HashFlare is a bitcoin cloud mining platform that promises fixed fees, instant withdrawals, and multi-pool support. Read our HashFlare review to find out how it works.
Hashflare turns cryptocurrency mining accessible to everyone. There is no need to buy expensive and complex mining equipment, Hashflare wants to make mining accessible for all users around the globe no matter of age or background. The clients only need to select a desired hashpower and start generating revenue right away with the Hashflare cloud mining service.
Earnings with cloud mining becomes more predictable with Hashflare than it used to be during traditional bitcoin hardware mining. The hashrates starts from as little as 10GH/s, so new clients does not need to invest a lot of funds to join the cloud mining business.
The interface of the website is worthy of mentioning too. It is simple and easy to use. It is another proof of HashFlare’s goal to make cloud mining closer to people, especially those who don’t know anything about this industry. And they are doing actually a great job according to various HashFlare.io review articles and user testimonials.
Table of contents:
What Is HashFlare?
HashFlare was launched in 2015 and today, it has become a trustworthy cryptocurrency mining online vendor. What makes it different from other similar Bitcoin mining sites is that it is also the ASIC miner producer. In other words, the company has issued huge amounts of ASIC miners, special equipment used for mining Bitcoin, and they know the inner hidden sides of this way of gaining money.
In general, you can mine 5 main cryptocurrencies via HashFlare:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dash (DASH)
- Zcash (ZEC)
The mined cryptocurrencies are spread among all cloud members depending on the amount of the purchased share. Yes, that is right, the more you buy, the more you are to gain. Still, bear in mind that you cannot 100% guess the size of an individual’s earnings because of the blockchain’ constant development, resulting in more difficult mining.
By the way, there’s one more awesome thing about HashFlare is that to get started no big investments are needed as you can begin your way with just $ 1.50. Multiple payment variants to deposit and withdraw your money are possible, including the wire transfer, Bitcoin, VISA, MasterCard, as well as Webmoney.
How Does HashFlare Work?
HashFlare works similar to other cloud mining operations. You pay to join the company, then receive a proportionate share of the company’s computing power. The HashFlare datacenters, according to the official website, “house hundreds of miners”. Those computers constantly mine different cryptocurrencies. You earn a share of those cryptocurrencies based on the amount of money you contributed to the cloud mining operation.
Some of the key features of the HashFlare platform include:
- Hardware: HashFlare doesn’t go into rich detail about its mining rigs. It describes each miner as “a highly efficient piece of mining equipment specially designed for cryptocurrency mining.” They also claim that their datacenters “house hundreds of miners”.
- Pools: HashFlare’s miners are connected to different pools. The company encourages users to find the most profitable combination.
- Payout: All mined cryptocurrency is distributed among all HashFlare customers according to their share of hashrate.
Features
HashFlare promises to offer all of the following features:
- Instant Mining and Payouts: HashFlare’s mining starts immediately after payment is confirmed. The first payouts occur within 24 hours.
- Unlimited Term Contract: There is no time limit and no expiry date. You can use the HashFlare system for as long as you like. However, some of the altcoin contracts come with 1 year contracts. It’s also important to note that your contract is only valid for as long as the mining operation is profitable.
- Instant Withdrawals: You can receive your money instantly after withdrawal.
- Detailed Statistics: You can view all mining information in real-time, at any point from any location.
- Pool Allocation: You can decide which pools to dedicate your hrashrate to. Users are encouraged to find the most profitable combination.
- Fixed Fees: There are no hidden fees or commissions on HashFlare. Every single transaction is visible to you.
Overall, HashFlare has designed its platform to make mining accessible to anyone.
User Experience
Hashflare.io has a space themed website where it is easy to navigate. The landing page provides all the necessary information for the cloud mining service they offer.
Clients like the user friendly interface and the low initial cost of the cloud mining that Hashflare provides. Although sometime issues arise, according to the user feedback the support team handles all problems quickly and diligently. The Helpdesk is operated through Zendesk platform, so they make sure all issues are taken care of. The FAQ section does not have too many prewritten questions, but includes the most frequent ones and also has a search functionality so users can find solutions quicker.
Hashflare care about security. For DDOS protection they are using CloudFlare services and they also recommend for users to use two factor authentication. The website is available in 11 different languages, beside English, Russian, German and Portuguese, the Greek, Turkish, Japanese, Chinese customers can read the pages on their mother tongue.
HashFlare Hashrate Pricing
Scrypt Cloud Mining (Scrypt Algorithm Miner)
- $13.50 per 1 MH/s
- Minimum hashrate of 1 MH/s
- Maintenance fee of $0.01 / 1 MHs / 24h
- Hardware: HashCoins SCRYPT
- Automatic payout in BTC
- Lifetime contract (for as long as mining remains profitable)
The Scrypt cloud mining offers bitcoin contract using the mining service based on Scrypt’s algorithm of the company. The plan lasts for 1 year and the maintenance fee stands at 0.005$ per day. The payout is expressed in BTC coins, which is made on daily basis as well. The minimum amount of hash power that you can purchase is 1MH/s ($7.5) while the maximum is 10 GH/s ($75.000).
