HashFlare Review: Introduction to the Cloud Mining Platform
What is HashFlare?
HashFlare is a cloud mining platform established in 2015 by HashCoins, a crypto and tech-based firm headquartered in Tallinn, Estonia. By June 2015, Hashflare had well over ten thousand users mining Bitcoin.
The site reportedly had at some point a team page, but now it seems that HashFlare has apparently taken it down for some reason.
Hashflare has various mining services that can be divided into the following categories:
- Scrypt cloud mining LTC
- Ethereum (ETHASH) cloud mining for mining ETH
- Zchash (EQUIHASH) cloud mining for mining ZEC
- Dash (X11) cloud mining for mining DASH
- SHA-256 cloud mining for mining BTC
All contracts are for a one-year period.
From July 2018 HashFlare announced that it would no longer be offering mining services and it will be terminating the hardware activity for SHA-256 contracts due to the instability of the Bitcoin price and difficulty.
HashFlare features mining plans for Bitcoin Ethereum, Zcash, DASH, and Litecoin, but currently, their site shows that the only available plan for purchase is ETH.
A user’s profit is calculated by subtracting the hardware costs from the income. The expenses of service can be calculated with HashFlare, which features a calculator to estimate your income using the hashrate. From this resulted income you deduct the electricity and maintenance fee.
The fees for electricity and maintenance are as follow:
- Scrypt miners have a fee of $0.005 per 1 MH/s
- EQUIHASH, X11 and ETHASH miners have no maintenance fees.
- SHA-256, the fee is $0.0035 per 10 GH/s,
To make a withdrawal you must already have added a wallet to the system because this is where you need to withdraw to. Payouts are made on a daily basis.
Withdrawals incur the following fees:
- Scrypt contract withdrawals are done in BTC only.
- The minimum limit for Ethereum is 0.1006 ETH (commission fees included).
- The minimum limit for X11 0.1003 DASH (commission fees included).
- X11 contracts withdrawals are done in DASH only.
- ETHASH contracts withdrawals are done in Ethereum only.
Bank transfers in Dollars and Euros are accepted, but purchases below 50 EUR incur a 10 EUR commission fee, not leaving much flexibility for the user.
You can buy hash power and contracts by using credit cards (Mastercard and VISA), but before you can use it, it must be verified first. There is also an inconvenient $3000 daily limit on purchases. If you purchased hash power using credit cards, you will not be able to withdraw your mined coins for 14 days from your account.
Keep in mind that HashFlare charges a mining fees on a daily basis. This leads to high fees if you plan on mining multiple coins at once and for higher hash rates.
Is HashFlare legit?
When HashFlare suddenly decided to halt all Bitcoin SHA-256 contract because of Bitcoin market instability, it created quite some confusion. This is because the cryptocurrency markets have been fluctuating ever since BTC entered the scene.
Service allegedly resumed a week later, but more issues ensued as the company demanded that customers start verifying identity due to KYC/AML requirement, which angered many customers as no identification was required when they initially signed up. This is a strategy used by shady exchanges that at first have no verification than block users when they try to withdraw.
Also, Trustpilot (the business review site) said that most reviews regarding the service were fake and they have removed some of them.
HashFlare encrypts the user’s credit card information with SSL technology and all transactions are processed by an access provider, as none of their servers processed or stored them.
HasFlare is compliant with the Carlifonia Online Privacy Protection Act, the Children’s Online Privacy Act, the CAN-SPAM law, and the Fair Information Practices Principles Law. HashFlare claims it does not track signals or embed cookies.
2-factor authentication can be enabled upon account registration by using Google Authenticator, Microsoft Authenticator or Authy.
How to use HashFlare?
- Access site
- Register for account
- Confirm your email
- Enable the 2-factor authentication
- Log in to your account with credentials
- Go to the “Buy Hashrate” page to buy hash power
- Select a contract and how much you wish to spend
- Click “Proceed” after this
- Pay though one of the methods specified above.
Hashflare Review Verdict
There are many red flags regarding this company. Negative reviews about profitability, Ponzi scheme signs, fake customer reviews, out of stock mining contracts, and non-existent customer support are all clear warning signs to stay away from HashFlare (or be very careful if you use the company’s services).
Image Source: hashflare.io