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Cloud mining is ideal for those who have little to none technical skills or knowledge about the running of computer hardware and software. In a way, it’s a less expensive way of mining Bitcoin and other cryptocurrencies because you don’t need to operate or manage the mining equipment.
This is what cloud mining companies do. They rent the mining hardware to you and mine the coins for you. With cloud mining, you don’t have to worry about:
- Electricity costs.
- Ventilation problems when the equipment heats up.
- Maintenance and operation of the mining hardware.
But there are few drawbacks with cloud mining. The biggest one is fraud. There are very a few legit cloud mining companies online like Genesis and Hashflare. A huge percentage of the cloud mining companies that exist on the internet have earned bad reputations for defrauding users and have therefore been regarded as Ponzi schemes.
Genesis and Hashflare are some of the most legit cloud mining companies that deliver on their promises. So let’s see why Hashflare is so popular.
What is Hashflare?
Hashflare is a cloud mining platform and it was launched in April 2015 by HashCoins, a cryptocurrency and blockchain Technology Company located in Tallin, Estonia. By June 2015, Hashflare had well over ten thousand users mining Bitcoin.
HashCoins is a company owned by a team of crypto professionals and it has been in the business of cloud mining for three years. The company’ main focus is on cryptographic hardware development and the creation of blockchain technology related solutions. These innovations are funded by the company’s own capital and investors’ funds.
The founders of HashCoins, Ivan Turgin, and Sergei Potapenko are both university graduates and have years of experience in cryptocurrencies.
Hash flare mainly offers cloud mining services and these services have been broken down into the following categories:
- Scrypt cloud mining Litecoins
- SHA-256 cloud mining for mining Bitcoin
- Ethereum (ETHASH) cloud mining for mining ETH
- Zchash (EQUIHASH) cloud mining for mining ZEC
- Dash (X11) cloud mining for mining Dash
Hashflare Supported countries
Profit is calculated by deducting the expenses from the income. Hashflare has calculators for each service, which you can use to calculate your income using the hashrate. Once you have calculated the income, deduct the electricity and maintenance fee.
The fee for SHA-256 its $0.0035 per 10 GH/s and Scrypt is $0.005per 1 MH/s. EQUIHASH, X11 and ETHASH miners do not pay any maintenance fees.
To make a withdrawal you must already have added a wallet to the system because this is where you need to withdraw to.
Withdrawals are as follows:
- Withdrawals for Scrypt and SHA-256 contracts are done in BTC only.
- Minimum BTC withdrawal amount is 0.050568 BTC (including commission fees).
- The withdrawal minimum limit for Ethereum is 0.1006 ETH (including commission fees).
- The withdrawal minimum limit for X11 0.1003 DASH (including commission fees).
- Withdrawals for X11 contracts are done in DASH only.
- Withdrawals of ETHASH contracts are done in Ethereum only.
Payouts are made once per day.
Contracts and prices
|SHA-256 cloud mining||Ethereum cloud mining||ZCASH|
|1 MH/s||10 GH/s||100 KH/s||1 H/s||1 MH/s|
|Maintenance fee||0.005 $ / 1 MH/s / 24h||0.0035 $ / 10 GH/s / 24h||None||None||None|
|Contract period||1 year||1 year||1 year||1 year||1 year|
|Contract Price||$7.20 per 1 MH/s||$2.20 per 10 GH/s||$2.20 per 100 KH/s||$2.00 per 1 H/s||$3.20 per 1 MH/s|
Hashflare accepts bank transfers in Dollars and Euros. Purchases lower than 50 EUR attract a 10 EUR commission fee.
Credit cards (Mastercard and VISA) are also accepted, but there is a $3000 daily limit on purchases. To protect the customers, accounts that purchase hashpower via credit cards have a 14-day holding period before they can withdraw their mined coins.
You can mine the following cryptocurrencies on Hashflare: Bitcoin, Ethereum, Zcash, DASH and Litecoin.
Hashflare has an electricity and maintenance fee. For SHA-256, the fee is $0.0035 per 10 GH/s, while Scrypt users pay $0.005per 1 MH/s.
EQUIHASH, X11, and ETHASH contracts are not subject to maintenance fee or any fee for that matter.
The Hashflare website is easy to navigate. All the landing pages provide comprehensive information so it’s easy to understand their services are and how they can benefit you. The site is also available in eleven different languages including English, Germany, Russian, Japanese, Greek, Turkish, Chinese and Portuguese.
Is Hashflare safe?