Bitcoin Cloud Mining (SHA-256 Algorithm Miner)
- $1.20 per 10 GH/s
- Minimum Hashrate: 10 GH/s
- Maintenance fee of $0.0035 / 10 GH/s / 24h
- Hardware: HashCoins SHA-256
- Automatic Payout in BTC
- Lifetime contract (for as long as mining remains profitable)
Bitcoin has another cloud mining plan, which concerns 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 ($22.000). The contract length stands at 1 year while maintenance fees that you need to pay daily are 0.0035$. This plan also pays you BTCs on daily basis.
Ethereum Cloud Mining (ETHASH Algorithm Miner)
- $2.20 per 100 KH/s
- Minimum hashrate of 100 KH/s
- No maintenance fee
- “GPU rigs” for hardware
- Automatic payout in ETH
- 1 year contract
Ethereum cloud mining program uses GPU rigs as mining algorithm, while the contract length is 1 year, as all other plans at Hashflare. There are no maintenance fees that you have to pay. The minimum amount of power stands at 100 KH/s ($2.2) while maximum amount that you can purchase is 1.000 MH/s ($22.000). The payout is automatically done on daily basis, expressed in ETH coins that you would get on your Hashflare wallet.
ZCash Cloud Mining (EQUIHASH Algorithm Miner)
- $2.00 per 0.1 H/s
- Minimum hashrate of 0.1 H/s
- No maintenance fee
- “GPU rigs” for hardware
- Automatic payout in ZEC
- 1 year contract
Zcash program also uses CPU rigs for mining and there are no maintenance fees. The plan offers minimum 1 H/s for a price of $2.0 while maximum amount that you can get is 10.000 H/s for a price of $20.000. The payouts are made in ZEC currency on daily basis to your balance.
Dash Cloud Mining (X11 Algorithm Miner)
- $5.80 per 1 MH/s
- Minimum hashrate of 1 MH/s
- No maintenance fee
- Multi-factor hardware
- Automatic payout in DASH
- 1 year contract
DASH plan offers DASH mining services that are based on an X11 algorithm. There are no maintenance fees and payouts are expressed in DASH crypto coins, paid to you on daily basis. The minimum amount of hash power to start the program is 1 MH/s, which costs $3.20 at the moment. Please note that the plan is out-of-stock for the time being.
Maintenance Fee
Hashflare charges a maintenances fee of $0.01 for 1MH/s litecoin hashpower and $0.004 for 10 GH/s bitcoin hashpower daily, after each 24 hour long mining period. These maintenance fees are not billed to the customers, but deducted directly from the mining results at daily payouts. The fees are deducted in bitcoin based on the daily BTC/USD exchange rate provided by Hashflare.
The cloud mining company accepts wire transfers in USD and EUR, although they charge an extra 10 EUR commission fee on all purchases below 50 EUR. VISA and Mastercard are also accepted payment methods but they apply a 3000 USD limit per daily purchases for these. Due to customer protection, on the accounts where the hashpower is purchased with credit cards, there is a 14 day holding period, when the accumulated mined currencies cannot be withdrawn from the account. The immediate payouts are appearing on those accounts where the hashpowers are purchased from bitcoin.
Hashflare only allows withdrawals beyond the minimum set for bitcoin at 0.0004BTC and for ethereum at 0.0007ETH. At withdrawals they only charge the transfer fee to the blockchain that is 0.0003 BTC and 0.0006 ETH respectively paid to blockchain.
Is Hashflare Cloud Mining Profitable?
For this instance, we shall use Scrypt and SHA-256 mining plans for a one-year contract worth of $100 as an experiment. Both are bitcoin cloud mining programs, albeit using different algorithms, as shown below.
It is worthy to note that no matter the amount of hash power, the profit margin does not decrease or increase, as it is the case with Genesis Mining. For coin daily yield, we use the calculator from www.bitcoinwisdom.com, as it provides the closest realistic returns for the used hash power. For bitcoin value, we use CoinDesk’s price tag.
| SCRYPT | SHA-256 | |
|---|---|---|
|
Program Cost
|
$100
|
$100
|
|
Hash Power
|
14 MH/s
|
460 GH/s
|
|
Maintenance Fees (daily)
|
0,07
|
0,161
|
|
Total Cost per Day (1 year)
|
$0,34
|
$0,43
|
|
Mined Coins (1 year)
|
0,000
|
0,027
|
|
Mined Coins (per day)
|
0,000
|
0,000
|
|
Value of Coin
|
$16 000
|
$16 000
|
|
Revenue Value (per day)
|
$0,00
|
$1,16
|
|
Profit/Loss (daily)
|
-$0,34
|
$0,73
|
|
Profit/Loss (monthly)
|
-$10,32
|
$21,85
|
|
Profit/Loss (1 year)
|
-$251
|
$532
|
|
ROI (2 years)
|
-251,1%
|
531,7%
|
|
Payback period (days) |
291
|
137
|
As you can see, SHA-256 is definitely a choice here, while Scrypt mining can land you a loss no matter what amount you wish to invest at this stage. Since maintenance fee and price of the program is fixed on a unit of hash power, the more hash you buy, the more these fees will be. It follows the same trend. The same can be said for SHA-256, with the difference being the lower maintenance fee.
