If you want to start mining bitcoin or other altcoins, you need a big investment in hardware and electricity. Or you can rely on a cloud mining platform, which is the solution I’d recommend these days. However, many of these sites are simply Ponzi schemes, where users never get their money back… So is HashFlare legit? You’ll find out in my HashFlare review below!
HashFlare, one of the best mining cloud mining platforms
HashCoins is an Estonian cryptocurrency and blockchain-technology company. Their objectives include making mining simple, accessible and affordable to both new and advanced users. And one of the most successful projects they launched in 2015 is HashFlare mining. While Estonia is a small country, it’s been at the leading edge of technology for years now…
As usual, it’s hard to get any information about their data center. Because a mining farm like theirs is likely to be the target of malicious people. The only thing we can learn is that it’s a modern, hi-tech facility housing crypto-equipment. And it’s maintained by a team of qualified personnel to mine at maximum hash rates, without overheating the equipment.
How does HashFlare Cloud Mining work?
While you could purchase unlimited contracts, it’s no longer the case. So if you decide to register on their site, you’ll be able to purchase yearly contracts to mine coins. And you can choose the amount of hash rate you want for each contract.
Basically, with the contract, you’re renting mining equipment and computing power from the company. And the company will mine for you, giving you a share of the coins they mine.
You can start with a very low investment to mine bitcoins. Just a couple dollars to give it a try. But don’t expect to be a millionaire overnight!
Once you bought a contract, you can allocate your hash power directly to the mining pool you wish to serve in. So you can optimize your profit.
What about the HashFlare payouts? Everything’s automated. And payouts occur once a day. You’ll receive your first payout the following day after completing a purchase. And you’ll get daily payouts afterwards.
In addition, you can use the reinvest function. It allows you to automatically buy additional hash rate as soon as your balance allows it. The system will check your balance after each payout and use the amount to add hash rate to your contract.
What coins can you mine at HashFlare mining?
Of course, the main coin available is bitcoin. And you can also mine ethereum, zcash and dash. However, you can’t mine several coins with one contract on this platform. So you’ll need to purchase a contract per digital currency.
I’d recommend you to visit their site to make sure what coin is available. Indeed, some contracts have a limited stock and the mots popular ones are frequently out of stock! Here are the contracts available right now:
Is mining on HashFlare profitable?
While you can find many analysis on the profitability of cloud mining platforms, I usually recommend to do the calculations by yourself. Indeed, the profitability factors you need to analyze keep on changing. And the answer to this question depends on the coin’s price, the network difficulty, and the hash rate.
If you don’t know how to calculate the profit you can make, you can use the HashFlare profit calculator. But don’t forget to add the maintenance fees for bitcoin… And keep in mind that your revenue depends on the exchange rates and mining too!
With the price of crypto-currencies climbing, I expect that you can earn you more than the price of the contract. And if the coin you’re mining doesn’t collapse, you should be fine. But remember you always have the choice to buy bitcoins, think about it…
Are there HashFlare promo code?
I didn’t find a reliable source for HashFlare bitcoin mining unfortunately. So I don’t have any for you on BestBitcoinAlternative.com yet. But be sure that if I find any, I’ll let you know asap.
Choosing a reliable and legit cloud mining website is hard these days. While it’s always a gamble, all the elements I could find on the company and on the service is good. And how can half a million users worldwide be wrong? Therefore you can trust HashFlare to deliver what they offer.
Concerning the profit of cloud mining, you should definitely check yourself before purchasing. And I won’t vouch for it in this article: I’m not Nostradamus… But if you don’t have a load of money to invest, you should consider using this service. Because they accept really low amounts to start with. And you won’t have to struggle with afford hardware, software or maintenance.
Also, if you start with a low investment, you can decide to reinvest the coins you mined to increase your hash rate. I think this is really a nice feature to offer.
Finally, for those of you who have used HashFlare bitcoin mining, let me know what you thought about it below! And if you have any question or comment about this service provider, feel free to buzz me.
After only a few years in the game, HashFlare has become a major actor in the cloud mining business. And if you plan to mine a cryptocoin, you should definitely check their attractive contracts.
- Low maintenance fees
- Choice of mining pool
- User-friendly interface
- Low investment
- Good support
- 1-year contracts only
- 1 contract = 1 currency
- Impossible to buy/sell coins