Mining Crypto in HashFlare Pools
HashFlare review we all deserved
What is mining? This is the first question that appears on the mind of any industry newcomer. After this word no longer confuses them, and the things get more or less clear, they face another challenge – cloud mining. Now, before the concepts and meanings in your head turn into a mess, let’s conquer the peak slowly, step-by-step.
Cloud mining is “mining from afar,” i. e., renting the cloud mining power from a specialized service – miner. Simply put, you pay for the right to invest your money in the process of crypto coins extraction.
Why has traditional mining given ground to the cloud? Well, there’s a bunch of reasons for that. First of all, it is a matter of cost. Regular mining farms are way too expensive to maintain and manage. Electricity bills make the lion’s share of the utilities, and there is a reasonable concern if this endeavor pays off at all. Next, there’s the problem of obstructed space. Mining machines are enormous, and we barely imagine them neatly stored in your working area. Thirdly, your earnings are proportionate to your device’s capacity. If your mining machine is weak, then it would be useless to expect high returns.
From this perspective, cloud mining lures Internet users with its relative simplicity. The only thing to ponder over is the investment spot. These days, they are numerous; this niche is profitable for both crypto-investors and service providers. MinerGate, Genesis Mining, CryptoMining Farm, HashFlare – these are just a few names. Let’s focus on the latter one and get the maximum knowledge out of this HashFlare cloud mining review!
Introducing HashFlare Cloud Mining Calamities and Perks
For starters, HashFlare is a creation of experienced crypto enthusiasts, also known as HashCoins. The company itself was registered in the UK in late 2015 under the name of HashFlare LP. The information we have just shared can be found on their About Us page, which is an upside giving less room for HashFlare scam. It is roughly estimated that the website is visited by 5 million users monthly. Considering the popularity of this miner, we still took pains to stay as cold-livered as possible while writing this HashFlare review.
HashFlare cloud mining implies the extraction of 5 cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Zcash (ZEC) and Dash (DASH). The mined coins are distributed among all investors, who purchased the miner’s hashrate in such a way that the one who initially invested more will expect a higher return. The platform offers you three types of cloud mining power. With SHA-256 you are supposed to mine Bitcoin, Scrypt is meant for extracting Verge, Litecoin, etc., ETHASH is utilized for extraction of Ethereum, Ethereum Classic, etc., and X11 is expected for DASH generation. To harmonize this HashFlare cloud mining review, we’ll focus on Bitcoin mining instead of trying to seize all HashFlare pools at once.
Simple Math with HashFlare
Among the modern Bitcoin miners, Antminer S9 is considered the most profitable one. It produces about 13 Th/s of hashrate. If you choose to purchase the equivalent of this on HashFlare, you will have to pay 1,040 USD per year, while buying a miner itself would cost you around 860 dollars. Before you start shaking your head, thinking, “Is HashFlare legit at all?”, we’d say it makes sense. If you purchased the miner working on its own, you’d have to pay for electricity, cooling, and storage out of pocket. On the flip side, HashFlare charges its clients every year, while the miner does not.
Next, armed with a Bitcoin mining calculator, we have found out that 13 Th/s in a vacuum (with no electricity costs, or HashFlare pools fees) will make a total of 222 dollars monthly. Here you might think that HashFlare cloud mining is pretty profitable, indeed. Nevertheless, we haven’t taken into account the maintenance and electricity fees, aka MEF. They are linear and equal $0.0035 per every 10 GH/s of SHA-256. This effectively means that for 13 Th/s, the daily cost will be 4.55 USD and the monthly fee will be 136.5 USD. It turns out that the actual monthly income is 85.5 USD.
We’d go further and calculate the yearly profits. Here’s what we got:
$85.5 * 12 – $1,040 = -$14
As seen, you don’t make a lot; in fact, you owe the platform 14 dollars. However, it’s too early to make any conclusions, as the above-written example takes Bitcoin exchange rate as an invariable. The purpose of this HashFlare review is not to sugarcoat the real things, but to give you the freedom of making your own decisions. When the price of BTC goes down, you are likely to lose money; if it is on the rise, then your earnings will be higher.
Is HashFlare Safe?
It’s quite natural if you want a piece of advice before doing anything to your assets. If your head was full of doubts and questions like “Is HashFlare legit?”, “Is there anything about HashFlare scam?”, we’ll do our best to help you figure out the answers.
To make sure our HashFlare review is accurate, we have had to dig deeper than somebody’s reviews and website info. The interwebs are full of angry user feedback, stating this service is a Ponzi scheme giving no real income. Among other user complaints, there is non-existing customer support, high pool fees, and the lifetime contracts, which are discontinued once you stop making any profits.
We cannot enumerate too many upsides of HashFlare cloud mining – looks like the downsides exceed the positive.
- Easy sign-up routine and responsive UI
- 2-factor authentication
- Makes the actual mining hassle-free
- Non-responsive customer support
- Dubious mining algorithms
- Many allegations against the company
- Lifetime contracts that don’t last a lifetime
- High HashFlare pools fees
The Last Word
HashFlare cloud mining is undoubtedly not the type of service you should throw yourself into at first notice. Perhaps, there’s not a definite answer to the question, “Is HashFlare safe?” We’d rather say, “It depends.” It depends on the array of factors, among which the vital one is the size of your upfront investment. Is HashFlare legit? Probably yes, but you should make up your mind before investing even a buck. There’s a thin line between what’s considered a rip-off and a bad investment. We cannot state HashFlare scam exists; we’d only say that the options to mine crypto are numerous. You just need to find yours.