Hashflare Cloud Mining Review
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Hashflare Cloud Mining Review

What Is Hashflare Cloud Mining?

Hashflare cloud mining company was founded in 2014 in Tallinn and provides cloud mining services from 2015. The technology is powered by the HashCoin team which, since 2013, have been producing tens of thousands of ASIC mining devices for mining bitcoin, litecoin and other digital currencies.

Hashflare data centerThe founders of the company are two Estonian digital entrepreneurs. Ivan Turygin has a Business Administration degree and has several years experience in cryptocurrencies. B The other founder of Hashflare is Sergei Potapenko also has a Bachelor’s degree in Business Administration from the Tallinna Technical College.

The Hashflare miners are located in a hi-tech, modern facility, where the room temperature and moisture is constantly monitored according to industry standards. This ensures maximum hashpower capacity without the danger of overheat.

Hashflare on Social Media

Coins:

bitcoin, litecoin, ethereum, zcash, dash

Address

Hashflare, Tartu mnt 43, Tallinn 10128, Estonia

Services Provided

Scrypt, SHA256, Ethash, Equihash and X11 algorithms are all running on the GPU equipment provided by Hashcoin. The contracts are all 1 year.

The cloud mining results at Hashflare show up on the client accounts immediately after payment confirmation and the client receives the first payout just 24 hours after the first block mined. Clients can choose the withdrawal method from bitcoin, credit cards and wire transfers.

The Hashflare mining contracts are 356 days. Users allocate their hashpower directly to the mining pool they wish to serve in.

At registration, Hashflare asks for the country of residence and for the date of birth as well besides the usual username and password. This information is only used in case of security questions asked if they think the account has been compromised.

Hashflare also provides detailed, real-time statistics about the mining activity.

They are running a partner program, where the clients can earn up to 10% commission on each purchase of the recommended new user makes.

Fees and Pricing Schedule

As Hashflare provides cloud mining for 5 different algorithms, the pricing is tailored to each cryptocurrency individually. Users may start cloud mining as little investment as $2.20.

The fees are based on hashpower and also apply a maintenance fee, based on the supplied hashpower during a 24 hour window. Maintenance fees are only applicable for Scrypt and SHA256 mining, users mining Ethereum, Zcash or Dash cryptos do not pay any maintenance fee at all. Although on the other hand, these latter three currency contracts are only avaliable for 1 year term. Zcash cloud mining has only limited supply at the moment as they only maintain the mining activity until it is profitable for the users.

Cloud mining prices:

  • Bitcoin with SHA256 algorithm costs $2.20 per 10 GH/s,
  • Litecoin with Scrypt algorithm costs $7.50 per 1 MH/s,
  • Ethereum with Ethash algorithm costs $2.20 per 100 KH/s,
  • Zcash with equihash algorithm costs $2.00 per 0.1H/s,

Hashflare charges a maintenances fee of $0.01 for 1MH/s litecoin hashpower and $0.004 for 10 GH/s bitcoin hashpower daily, after each 24 hour long mining period. These maintenance fees are not billed to the customers, but deducted directly from the mining results at daily payouts. The fees are deducted in bitcoin based on the daily BTC/USD exchange rate provided by Hashflare.

The cloud mining company accepts wire transfers in USD and EUR, although they charge an extra 10 EUR commission fee on all purchases below 50 EUR. VISA and Mastercard are also accepted payment methods but they apply a 3000 USD limit per daily purchases for these. Due to customer protection, on the accounts where the hashpower is purchased with credit cards, there is a 14 day holding period, when the accumulated mined currencies cannot be withdrawn from the account. The immediate payouts are appearing on those accounts where the hashpowers are purchased from bitcoin.

Hashflare.io User Experience

Hashflare.io has a space themed website where it is easy to navigate. The landing page provides all the necessary information for the cloud mining service they offer.

Clients like the user friendly interface and the low initial cost of the cloud mining that Hashflare provides. Although sometime issues arise, according to the user feedback the support team handles all problems quickly and diligently. The Helpdesk is operated through Zendesk platform, so they make sure all issues are taken care of.  The FAQ section does not have too many prewritten questions, but includes the most frequent ones and also has a search functionality so users can find solutions quicker.

Hashflare care about security. For DDOS protection they are using CloudFlare services and they also recommend for users to use two factor authentication. The website is available in 11 different languages, beside English, Russian, German and Portuguese, the Greek, Turkish, Japanese, Chinese customers can read the pages on their mother tongue.

Overall Conclusion

Hashflare has a very strong hardware background with the cloud miners supplied by HashCoin. They offer cloud mining for five different cryptocurrencies. The contracts last as long as the mining activity – after the maintenances fees charged – is profitable for both bitcoin and litecoin. Hashflare is a good cloud mining choice for those who want to try cryptocurrency mining but doesn’t want to invest too much money upfront as their minimum plan is starting from $2.20. Due to their fee structure however, cloud mining on a big scale at Hashflare can become very expensive.

Pros

  • immediate payouts if hashpower is purchased from bitcoin
  • unlimited contract length
  • partner program

Cons

  • maintenance fees for litecoin and bitcoin
  • in case of wire transfers they charge a commission fee
  • short FAQ section

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