24 hour mining period. These maintenance fees are not billed to the customers, but are deducted directly from the mining results for daily payouts. The fees are deducted in Bitcoin based on the daily BTC / USD rate provided by Hashflare.
The cloud mining company accepts bank transfers in USD and EUR, although they charge an additional commission of 10 EUR for all purchases under 50 EUR. VISA and Mastercard are also accepted payment methods, but they have a limit of USD 3000 per day. For customer protection reasons, a 14-day holding period applies to the accounts on which Hashpower is purchased with credit cards, during which the accumulated currencies can not be withdrawn from the account. The instant payouts appear on the accounts on which Bitcoin's Hashpowers are purchased.
Hashflare only allows withdrawals beyond the minimum set for Bitcoin at 0.0004BTC and for Ethereum at 0.0007ETH. For payouts, they only charge the transfer fee to the blockchain, which is 0.0003 BTC or 0.0006 ETH.
Is Hashflare Cloud Mining Profitable?
In this case, we'll be using Scrypt and SHA-256 mining plans for a one-year contract worth $ 100 as an experiment. Both are bitcoin cloud mining programs, but they use different algorithms as shown below.
Is Hashflare Profitable?
Hashflare profitability when BTC goes up
As the price goes up, more people start making bitcoin. This means that it becomes harder to make a profit and the income is actually reduced.
So while I am making more dollars (since every BTC payout is worth more), I am making less BTC overall.
There is a strong correlation between Price and Minin Difficulty, so I assume that they cancel each other out.
Hashflare profitability when BTC goes down
The funny thing is that even if the price of Bitcoin falls, the difficulty can still increase. But here's the really interesting part, which isn't unique to HashFlare and can be found in almost every cloud mining company. If you look at their terms of service, you will find the following:
5.2. The contract period for HashFlare.io cloud machines is unlimited by default, unless otherwise stated. The contract will last for as long as it is profitable, until it expires or until it is terminated (see Section 13), whichever comes first.
13.1. Without limiting other rights that we have, we may suspend or terminate access to your account, website and / or service, withdraw your balance and / or have the opportunity to withdraw funds that you have mined if you breach any of these terms and conditions .
This basically means that if the price drops to a point where you are not making any money at all, then your contract will be terminated. Bitcoin has seen 80% price drops in the past and that could seriously hurt profitability.
HashFlare Review: Final Thoughts
Despite the warning signs, some cloud mining users are still reporting that they will benefit from taking the easy route of mining. From our observation and review of the general mood in the community, it appears that the opposite appears to be the case. There is no absolute way to tell whether HashFlare is a legitimate operation. Or any other cloud mining service.
And therein lies the problem. The likelihood of actually meeting someone who is responsible for a cloud mining service is rather slim. Also, how can you check whether your rented hardware is actually being used? This scenario creates the perfect conditions for a Ponzi scheme. Unsuspecting customers pay a lot of money upfront for a service and their winnings are paid back in small amounts by new users who join the system.
In all likelihood, the people who got on first will build the reputation of the service for a while. If they're not too greedy, they might even get a chance to withdraw their money first. Others won't be so lucky. When scammers go to the exits, the profits will go with them.
Cloud mining remains a risky activity. You have to put most of your trust in a third party. It may seem boring, but from many perspectives, buying and HODLing still seems like a much safer solution.
Disclaimer: This article should not be construed as and is not intended to provide investment advice. The cryptocurrency newspaper and its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may have interests in some of the coins or tokens they cover. Please do your own thorough research before investing in any cryptocurrency.
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