With the loss of 251% and positive ROI 531%, it serves as a reminder that losses are definitely a reality in cloud mining. The risks associated with the investments in Hashflare mining operations are also very real. The bitcoin price can fall down in value in months to come, giving you lower profits. The difficulty of mining might increase as well, giving you less of coins on daily basis.
HashFlare Profit Calculator
To calculate the profitability of contracts HashFlare you can in this calculator:
Why HashFlare?
HashFlare is a perfect choice for both experienced cloud mining services users and newcomers. Is HashFlare legit or scam? Well, this question has one clear answer which is positive for the service in general. It is totally legit as the number of customers which grows every day just speaks for itself.
So, why is it so popular? Well, there are some reasons why users, especially the beginning ones prefer HashFlare.io to the others. Let’s see in details:
- Speed – HashFlare does every single operation and transaction fast and properly. After your payment is received by the system, you start mining immediately.
- User-friendly – the entire website usability is on the highest level. Besides that, it has a multilingual option with more than ten languages on board.
- Withdrawals – it is very easy to withdraw your income with scheduled payments or single requests.
- Fees – there are no hidden fees charged by HashFlare. Every payment and fee such as SHA256 and SCRYPT charge extra fee for maintenance, are well described to inform the customer about it.
- – the info about your account and operations are available 24/7 from any part of the globe. Update of its status is going in real-time.
There are lots of different HashFlare.io review articles online telling that this service is worthy of your trust. You can always count on instant income and support from its developers.
Contracts
Hashflare will let you buy 12 month contracts for BTC (SHA-256), Ethereum, ZCash and more. What does this mean? Simply put, you will pay a fixed amount for 12 months of processing power. For example, for $1650 USD, you can purchase 7.5 TH/s of SHA-256 for Bitcoin mining. Once purchased, you’ll get a daily update of earning. It’s really that simple.
Ease of Use
Hashflare has a very simple interface to manage your cloud operation. There’s very little to really do. You can purchase hashing power, reinvest your earning, or withdraw. You can even toggle reinvestment or withdraw with one button.
Buying is simple, you select your algorithm (in my case SHA-256 for Bitcoin), set your desired hashing power and click proceed. You will use their pool for Bitcoin mining, but that’s okay. It’s one less thing to manage for someone new. You can pay with Bitcoin, credit card or wire transfer. I will say paying with Bitcoin is the simplest option as many US and Canadian credit card companies will auto decline Hashflare purchases as they are a European company.
Reinvestment
The final, and biggest, reason I really like Hashflare is I can reinvest my daily earning and buy more power every day. Essentially compounding your earnings over time!
Why does that matter? At time of writing to purchase a dedicated ASIC miner (Bitmain Antminer S9) that will hash 14TH/s will cost $2320 USD (not including power supply, add $199 to that) and take over 3 months to ship. That’s only if you can get in on the latest batch. The cost for a Antiminer S9 is currently $5000+ on eBay for those who want one today on the secondary market.
With Hashflare’s reinvestment option you can purchase a 12 month, 7.5TH/s contract and reinvest. After approximately 90 to 100 days of reinvestment you will have ~15TH/s of processing power, which coincidentally is the same amount of time it will take to ship a S9 if you were lucky enough to buy one of the latest batches directly from BitMain. I will openly admit, that’s not an exact science as there are other variables to consider, such as hash difficulty and price of BTC. But as you can see in the screenshot of my actual reinvestment dashboard, I’m currently purchasing 0.04 and 0.1 TH/s daily. This purchase will continue to go up as time goes on.
Overall Conclusion
Hashflare has a very strong hardware background with the cloudminers supplied by HashCoin. They offer cloud mining for five different cryptocurrencies. The contracts last as long as the mining activity – after the maintenances fees charged – is profitable for both bitcoin and litecoin.
Hashflare is a good cloud mining choice for those who want to try crypotcurrency mining but doesn’t want to invest too much money upfront as their minimum plan is starting from $1.20. Due to their fee structure however cloud mining on a big scale at Hashflare can become very expensive.
Pros
- immediate payouts if hashpower is purchased from bitcoin
- unlimited contract length
- partner program
Cons
- maintenance fees for litecoin and bitcoin
- in case of wire transfers they charge a commission fee
- short FAQ section