Test: our practices with Bitcoin and Cloud Mining on Hashflare.io
Now Hashflare is one of the largest Cloud Mining providers on the market and already began its business several years ago – which makes the provider much more trustworthy than at very first glance: the webstek looks like being created Ten years ago and never being updated again. But wij want to attempt, test and review Hashflare.io and share our practices.
Table of Contents
Step 1: our practice with Hashflare: very first impressions and registration
If you open the registration pagina of Hashflare.io* the very first impression you get is not the best: the webpagina looks outdated and neglected, built ten years ago – a bad sign for an innovative Cloud Mining provider. This, of course, does not prevent us from setting up an account on Hashflare.io for testing purposes. The registration process works without any problems and te a few minutes a fresh account is created.
Also the backend of Hashflare does not look much more modern than the login pagina.
Step Two: Security
The very first click after registration always leads into the security settings. Ter addition to the default password, which should have at least 8 characters (better 32 characters), Hashflare provides 2-factor-authentication. After the activation of the 2-factor-authentication, each login does not only need the e-mail address and password combination, but also a token that is generated on the smartphone. This token is updated every minute, making it hackers almost unlikely to crack the token. This significantly increases the security of the account.
All you need is a smartphone and the free app “Google Authenticator”. Note: when setting the 2-factor authentication, the 2FA code has to be saved (this is next to the QR code). Wij recommend saving it offline – preferably on a chunk of paper. With this code the 2FA can be added to the Google app after losing your cell phone or when it is reinstalled.
Ter addition, you can come in your own wallets (Bitcoin / Ethereum / Dash / ZEC Wallet) to which the mined coins will be transfered. Another security factor is that, spil soon spil a wallet address is switched, the payout is blocked for Two weeks. This makes it difficult for hackers to instantly transfer your coins to their accounts.
Step Trio: buying Hashpower: many payment methods and instant setup
Buying Hashpower on Hasflare.io is intuitive and effortless, even if you have to click through some forms. Te the very first step, the desired algorithm is selected:
- SHA-256 or Scrypt for Bitcoin Mining
- ETHASH for Ethereum
- X11 for Dash
- EQUIHASH for ZEC
With a slider the Hashpower is selected or the investment sum entered.
Depending on the payment method – wij determined to pay with Bitcoin – the computing power is instantaneously available and the cloud hardware starts with mining. Te our very first test, wij chose the Trio MH/s ETHASH for 1 year Ethereum Mining contract. Our investment for thesis Trio MH/s wasgoed 66 USD.
Very first invesmtent: Trio MH/s ETHASH for 1 year Ethereum Mining = 66 USD
You should read your contract very cautiously, the detailed conditions should be observed. Each contract has different requirements. Spil, for example, the Ethereum Miners do not have a maintenance toverfee, the “Maintenance Toverfee” for Bitcoin SHA-256 Mining is presently 0.0035 USD vanaf Ten GH/s for 24 hours of operation. For this, the computing power for the ETH-Mining is rented for exactly one year, whereas the Bitcoin contracts represent a contract with an unlimited duration.
But here the puny print is to be read spil well: unlimited running time means that the miners only work te the profitable area. If the maintenance toverfee is no longer covered by the operation of the mining machines, they are automatically taken out of the netwerken by Hashflare. This is a common proces with most cloud mining providers – but voorwaarde be included ter a comeback on investment calculation. (Read the Genesis Mining report )
Step Three: tweaking and mine very first crypto-coins
The corresponding mining pool, into which the Hashpower is to be incorporated, can be selected on the overview instrumentenbord. For Ethereum Mining, 50% Dwarfpool.com and the other 50% were adjusted to EthereumPool.co.
Terugwedstrijd on invesment: ROI after 100 days?
Te addition, some statistics on your own hash values, spil well spil a revenue forecasts are provided. According to the forecast, the terugwedstrijd on investment should have occurred exactly after 100 days and the invested USD 66 should have bot repaid. After the very first 100 days, exactly 265 days remain to earn money with Cloud computing power.
Because of the enlargening Mining Difficulty of the Ethereum-Network the revenue forecast is decreasing day by day.
After Four month of Cloud Mining with Hashflare.io
After four months of Ethereum Cloud Mining wij got exactly 0.10653572 ETH back, which is 31 USD at the current exchange rate. With a little bit of luck, wij get our invested 66 USD back after one year of mining. Of course, June 2018 wasn’t the best time to invest te Ethereum mining. This wasgoed when Mining Difficulty significantly embarked rising. Perhaps with a Bitcoin Mining contract wij would have had a better chance to get an early ROI.
Hashflare vs. Genesis Mining
If you compare Hashflare vs. Genesis Mining both Cloud Mining providers have their pros and cons. Ter our opinion both companies are reliable and trustworthy. Ter our long time tests both paid the mining profit regularly. Albeit Hashflare and Genesis Mining opoffering almost the same mining contracts, each provider has its own pricing prototype:
Bitcoin Mining – 1.000 GH/s
Genesis Mining for 179,00 $
Hashflare.io for only 150,00 $
But if you look into the contract details they do not offerande the same contract. While Genesis Mining offers an Open Ended Bitcoin Mining contract, Hashflare.io only has a one year contract. Another detail is the maintenance toverfee! So, spil far spil trust and reliability are worried wij recommend both Cloud Mining providers – for profitability Cloud Mining – for both providers – it is a zuigeling of gamble.
Is Hashflare profitable or is it a fraud?
Wij think that Hashflare is not a fraud and it is profitable! The company has bot existing for several years and offers fine transparency ter many areas. The fees, costs and revenues are introduced well and clearly.
Payout at Hashflare has worked without any problems and that enormously swift. Within a minute Ethereum wasgoed transferred to the Coinbase Web Wallet . This is a superb advantage, spil with other providers, the payout period takes several days and is restrained by confinements such spil a maximum payout amount or horrendous network fees. With HashFlare your own coins can be paid out instantaneously and without any problems.