Cloud mining is known as “virtual” bitcoin mining without the physical costs for installation, deployment, and configuration of specialized devices for mining.
The user doesn’t even see them. The owner of the cloud service is taking care of all the above mentioned.
Moreover, cloud mining doesn’t require a room with adequate cooling and electrical networks.
In this review, we’ll consider one of the leading providers of cloud mining HashNest – service with an impressive power- 18 Px/s.
HashNest – what is it?
HashNest is cloud-based mining platform that is a subsidiary of the famous Chinese giant Bitmain.
It’s known that Bitmain is the most significant manufacturer of hardware for mining. The site is available in 9 languages.
Several popular cryptocurrencies are supported. Production statistics are laid out in open access, which proves the transparency of HashNest. The profitability is 80-130%.
The headquarter is in Beijing, China. Nevertheless, they have offices around the world in such cities as Amsterdam, Tel Aviv, Chengdu, Shenzhen, and Shanghai.
Currently, there are more than 43,000 users on HashNest. Moreover, HashNest continually monitors the market and trends, optimizes and improves its service.
Unlike other cloud mining services, in HashNest you can purchase hash rate per GH/s and start mining at low speed.
As price varies per GH/s, you can consider whether to pull out or go to a different contract, moreover, except buying what you want, it is also possible to trade it.
Due to the support of mobile phone application, you may see the result every day, every hour and can access directly to your account.
As a part of Bitmain that produces Antminer, the algorithm is supported only by bitcoin mineable.
Which cryptocurrencies can be mined through the HashNest platform?
HashNest offers two cryptocurrencies:
- Litecoin (LTC). The emission of this currency set up in 2011, and its creators sought to bring its price on the market of cryptocurrencies to the market value of silver. The complexity of mining Litecoin rises slowly, and now the currency takes the 5th place by its market capitalization. According to the Association of Litecoin, the reward for the block production will be halved in August 2019, but today the profitability of cloud-based mining of this cryptocurrency continues to grow.
- Bitcoin (BTC). It is the first digital currency created in 2009. Despite the fact that the rate is volatile, and the complexity of mining has increased significantly, it is still profitable to extract this cryptocurrency.
Cloud mining on HashNest is performed according to the following algorithms:
- SHA-256, used for Bitcoin mining (BTC);
- Scrypt, used for Lightcoin mining (LTC).
HashNest yield and return on investment
Unfortunately, at this moment, HashNest offers contracts for only three types of Bitmain equipment – Antminer S7, L3 +, S9.
All of them work on the SHA-256 script, on which bitcoin is built, and which recently gives poor efficiency.
Therefore, to earn money on cloud mining, you have to buy large capacity. Here you can use the calculator to independently calculate how much you need to rent devices and reach a stable income.
How to calculate estimated profit?
To calculate the profitability of investments under the PACMiC contract, you need to use the following formula:
The remainder of the main contribution of BTC x 0.45 (Saturn BTC per second) x for the time of the block (seconds).
When purchasing standard contracts for a Hashrate, the revenue from Bitcoin mining is 1.125 BTC with 1Tx/s, and from the Mining Lightcoin – 3.9 LTC. Return on investment with this profitability of 15% per month.
How to withdraw money from HashNest?
All rewards go to the internal account on the service. Access to purses can be obtained by entering the “Purses” tab.
To withdraw funds from the Bitcoin or Litecoin purse, you need to click on the “Payments” button and enter the purse number, pin number for trading transactions to send a confirmation message to the phone, then enter the received code in a particular field. The withdrawal request is processed within 10-30 minutes.
The current minimum withdrawal is 0.004 BTC, and the fee for the service is 0.002 BTC.
Which services does the HashNest provide?
HashNest is a project to afford facilities of hashrate. You can commit transactions of hashrate which are used to mine, and your income from mining will be deposited in your HashNest purse.
First of all, it offers reasonably low prices for hashing power. This is because all the hash power is sold by the manufacturer of the ASICs – without intermediaries, so there are no additional surcharges.
It is also important to mention that there is a capacity market – where you can always buy/sell the hashing power at the market price.
This means you can always withdraw from the project if you don’t like something. You can only sell the entire capacity on the stock exchange and deduct your money from the project.
There are two ways to own hashrate:
- To purchase Antminers in the shop. You can own the miner as well as the hashrate. Your hashrate will start mining 72 hours later after payment completed.
- To buy hashrate from the market. Your hashrate will start mining once the transaction completed.
Hashnest is using PACMiC. What is a Payout Accelerated Cloud Mining Contract (PACMiC)?
The PACMiC is a new value-added cloud mining service product from Hashnest. The PACMiC is an electronic contract structured in a new way.
BITMAIN will pay all the maintaining cost of the mining rigs, and all the mining revenue will be used to pay back the PACMiC owners.
When the principal is not fully paid back, it will share profit with buyers. When the principal is paid back, the mining rigs will belong to BITMAIN.
Both principal and profit payments will be made to the contract holder based on the mining revenues of AntPool. Since PACMiC will not bear the maintenance cost, so the payout is accelerated.
The PACMiC service from HashNest significantly improves the security of the cloud mining procedure for reducing all possible risks to a minimum.
The main priority of the entire site is the ability of each customer to withdraw their initial investments, which is not guaranteed in traditional cloud mining contracts.
Due to PACMiC you no longer need to worry about the high cost of electricity or the increasing complexity. Mining can become an activity with a low-risk and a low-stress.
You can start the bitcoins’ mining by purchasing a hash rate at only 1 GHz.
For those who can invest in cloud-based extraction in a more substantial amount, there is a purchase of real equipment, such as Antminer S7, S5, S4, S3, with the option of buying back the miner and sending it to your home.
You can also buy contracts with a capacity of 1 GHS that will cost you only 0.00030044 satoshis or about 0.13 $ for one gigahash, which is pretty cheap.
Payments are automatically made up to 10.0 BTC per day. If you print more than 10, then the amount in manual mode will be approved from 4 to 12 hours.
Advantages of HashNest
This platform is attractive for the following reasons:
- Sufficiently low prices for capacity. Since the power is sold by the manufacturer of the Asics – without intermediaries, accordingly there are no additional mark-ups.
- The availability of a capacity exchange – you can sell/buy capacity at a market price at any time, that is, there is always the possibility of withdrawing from the project. If you didn’t like something – then just sold all the capacities on the exchange and withdrew the money from the project.
- It imposes low prices for maintenance and cheap contracts.
Disadvantages of HashNest
However, the primary failure of the service is in:
- the opportunity of purchasing only SHA-256 capacity for Bitcoin mining.
Prospectivity and reliability of the HashNest project
HashNest is a cloud-based service from one of the most famous producers of Asics Bitman.
The service has been working for a long time, so there is no doubt that this is a real cloud mining and that everything is reliable here.
So, we can sum up the following results for this service. You have a direct road to the “hashrate” trade section if you want classic cloud mining with the probability to get “iron” and have the opportunity to trade capacity. And it’s a good choice if you are used to keeping everything under control.
But you have to be prepared that in case of unforeseen circumstances you can get a severe loss, as there is no guarantee for the return of your funds.And if you want a full “machine”: reduce your efforts to monitor the status of your hardware, pay for electricity and other fees, and guarantee a return on investment, then you can try the so-called “PACMiC,” which has no analogs nowadays.
No matter which method of mining on the site you choose, we wish you a high income.
Thank you for reading this review. For more reports, please browse through our website and learn more about other cryptocurrency mining sites.