With all the craziness surrounding digital currencies and cloud mining lately, I decided it was time that someone did an honest review of the Hashflare cloud mining service.
I have been using Hashflare.io for a few months, and I’ve seen some pretty amazing returns – but, investing with Hashflare.io isn’t something to be taken lightly. So, without further ado, here is my Hashflare.io review.
TABLE OF CONTENTS
- How Does Hashflare Work?
- Is Hashflare Profitable? [Hashflare Calculator]
- Does Hashflare Compound Daily?
- Is Hashflare Better Than Genesis Mining?
- Is Hashflare Paying Out?
- What Coins Can You Mine On Hashflare?
How Does Hashflare Work?
I’m going to assume for right now that since you’re researching Hashflare, that you understand the concept of mining in the cloud and why it’s beneficial.
To put it simply, Hashflare makes Bitcoin mining & Ethereum mining accessible to the general population. Instead of building your own hardware ‘rig’ which would entail some very technical skills, a large initial investment, a cheap energy source and incessant updates (to the software and hardware) – you get to rent all those resources to mine coins from someone else.
When you start mining with Hashflare.io, you are taking out a contract to rent their resources for one year. You then have the option to contract as much computing power and energy as you would like to produce your desired amount of coins/USD.
Is Hashflare Profitable? [Hashflare Calculator]
In the long-run, the honest truth is that no-one knows just yet.
With that being said, people are currently receiving some pretty incredible BTC payouts from Hashflare.io…
As the demand for coins increases, the hashing power and energy necessary to mine increase, and those increases are passed on to Hashflare.io as well as those buying contracts.
But to give you an example of how profitable it can be – checkout the following illustration.
Example of Hashflare.io Profits:
As of the time of writing this Hashflare review, I can purchase a contract for 3 TH/s (Terahash/second) for $660 USD (or .0489 BTC).
1 TH/s is 1,000,000,000,000 hashes/second – so those are some pretty fast computers. 🙂
That $660 would generate you approximately $2000 USD (.1-.17 BTC) over the course of a year.
NOTE: These example profits are based on current BTC value, energy costs, mining costs, etc – and as you are probably aware, these values can change rapidly.
Here’s an image taken from the Hashflare EU site calculator directly:
DISCLAIMER: Bitcoin mining is highly susceptible to changing factors, such as mining difficulty and currency rates. All information provided here is a snapshot based on values taken at the time of calculation and is subject to volatility due to Bitcoin’s inherent nature. I’d strongly encourage you to base your final profit estimation on your own research.
Does Hashflare Compound Daily?
This is where the true power of Hashflare truly exists, if you’re willing to gamble on it. Let me explain…
So, with Hashflare’s compounding capabilities, you have the option to re-invest the BTC that your contract pays back to you on a daily basis. So, for simplicity’s sake, let say that you started with a 10 TH/s contract investment today, Jan 2nd, 2018.
The following table takes into account a standard difficulty increase in the ability to mine of 6% every 14 days, and a price increase of 10% every 14 days (these were averages for the past year, and quite unlikely they’ll continue, but nonetheless). This table also accounts for increasing maintenance costs based on the terms of your contract agreement with Hashflare.io.
So, as you can see, that’s not too shabby of a return. You’d be earning approximately $18/day and will have 12.2 TH/s of power accumulated at the end of 30 days!
— $33,478 DOLLARS A DAY? —
Now, I’m calling a bit of B.S there. I didn’t create these calculations, (although it’s a great calculator courtesy of WhatsMyIP.com) but I don’t really believe the calculator could possibly take into account all the potential factors, but for our intents and purposes it does the job.
My actual thought is that if the price of BTC were to continue to go up that outrageously, that the mining fees would as well, and Hashflare.io would likely just cease to exist.
But, I can tell you that I’m investing in Hashflare.io pretty aggressively right now and compound interest is NO JOKE! Also, to be on the safe side, I will likely be withdrawing funds after a couple months at a steady interval.
DISCLAIMER: Investing in cryptocurrencies and cloud mining can be a risky venture. I don’t guarantee any of the calculations or estimates or returns on this page, in fact, I’d be surprised if any of them were correct. As with anything, it’s your job to do your own research and due diligence before investing your hard-earned cash. This is all just my personal opinion as an unprofessional investor. 🙂
Is Hashflare Better Than Genesis Mining?
The honest truth is that I trust the infrastructure of Genesis Mining, but they are currently sold out of Bitcoin mining contracts.
If they open those up in the future, I’d definitely put some eggs in that basket too. If you want to sign up for Genesis and get on their list for future mining opportunities, that’s definitely not a bad idea.
While I do like Genesis Mining, and I currently have a Monero mining contract there – I personally want to spend my money mining for Bitcoin or Ethereum right now and Hashflare.io is the place to do that.
There are a few other places to mine coins which have an MLM structure – Bitconnect and USI-Tech, but in my opinion, they are quite a bit riskier than cloud mining with Hashflare.
Is Hashflare Paying Out?
Yes! For a short time, Hashflare had a warning message in their back office when payouts had to be suspended.
Hashflare has had overwhelming amount of growth these past few months, and they’ve had some limitations on withdrawals due to unverified transactions, but they are back on track with new technology and seem to be consistently paying out. I know numerous individuals withdrawing money on a daily basis, and for the time being, they can definitely be trusted to pay you what they owe!
What Coins Can You Mine on Hashflare?
This was a little confusing for me at first, as well! When you login to Hashflare, you’ll see some acronyms that might be pretty foreign looking to you, but don’t be alarmed! 🙂
Here’s what they mean:
SHA-256: – If you’re looking to mine Bitcoins.
Scrypt: – If you’re looking to mine Litecoins.
ETHASH: – If you’re looking to mine Ethereum.
EQUIHASH: – If you’re looking to mine Z-Cash.
Overall, I think Hashflare.io is a trustworthy mining service, and I’ve invested pretty aggressively into their bitcoin mining contracts.
They give you up-to-date forecasts of expected daily, weekly, monthly payouts, and they communicate candidly when they have issues (as I’d assume they would with their sudden, immense growth).
They are the only legitimate service I’ve found for bitcoin cloud mining with available contracts, but I’d suspect, they’ll be sold out fairly soon. And, they have a great referral program which pays 10% for new mining contract referrals.
When you sign up with my link, I’ll be happily available to show you how to advertise on Facebook, Google etc and start earning some great income from referrals with Hashflare.io too!
Did I miss anything in my Hash flare Review? If so, I’d love to hear about in the comments! Is Hashflare cloud mining currently working for you?