Hashflare is a popular cloud-mining service that allows users to mine cryptocurrency coins, using their high bandwidth by paying nominal charges. With hashflare cloud mining, you can earn money and collect cryptocurrencies without a heavy investment in hardware equipment.
Usually, to mine cryptocurrency (like Bitcoin), you will need extensive hardware, high power supply and subsequently, you will also need to pay high electricity bills. To avoid all that, you may invest in companies like Hashflare.io that offer you services for a small investment. The investment is relatively just a fraction of what would cost you to buy the complete equipment.
What is HashFlare Mining?
This Hashflare review will enable you and make you self-sufficient in deciding whether you must invest in mining-service providers or not. But before you get down to reading the review, you must understand some basics.
Cloud mining is a process, in which you pay a small amount to a company that is sitting in a land far away from yours (that is why the name ‘cloud’, because it is offering you devices on sharing basis). You do not need to purchase or invest in hardware, but you may pay whatever amount you want to, in return, you will get the set amount, of cryptocurrencies mined for you.
Hashflare.io Mining Pool
Mining pools and hardcore companies spend millions of dollars on their hardware. And the processing speed and computing power they have is simply unmatched. To mine a coin or any cryptocurrency, you need to compete with them, if you are willing to generate some profits. It is impossible now because the electricity bills alone will be higher than your earned cryptocurrency.
Hence, you may now outsource the mining job to a company that takes some money from you, and from hundreds and thousands of other investors, who cannot afford to spend millions on hardware. You might not earn in millions, but you will get a distinct return on your investment, certainly!
To process cryptocurrency excavating, it is important to understand Hash Rate. Hash Rate is the speed at which the computer utilizes its computing power, to solve a Bitcoin block. Every block in Bitcoin has several transaction entries that have to be verified by the miners, such that they can be added to the ledger. The miners get a block to solve, and whoever is the first one to solve it, gets a reward in Bitcoins. That is how it happens. Not every time a miner might be able to solve a block because the competition in mining is too high now.
The Hash function operates in Hash Rate. Every TeraHash is equal to a thousand GigaHash:
1TH = 1000GH
The higher the hash rate, the powerful the miner is.
Hashflare started out in April 2015 by HashCoins. It offers both Bitcoins and alt-coins for excavating. Initially, they were offering hosted cryptocurrency scooping contracts, by the end of 2014, but by mid-2015 HashCoins launched their own venture that they named ‘Hashflare’.
Price of Hashflare is competitive and lower than what you might need to invest in hardware equipment. For $100 investment, you will receive 455 GH/s power, which will enable you to earn somewhere around $13 per month! This is Bitcoin mining. If you want to mine alt-coins, let’s say – Litecoin, for $100, you will get 24MH/s power, which will get you somewhere around $18 per month income. You can choose the currency you want to mine and get started almost instantaneously.
Hashflare.io is one of the few websites that have high trust ratio because of the transparency of their operations and clear indication of the prices. They also share photos of their datacentres, which are solid proofs of their existence and mining power.
Algorithms that Offer Hashflare
Hashflare offers the best algorithms possible to mine cryptocurrencies at their fastest. For Bitcoin, they provide SHA-256 algorithm which is the standard algorithm for BTC. For Litecoin, they have Scrypt, for Ethereum they provide ETHASH and for ZCash they have EQUIHASH algorithm, all of which are standard algorithms to mine these currencies.
The coins that Hashflare supports are – Bitcoin, ZCash, Ethereum, and Litecoin. For all these cryptocurrencies, they use high-powered hardware and sophisticated machinery to ensure that maximum coins are mined, and the money of the investors is spent on maintenance of that hardware.
Hashflare is based in Estonia, in Europe. They have been mining Bitcoins and other crypto-assets for over 3 years now and have rich experience in handling servers with high processing power.
The major services that are provided by Hashflare.io, are mining-services. Users need to pay some amount, and in return, they will get their due payments on monthly basis. The payments will be made in cryptocurrency. Hence, if the value of that cryptocurrency appreciates with time, you will get double benefit!
Fees and Pricing Schedule
Pricing Schedule is monthly, and they are second largest cloud mining service in the world. They only charge a small maintenance fee, which is around $0.03/GH/month. This maintenance fee goes into servicing of their hardware.
Pros of hiring a cloud-mining service are that you do not need to spend on hardware equipment. The only cons are – trust issues, which are not prominent in Hashflare situation. They have a referral program and competitive prices which benefit the new users a lot. Pay-outs of Hashflare are also quick and faster as compared to other portals.