HashFlare review: Let’s analyze the services provided by HashFlare.io, often referred as HashCoins, to determine whether mining contracts are worth it.
Are you interested in cloud mining contracts? Check below our HashFlare review to understand more about this company, how cloud mining contracts work and what is the best mining contract currently available.
Edit: Since I wrote this review Hashflare changed a lot their services, and it didn’t get any better. Lifetime contracts were cancelled, and the minimum withdraw figure is 0.0106 BTC. For that reason I do not recommend Hashflare.io and have removed any links to the company from this post.
Mining Contracts Comparison Table
Before we start with our HashFlare review, let’s analyze how the biggest cloud mining companies compete, and compare their main features and options:
| ||Mining Contracts||Contract Duration|| |
|Bitcoin, Litecoin, Monero, Dash, Ethereum, Zcash||2 years (most contracts)||Check Website|
|Scrypt, SHA-256, Dash, Zcash, Ethereum||1 year to Lifetime*||Check Website|
|Bitcoin||No deadlines*||Check Website|
|Bitcoin, Litecoin, Zcash||Lifetime*||Check Website|
*in these cases the mining contract continues as long as mining remains profitable.
HashFlare, available on the domain HashFlare.io is currently one of the biggest companies offering mining contracts for cryptocurrencies. Developed by the Hashcoins team, the company is active for more than 3 years, and is one of the pioneers in this kind of service and in the cryptocurrency world.
Currently, HashFlare offers a number of mining contracts with different digital currencies, and anyone is welcome to buy Hashrate at HashFlare. Users from virtually all countries can use this service.
HashFlare Mining Contracts
If you are interested in buying Hashrate from HashFlare, you may know what a mining contract is. But in case you don’t, we have a short explanation.
A mining contract is basically hiring Hashrate to mine digital currency for you. Cryptocurrencies that use the Proof of Work concept use the mining process to generate coins and verify transactions in the blockhain.
The more Hashrate you buy, the higher will be your capacity of mining, therefore, generating more coins. That is exactly what HashFlare rates offers, in their mining contracts, you buy a certain amount of Hashrate for a given period of time, and collect the payouts that your hashrate generates.
Now, that we have a clear notion of what a mining contract is, let’s move on with our HashFlare review.
How to Open an Account in HashFlare
Opening an account with HashFlare is a pretty simple process. Probably the best aspect of investing on HashFlare is the lack of verification requirements. You don’t need to send any documents to proof your identify or any other kind of status like in most coin exchanges.
All you have to do is sign up, and buy Hashrate.
Once you have your account opened, you can start buying Hashrate from Hashflare.io.
Click here to open an account on Hashflare.io
How to Buy Hashing Power from HashFlare
Now, that your account is opened, let’s analyze how to buy Hashing power.
Firstly, you have to choose the kind of mining contract you want. I recommend Scrypt, as the contract lasts until mining is profitable, and in other cases, it lasts for a fixed term.
As seen below, just select the amount of Hashing power you want to buy. You can use this tool to check how many coins and profit a given hashrate will generate. It has been pretty spot on in my mining contracts so far. You can also calculate the profitability on Hashflare website, as seen below.
After you will proceed to payment, you can pay using Bitcoin or a credit / debit card. For the first purchase using the card, you will need to verify the code Hashflare will sent to you card.
This code is usually available on your card or bank account statement, a few minutes after the purchase. Once you insert this code, the hashing power will be working for you. If you buy more hashing power using the same card, you will not have to repeat this process.
Once a day, you can see how much your payout was, and the next expected payouts.
There are a number of fees when using HashFlare, be sure to consider them before buying hashrate, to make sure your operation is profitable.
The maintenance and electricity fees apply to mining contracts at HashFlare using Scrypt and SHA-256. At the time of this article publishing, Ethereum contracts do not have this fee.
There are also withdraw fees while using te HashFlare service, they depend on the type of mining contract and digital currency you are mining.
HashFlare Review: Payouts
One of the advantages of HashFlare, is that it offers daily payouts. In other words, after you purchase some Hashrate from the company, every day, once a day, your account will be credited with the mining profits from the hashrate you have.
Currently, HashFlare offers payouts in the following digital currencies: Bitcoin, Ethereum, ZCash and Dash. It is important to notice that you depending on the mining contract, you will have an specific payout currency. If you have an Ethereum mining contract, you will be paid in ETH, and if you have a Scrypt contract, you will be paid in BTC.
Click here to start mining on HashFlare.io
HashFlare Review: Withdrawing Coins
Once you have some substantial payout, it is time to withdraw it from HashFlare. Make sure you insert your wallet address for the correct type of cryptocurrency payout, and click on withdraw.
Alternatively, you can reinvest the coins you have earned to purchase more hashing power directly.
HashFlare support is available with a ticket system and also via email. On their website, they also display telephone number, I am not sure the phone number is for support related questions.
HashFlare Legit or Scam?
From my experience using HashFlare so far, I would say HashFlare is a legit company. It doesn’t seem to me that HashFlare is a scam, however, it still has a lot of room for improvement.
It is also important to address that mining contracts are not for everybody, and their value will depend on a number of factors (more about this below).
Is HashFlare Worth it? Are Mining Contracts Worth it?
This question is probably not so simple to answer as one can expect. The reasons behind this will depend more on where you live and what are your possibilities than the services of HashFlare.
If you do not have the chance (lack of space or time or skills) to build a mining rig, then HashFlare is a good option. If you live in a place where energy costs are high (above $0.20 per kW) then buying a mining contract can be a good idea.
However, if you have access to low cost energy, low cost computer parts, and you have skills, time and space to run a mining rig, the profitability of the mining rig is probably higher than those available on a mining contract. Remember however, that a mining rig has to be on most of the time (ideally 24 hours a day) to have a good profitability. On the other hand, with HashFlare you can just buy the mining contract and forget about it.
I hope this explains better whether HashFlare is worth and when mining contracts are the best option to mine digital currencies.
After our HashFlare review we can analyze some of the biggest mining companies below, which are HashFlare alternatives to be considered.
Genesis Mining is one of the biggest cloud mining companies, offering a great variety of mining contracts. Together with HashFlare, it is one of the biggest company offering mining contracts.
Use the code 68eZOa to get a 3% discount on your purchase!
Click here to open an account on Genesis Mining
Hashing24 is another company offering mining contracts. The difference is that Hashing24 currently only offers Bitcoin mining contracts.
Click here to open an account on Hashing24
A chinese company offering the possibility of buying and selling hashpower. It offers BTC and LTC mining contract.
Click here to open an account on Pow8
Did you like this HashFlare review? Have you used HashFlare products? Leave your thoughts on the comment box below.