Table of Contents
- The Inception
- How does HashFlare work?
- Withdrawal Rules and related details
- HashFlare Features
- HashFlare Cons
Last updated on: February 6th, 2020
HashFlare was created as a way to help cloud mining become more accessible to the populace. As such, miners are given an opportunity to save an extra buck by cutting costs on mining equipment which can be expensive. As opposed to other cloud mining companies which might not be accessible in some areas, HashFlare prides itself in being a global enterprise.
What’s more, joining up is simple seeing that all is required is purchasing hashpower for the instant generation of revenue. Not to mention, earning Bitcoins using this company is more probable as opposed to most cloud mining companies currently on the market. They have low hashrates 10GH/s, and as such, potential clients do not have to make risky and exorbitant investments to get into cloud mining.
Here’s an in-depth look at the company from its origin to the services it offers and its advantages as well as its disadvantages.
But first check this insane quick ROI calculation at the current BitCoin price if you buy 20TH/s. Which will be even quicker as the price of BitCoin increases.
HashFlare started providing cloud mining services in the first quarter of 2015, but the Estonian company was founded in 2014. It is located in Tallinn and possesses the same technology that can be found in hardware and blockchain solutions created by the HashCoin team in 2013. This team is also responsible for the production of over tens of thousands of ASIC miner devices which help clients mine major cryptocurrencies such as Litecoin and Bitcoin.
Whenever innovations hit the market, there is always a need for upgrading after some time due to the flexibility of the technology sector. Not to mention, better versions of a product will only increase its productivity and guarantee better results. By partnering with HashCoin, HashFlare is on course to ensuring steady development as well as the development of the latest mining hardware on the latest blockchain technology.
Financing a cloud mining venture can be a costly affair. It’s no wonder most cloud mining companies close shop early and flee with their client’s resources after incurring losses or approaching bankruptcy. On the end of the spectrum, HashFlare uses its share capital alongside additional resources from a group of investors who fund the startup.
HashFlare was founded by two Estonian digital industrialists; Ivan Turygin and Sergei Potapenko. Ivan has a degree in Business Administration and years of experience in cryptocurrency. He is also the CEO and founder of a consulting agency based in Estonia called Burfa Capital and is heavily involved in running both HashFlare and HashCoin. Sergei studied at the Tallinna Technical College and also has a degree in Business Administration.
Apart from his involvement in running HashFlare, Sergei has an unrelated business venture which involves the importation of redwood pine/Siberian timber for the market in the UK. The HashFlare building is strategically located and comes with the latest technology aimed at detecting and normalizing temperatures to ensure safe mining. As such, miners can experience maximum hashpower capacity with no worry of overheating, fires, or the breaking down of mining equipment.
How does HashFlare work?
It might be the new kid on the block, but HashFlare is proving both its reliability and efficiency by steadily rising the ranks of cloud mining companies. It is also considered by most clients as a better cloud mining option for starters seeing it allows users to start mining the minute their hashrate purchases are verified. Just like most major crypto cloud mining companies, HashFlare accepts payments in Bitcoin or USD. Nevertheless, the company also accepts credit cards (MasterCard and Visa), HashFlare balance, and wire transfer.
That aside, credit card transfers have some limitations meant to protect customers from online theft. As such, you cannot exceed 3,000 hashrates when purchasing them from this company using your credit card. Not to mention, after the purchase your account is subject to a 14-day hold aimed at preventing the withdrawal of funds.
Wire transfers in EUR are also accepted, but purchase verification does not happen until seven days are over. Payouts are automatically deposited 24 hours after you purchase hashrates and follow the same timeline as you continue using this service.
While some cloud mining companies have minimum withdrawal figures, HashFlare only requires your balance to cover the requested funds. As such, you can withdraw your money every day as long as the expenses are covered. Nonetheless, you can only make one withdrawal per day for each cryptocurrency enabled by HashFlare. Here are some of the withdrawal rules you have to be conversant with when using HashFlare.
The minimum withdrawal for Bitcoins is 0.0107 BTC. But 0.0006 BTC is reserved as the fee required to use the blockchain.
Ethereum also has a blockchain fee of 0.1006 ETH (in gas equivalent) and a minimum withdrawal of 0.0007 ETH. Ethereum mining uses the ETHASH Algorithm Miner and requires a minimum hashrate of 100 KH/s. It also uses GPU rigs for hardware and makes automatic payouts in ETH. ETH mining comes with a one-year contract with no maintenance fee required.
The blockchain fee for Dash is 0.1003 DASH and the withdrawal minimum 0.0004 DASH. Dash mining works best with the 11X algorithm miner and doesn’t require extra expenses concerning maintenance fee. It has a minimum hashrate of 1 MH/s which can be obtained for $3.20 apiece. DASH mining uses multi-factor hardware and comes with a one year contract with automatic payouts in DASH.
The Blockchain fee for ZCASH is 0.10003 BTC, but the withdrawal minimum is significantly lower at 0.00103 ZEC. ZCASH requires a minimum hashrate of 1 H/s and also uses GPU rigs as hardware. It also uses a one-year contract for $2 per 1 H/s and provides an automatic payout in ZEC with no maintenance fee required.
