Cryptocurrency is a digital asset that has become extremely popular in recent years.
There are different ways of investing in this market: trading, mining, and ICO. The cloud pool of HashFlare from HashCoins company allows to mine cryptocurrency.
In this article, we’ll look at the advantages that investors get. Instead of buying expensive currency it is better to purchase the capacities on this site for rent.
What is Hashflare.io project?
HashFlare provides the cloud mining service from Estonia (Tallinn). The company specializes in the development of digital equipment, creation and hosting of services, provision and technical support of access to crypto equipment, and block-based technology.
The history of HashFlare began in 2013 when the company became one of the pioneers of the digital currency market.
Current assets and capital investments of the company are provided at the expense of own sources and by attracting investors.
HashFlare has about 400 thousand both private and corporate customers who use the company’s products.
HashFlare is a division developing software for cloud mining and uninterrupted operation of equipment in data centers.
The principal goal of HashFlare is to provide access for all those who want to work with the mining process.
At the same time, the company emphasizes the possibility of obtaining cryptocurrency even by those who have little experience, limited means, and technical capabilities.
Which cryptocurrencies are supported on the Hashflare platform?
Consider which options for power can be bought on the Hashflare service for rent. Supported cryptocurrencies:
- BitCoin (Algorithm SHA-256)
You can obtain arbitrarily small fractions of the power multiple of 10GH/S. The cost of one such service is only $2.2 (still recently cost $1.5). Every day there will be accruals, at the same time write-offs for electricity. Such contract is bought for one year. Every day, electricity costs are written off. Time of ordering mining must also be taken into account. If the price of Bitcoin is meager, then there may be a time when production will bring less money than electricity costs.
- LiteCoin (Algorithm Scrypt)
Mining takes place in LiteCoin, but payments go to BTC (converted at the current rate). Contracts can only be purchased at 1 MH/S, which will be more expensive. Price 1 MH/S – $7.5 for 1 year (now there is a discount of $3.2). Every day, electricity costs are written off.
- Ethereum (Algorithm Ethash)
The minimum price is $2.2 for a hashrate of 100 KH/S for one year. At the same time, there is no payment for electricity. Despite the high popularity of the Ethereum, contracts have been on sale so far.
- Dash (Algorithm X11)
The minimum price is $3.2 for a hashrate MH/S for one year. There is also no pay for electricity.
- ZCash (EQUIHASG)
The minimum price is $2 for 1H/S for one year.
What is the profitability of mining on Hashflare?
The calculation of profits is based on the formula income minus consumption.
Income is daily payments, the size of which depends on the hashrate. To calculate the size of payments for a certain amount of hash, you can use one of the following calculators (you must set all Power values to zeros):
- BitCoin – SHA-256
- LiteCoin – Scrypt
- Ethereum – ETHASH
- DASH – X11
- Zcash – EQUIHASH
Further, from the income, it is necessary to deduct the service and electricity charge which is 0.0035 USD for every 10 GH/S SHA-256 and $0.005 for every 1 MH/S Scrypt. Contracts for ETHASH, X11, and EQUIHASH do not have a maintenance fee.
Estimated calculation of the profitability of Hashflare
Depending on the chosen pool and the algorithm of operation, the user receives a yield of up to 120 percent per annum. This indicator is confirmed not only by the company itself but also by its users.
- SHA-256 – 120%
- Scrypt – 115%
- Eterhash – 90%
- X11 – 80%
- Equihash – 80%
These indicators were average at the end of last year. In general, this trend with small deviations will persist in the short term.
What is a pool and how does power distribution across pools in Hashflare occur?
The only way to get a stable profit is to use the pools for mining. They combine the power of all connected systems via the Internet, summarizing their resources for performing complex computing operations and generating blocks. The award for production is then distributed proportionally between each participant.
The method used to allocate awards may differ in different pools. Therefore, among all the pools for mining it is necessary to choose not just right, but the best, which will suit you as much as it is possible.
Hashflare pools provide connection of the miners to the process of collective mining. At the same time, you independently perform the distribution of the facilities among the pools in Hashflare to find useful combinations.
The service offers three types of pools for users: BW, SL, BC. You can choose from these three types based on observations or emerging trends.
Equipment HashFlare is configured to work with different pools. When you select a pool in the settings, the service system starts counting the contribution of your capacity to the total capacity of the pool system chosen.
Counting occurs once per day, so a pool change is also available only once a day. After the system calculates the contribution of your capacity and determines the total revenue from the selected pool – you will be credited with income.
Methods of payment and their features
The service offers 6 ways to pay for the purchase of capacity:
- transfer from the Bitcoin wallet. If you chose this method of payment, then you need to pay for the order within 120 minutes;
- through the payment system EMC Transfer;
- bank card, which must be verified. Also, when paying by credit card, a restriction on withdrawal of funds is established up to 14 days from the moment of sending the request for withdrawal;
- bank transaction. After selecting this method, the payment details will be sent to the email attached to the account. The invoice must be paid within 7 days;
- through the Payeer payment system;
- from the balance. This method of payment is available only to those users who previously purchased capacities and accumulated enough funds on their account to buy additional capabilities.
Withdraw money Hashflare: conditions, fees
The withdrawal of funds under contracts SHA-256 and Scrypt is made in Bitcoin.
Hashflare established the minimum amounts available to the conclusion:
- for Bitcoin – 0.0106 BTC;
- for Ethereum – 0.1006 ETH;
- for Zcash – 0.10003 ZEC.
* for the withdrawing funds in the system must be indicated the appropriate wallet.
Advantages of Hashflare
Take a look at the benefits of Bitcoin cloud mining:
- currently most profitable yearly contracts;
- low entry threshold (minimum contract price $1.2);
- instant money withdrawal;
- a simple interface in your account and detailed schedules and earnings reports, as well as a calculator that keeps profitability statistics in the project;
- independent power distribution across different pools.
Disadvantages of Hashflare
And now the counterpart list:
- no automatic money withdrawal – each output must be requested manually.
Prospectivity and reliability of the Hashflare projectSumming up the review, HashFlare offers transparent working, maintenance, and security guarantees. Many years of experience also plays a significant role in talking about the company as a reliable and financially stable player. A team of professionals and modern technical and intellectual means are the particular assets of HashFlare.
In general, HashFlare looks like a company that “keeps an eye on the pulse” and quickly reacts to the ever-changing situation on cryptology – developers rapidly change the terms of contracts so that users can invest money in the project on easy terms.
Also, developers do not spare their own money to improve the software of the service, which cannot but affect the quality of its work.
For today, we can say that up to 2020, which is announced the following halving of the mining volumes of bitcoin, Hashflare can and will generate revenue.
The main advice here, perhaps, will remain the phrase, invest in cryptocurrency as much as you can afford to lose.