Cloud Mining

Hashflare.io review: Bitcoin und Ethereum Cloud Mining

Test: our experiences with Bitcoin and Cloud Mining on Hashflare.io

Now Hashflare is one of the largest Cloud Mining providers on the market and already started its business several years ago - which makes the provider much more trustworthy than at first sight: the website looks like being created 10 years ago and never being updated again. But we want to try, test and review Hashflare.io and share our experiences.

Step 1: our experience with Hashflare: first impressions and registration

© "hashflare.io Screenshot"

If you open the registration page of Hashflare.io* the first impression you get is not the best: the site looks outdated and neglected, built ten years ago - a bad sign for an innovative Cloud Mining provider.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 in a few minutes a new account is created.

© "hashflare.io Screenshot"

Also the backend of Hashflare does not look much more modern than the login page.

Step 2: Security

The first click after registration always leads into the security settings. In 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 impossible to crack the token. This significantly increases the security of the account.

© "Google Authenticator"

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). We recommend saving it offline - preferably on a piece of paper. With this code the 2FA can be added to the Google app after losing your cell phone or when it is reinstalled.

In addition, you can enter your own wallets (Bitcoin / Ethereum / Dash / ZEC Wallet) to which the mined coins will be transfered. Another security factor is that, as soon as a wallet address is changed, the payout is blocked for 2 weeks. This makes it difficult for hackers to instantly transfer your coins to their accounts.

Step 3: buying Hashpower: many payment methods and instant setup

© "hashflare.io Screenshot"

Buying Hashpower on Hasflare.io is intuitive and easy, even if you have to click through some forms. In the 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.

© "hashflare.io Screenshot"

Depending on the payment method - we decided to pay with Bitcoin - the computing power is immediately available and the cloud hardware starts with mining. In our first test, we chose the 3 MH/s ETHASH for 1 year Ethereum Mining contract. Our investment for these 3 MH/s was 66 USD.

First invesmtent: 3 MH/s ETHASH for 1 year Ethereum Mining = 66 USD

You should read your contract very carefully, the detailed conditions should be observed. Each contract has different requirements. As, for example, the Ethereum Miners do not have a maintenance fee, the "Maintenance Fee" for Bitcoin SHA-256 Mining is currently 0.0035 USD per 10 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.

© "hashflare.io Screenshot"

But here the small print is to be read as well: unlimited running time means that the miners only work in the profitable area. If the maintenance fee is no longer covered by the operation of the mining machines, they are automatically taken out of the net by Hashflare. This is a common procedure with most cloud mining providers - but must be included in a return on investment calculation. (Read the Genesis Mining report )

© "hashflare.io Screenshot"

Step 3: tweaking and mine first crypto-coins

The corresponding mining pool, into which the Hashpower is to be incorporated, can be selected on the overview dashboard. For Ethereum Mining, 50% Dwarfpool.com and the other 50% were adjusted to EthereumPool.co.

© "hashflare.io Screenshot"

Return on invesment: ROI after 100 days?

In addition, some statistics on your own hash values, as well as a revenue forecasts are provided. According to the forecast, the return on investment should have occurred exactly after 100 days and the invested USD 66 should have been repaid. After the first 100 days, exactly 265 days remain to earn money with Cloud computing power.

© "hashflare.io Screenshot"

Because of the increasing Mining Difficulty of the Ethereum-Network the revenue forecast is decreasing day by day. 

© "https://etherscan.io/chart/difficulty"

After 4 month of Cloud Mining with Hashflare.io

After four months of Ethereum Cloud Mining we got exactly 0.10653572 ETH back, which is 31 USD at the current exchange rate. With a little bit of luck, we get our invested 66 USD back after one year of mining. Of course, June 2017 wasn't the best time to invest in Ethereum mining. This was when Mining Difficulty significantly started rising. Perhaps with a Bitcoin Mining contract we 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. In our opinion both companies are reliable and trustworthy. In our long time tests both paid the mining profit regularly. Although Hashflare and Genesis Mining offer nearly the same mining contracts, each provider has its own pricing model:

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 offer 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 fee! So, as far as trust and reliability are concerned we recommend both Cloud Mining providers – for profitability Cloud Mining – for both providers – it is a kind of gamble. 

Is Hashflare profitable or is it a fraud?

We think that Hashflare is not a fraud and it is profitable! The company has been existing for several years and  offers great transparency in many areas. The fees, costs and revenues are presented well and clearly. 

© "hashflare.io Screenshot"

Payout at Hashflare has worked without any problems and that extremely fast. Within a minute Ethereum was transferred to the Coinbase Web Wallet . This is a great advantage, as with other providers, the payout period takes several days and is restrained by restrictions such as a maximum payout amount or horrendous network fees. With HashFlare your own coins can be paid out immediately and without any problems.

Got to Hashflare*