HashFlare does not have automatic payouts and as such all users are required to verify all requested withdrawals personally. HashFlare’s datacenter is designed to meet the highest and latest ISKE standards with four connections providing a four by 10Kv voltage from the national power grid. Redundant fiber routes also connect this data center to the internet to different Estonian networks. With round-the-clock on-site surveillance, it is hard to experience technical glitches when using this company for your cloud mining exploits.
Not to mention, with a wide range of network and electrical engineers at their disposal, HashFlare is ensured of 24/7 topnotch non-stop maintenance. The data center is also home to hundreds of miners connected to HashFlare’s vast variety of pools.
Unlike the regulations stipulated by most cloud mining companies regarding switching of pools, HashFlare is more flexible allowing its users to find the most profitable combination. The five algorithms employed by HashFlare include SHA-256, Equinash, Scrypt, X11, and Ethash.
Hashflare is among the best cloud mining service providers at the moment seeing they allow instant mining as long as the payment is approved.
Not to mention, they have fixed fees, and all withdrawals past the minimum fee are permitted. Many miners make losses when cloud mining due to poor allocation. While it might be a disadvantage when it comes to cloud mining, a poor allocation is almost nonexistent in HashFlare. You can select whatever amount of hashpower in your possession and allocate it to any mining pool. All earning are computed at the end of the day, and once the payout is confirmed, you are free to exit the mining pool. Unless used, hashpower purchased for cloud mining SHA-256 and Scrypt remains yours forever.
• Instant Connection
Hashflare allows customers to start mining the moment payment is confirmed. It also provides a broad spectrum of payout options making it convenient for crypto enthusiasts. Not to mention, you can expect your first payout after as little as 24 hours.
• Mining Pool Allocation
The best thing about this feature is you can control the amount of hashrate you wish to invest and into what mining pool. After months of learning the ropes, HashFlare can be the perfect opportunity to grow your cloud mining enterprise.
• Fixed Fees
Similarly to unlimited term contracts, illegitimate cloud companies lure potential miners with fee after fee and end up vanishing with both your deposits and the expected payout. Not to mention, they also demand commissions for some services that are not necessary. However, HashFlare has no hidden fees and only charges fees for BitCoin mining (Maintenance fee: 0.0035 $ / 10 GH/s / 24h). Not to mention, every transaction is verifiable limiting cases of fraud.
• Detailed Statistics
Mining difficulty finds most miners unaware due to the inadequate information they receive from cloud companies. Understand that as much as you want to make profits through cloud mining, the service provider wants to do the same. As such, it is advisable to find a trustworthy company such as HashFlare seeing you’re provided with all mining-related information on a 24-hour basis.
In addition to this, you can access this information from any location.
• Instant Withdrawal
If you come across a cloud mining company that allows for withdrawals after a certain number of days or even months, make sure you research more about the organization. Consulting previous customers is also a good idea seeing such companies are not legitimate and only intend to rob miners. However, one that allows for instant and daily withdrawals such as HashFlare is an excellent way to build trust between the miners and the cloud mining company.
• CloudFlare Services for DDOS fortificatio
Hashflare also uses CloudFlare Services for DDOS fortification and recommend the use of two-factor authentication. As such, you are guaranteed secure mining without hacks or an unexplainable loss of resources or hashrates. The website also welcomes a lot of cultures with 11 languages at your disposal including English, Russian, Japanese, Portuguese, and Chinese just to mention a few.
• User Experience
The more time you spend on a website, the more likely you are to navigate it easily the next time you log in, right? While that may not be the case with most cloud mining websites. Hashflare has a rather easy to maneuver website with a space theme. All the material regarding their services and contact information is located on the landing page.
The user-friendly interface is especially ideal for newbies in the cloud mining business as well as the low initial fee. While problems are expected to arise, a support team is always in place to help miners resolve the issue and get back to mining. Besides, there is an FAQ section with all the latest questions coupled with search functionality for quicker solutions.
While these features also highlight some of the benefits of choosing HashFlare as your cloud mining service provider, they do not take a high spot on its drawbacks; not like there are a lot. However, some of the noticeable ones include a lack of depth in the FAQ question. While the issues found there are helpful, the company can add more to make sure no time is wasted contacting their support center. Hashflare also demands maintenance fee for Bitcoin (Maintenance fee: 0.0035 $ / 10 GH/s / 24h).
Lately HashFlare switched from lifetime to 1-year contract length which created made quite a lot old users angry. But at the current price of BitCoin ROI is still very good and you still get enormous returns from your investment. And considering that Genesis mining is sold out this is second best option for cloud miners at the moment.
Hashflare has one of the most reliable backgrounds for any existent cloud mining service provider. As such, they are not only a legitimate companies but have helped thousands of miners cut electricity and hardware maintenance costs while increasing their profits. People who want to start cloud mining can start with this company due to its small fee structure that has most plans beginning from at least $2.20 per 10GH/s.