Is haslflare legit? Can I trust Hashflare? Is Hashflare scam? The answers to these are yes, Hashflare is legit and you can trust it, no it is not a scam. Since its inception, Hashflare has attracted thousands of users worldwide and this would not be possible if the company did not have a good reputation. Many claim that it is one of the few legit cloud mining companies on the internet. However, there have been some complaints about the company, their services, features, contracts and even customer support.
Many people say the platform is trustworthy, but you cannot just take their word for it. Although Hashflare has a team of crypto professionals behind the platform committed to providing a good user experience, do your research.
- Hashflare uses SSL technology to encrypt credit card information they receive from their users. All the transactions are processed via a gateway provider and not processed or stored on their servers.
- They also comply with the Children’s Online Privacy Act, the CAN-SPAM law, and the Fair Information Practices Principles Law. Also, Hashflare does not track signals or plant cookies.
- When you register an account with Hashflare, you can enable the 2-factor authentication. This is just to add an extra layer of security to your account. To generate the security code, you can use Google Authenticator, Microsoft Authenticator or Authy.
- If you have any queries, complaints or concerns, you can forward them to the Hashflare support team via email, phone or social media (Facebook, Twitter, Geetimes, VK, Instagram).
- The support team responds quickly to users although they have been a number of complaints about the team not handling matters professionally.
Withdrawals are fast on Hashflare unless there is a network congestion. In such a case, that’s the only time you may experience delays. However, keep in mind that if you purchase hashrate using your credit card, your earnings will be held for 14-days for security purposes before you can make a withdrawal.
How to use Hashflare?
To register an account:
- Confirm your email
- Enable the 2-factor authentication
- Log in to your account using your password and the security code from Google Authenticator
- Buy hashpower by navigating to the “Buy Hashrate” page
- Select a contract, and use the slider to select the amount of money you want to spend
- Click “Proceed” once you have selected an amount
- Pay via bank transfer, credit card or BTC
Buying hashpower via credit card
Before you can buy hashpower using your credit card, the card has to be verified first. You can make a credit card purchase via Connectum, LPB, or Universepay. Connectum does not process credit card payments in the following countries the UK, Bosnia and Herzegovina.
After you have bought some hashpower, you simply sit back and watch the coins roll in every day for the next year. It should be understood that if you buy a low hashpower, you may wait a couple of days before anything shows up in your balance. This is because the number of coins mined will be very low.
So it’s well worthwhile to purchase more hashpower to see good returns quickly. Alternatively, if you do not have the extra money to buy more hashpower, you can reinvest your mined coins. This can be profitable especially if the value of the crypto you are mining is high.
It’s good to remember that Hashflare charges a mining fee every day. If you are mining a lot of coins each day, the fee is going to be high.
Hashflare Review Summary
Hashflare is a very new cloud mining company that offers users an opportunity to mine their own coins. They offer a variety of good contracts at very low rates. And the 1-year contracts especially for Litecoin and Bitcoin are said to be profitable.
Hashflare is a good choice for those who want to give cloud mining a try and don’t want to make a huge investment in the venture. It’s affordable and the daily maintenance fees for Bitcoin and Litecoin mining are relatively low. However, if you are mining on a big scale, the maintenance fees will be high.
Complaints – hashflare has in the past been accused of being a scam. Some users have accused Hashflare of not doing any mining at all. Some however are convinced they do mine because they actually post pictures of their mining hardware on their Instagram account. However, this can’t really be considered as proof of their mining activities.
Others see the payment of commissions for new referrals as a Ponzi scheme type of move. However, this in no way proves that it is a scam. Many new companies pay for referral commissions as a marketing strategy.
There have also been complains about users not really getting their return on investment owing to high withdrawals costs and maintenance fees. While the entry cost is low, the profit earned is very small compared to what they advertise.
The other issue lies with Hashcoins. Many people have regarded it a scam company claiming that it has never delivered any of the mining hardware they claim to sell. Some users have complained about not receiving their hardware after having paid for it. Hashflare has also been found guilty of using fake reviews to attract customers.
Despite what your thoughts or opinions are about the company, the fact is, Hashflare is still in business and there are some individuals who are happy with their services.
But be advised, take everything you heaer about Hashflare on the internet with a pinch of salt. Do your research first before making an investment to avoid wasting time and money.
Pros of Hashflare
- Low entry cost
- Immediate payouts for hashpower bought in BTC
- Affiliate program with high commissions
- A good variety of contracts
- Easy to use interface
- Navigable website
- No maintenance fee on Zcash, DASH and Ethereum mining
- Maintenance fees for Bitcoin and Litecoin mining
- Commission fee on wire transfers
- Sometimes withdrawals can take too long
Thank you for taking the time to read this review. If want to learn more about other cloud mining companies, please read more reviews about them on our website.