Site Loader

In the recent time, a significant number of new cloud mining services have entered the scene. Today, we will investigate a popular mining service hashflare.io. This service is a creation of an Estonian company called HashCoins. Hashflare payouts seem very attractive to many in comparison with other cloud mining services. They have got lower prices for most product options, and their Scrypt mining is offered on an open-ended basis.Nevertheless, not everything is as simple as it seems at first glance. Before we find the answers to the following questions: “how often does hashflare make payouts?”, “are hashflare payouts automatic?”, “when do hashflare payouts go through?”, we need to know a little bit about the company itself and its history.There is not much information available about the company. This service is owned by a mysterious Estonian company HashCoins, which seems to have some ties to Russia. The location of their servers farms is unknown. There is not any sort of information about the hardware they use and other important technical details.Hashflare Payouts in DetailI decided to invest a small sum of around hundred dollars of Bitcoin just to test hashflare payouts and see how often does hashflare make payouts, are hashflare payouts automatic, and when do hashflare payouts go through. It is important to note that Hashflare only accepts Bitcoin. Back then Genesis Mining of any Scrypt hash power was unavailable (just like it is today). Hashflare was still offering it. I signed up for a 5 MH/s as a way to see if I could finally claim to have hashflare payouts disrupted.I was tracking hashflare payouts every day in order to see what their payout per month per megahash is. Here are my hashflare payouts results in the very beginning:Price paid: $13.50 per MH/s, open-ended contract with daily maintenance feeDay 1: $2.29 per MHs per monthDay 2: $2.41 per MHs per monthDay 3: $1.68 per MHs per month (Hashpower increased to 8 MHs)Day 4: $1.73 per MHs per monthDay 5: $1.64 per MHs per monthDay 6: $1.58 per MHs per monthDay 7: $1.27 per MHs per monthI found it very suspicious when the very same day I increased my hash power, my earnings per hash decreased significantly and never returned to the previous number. This steady decrease has been occurring ever since then, with every new day bringing less and a less with no signs of recovery in hashflare payouts. With that rate, it would take a year just to get my money back.To be more precise, I calculated my potential ROI like this:Cost: $13.50 x 8 =  $108$1.28 per MH/s profit * 8 MH/s = $10.24 per month income (assuming flat BTC price)$10.24 * 12 months = $122.88Total return = $122.88 – $108 invested =  $14.88 potential profitEnd of year 2, assuming no changes at all in payout = ($122.88 * 2 years) – $108 invested = $137.76 potential profitHowever, the above calculation would be correct in case I would keep receiving the day 7 hashflare payouts for the rest of the year. My last payout was even lower. If it keeps decreasing at this rate, I will never occupy my investment. The only way I could achieve my ROI was in case the price of Bitcoin increased enough to compensate the shortfall. That may happen, but it would be smarter to simply buy Bitcoin right away. I would also like to add that hashflare payouts, though they are based on a Scrypt contract, are paid out only in Bitcoin.On the last day of my experiment, the 7th day, Bitcoin cost $2550, and I received a total hashflare payout (substracting fees) of 0.00013 BTC. The final payout was for just 0.0001 BTC, a 24% decrease.Hashflare Mining FeesMany people accuse Hashflare of having the highest fees in the industry.On the 7th day, I had to pay a maintenance fee of  0.00003124, or a 23% fee. To compare, HashNest charges a 5% fee.While it seems at first glance that HashFlare charges lower fees than Genesis open-ended contracts, you should take into account the rest of the fees that they charge.Hashflare charges a terribly high, brutal withdrawal commission of 0.0006 BTC, which in my case constituted mining profits for an entire week.This makes its users leave their profits on the site for longer periods to avoid suffering from this unbelievably high withdrawal fee. With my insignificant hash power amount, I can probably make a withdrawal once a year. Otherwise, I may lose a large portion of my earnings. Hashflare does not permit receiving hashflare payouts in a cryptocurrency with smaller transaction fees like Litecoin or Dogecoin, which could easily fix this issue.If you take their Bitcoin fee and compare it to that of localbitcoin.com, which has recently been 0.0001 BTC, you will see that hashflare has some of the highest fees in the industry. The only way to tackle this problem is to avoid signing up for any contract that is paid in Bitcoin, which involves Scrypt.Final Thoughts on Hashflare MiningIn general, I am not so sure if I can declare hashflare payouts disrupted. There are certain things they excel at in comparison with Genesis. I am not sure if I should recommend the service to my friends or do the opposite. The key thing is you need to investigate the costs and fees before you decide to sign up for any service of this kind. I also suggest that if you do decide to sign up, you run a small test of $100 or less and then calculate how long it would take to get your investment back.The ConsSimple InterfaceDaily hasflare payouts (but only to your hashflare balance)An option to purchase hashpower in very small incrementsThe BadExtremely high withdrawal feesInconsistent hashflare payoutsSlow websiteLittle info about the company is availableThey halt mining during hard forksScrypt contracts are paid in Bitcoin, which has high transfer feesOnce you pay, your money is goneOnce again, an incredibly large withdrawal fee – it is so hight that it is worth mentioning here once again!

Post Author: admin

x

Hi!
I'm Sonya!

Would you like to get a custom essay? How about receiving a customized one?

Check it out