HashFlare is one of the cheapest and simplest, cloud mining operations available.
The attraction of HashFlare is easy to see; it offers some of the cheapest Ethereum, Bitcoin, Zcash, and DASH mining available. Some of the prices are very low; one hundred-kilowatt hours of Ethereum-cloud mining can cost just $2.20 at Hashflare. Zcash mining is even cheaper;Hashflare sells one hash of Zcash mining for just $2.
A lot of serious cryptocurrency geeks like HashFlare because it offers detailed statistics in real time. That enables them to see how well HashFlare is working, but such data will do part-time and amateur miners little good.
A Cloud Mining Service for Geeks
Geeks also like the ability to decide which one of Hashflare’s pools they can participate in. A pool is a bank of mining rigs that large numbers of people participate in. Different pools pay out at different rates; some miners will not let you choose between them, but HashFlare does.
Another feature that everybody will like is fixed fees. That way you will always know what you are paying for services. There are none of the hidden fees that some people view as a rip-off.
Two other features that miners like are Instant Connect which can enable payouts to begin within 24 hours, and Instant Withdrawal. Hashflare claims that miners can start withdrawing coins as soon as they are available. That will benefit people with limited amounts of money who need a steady or fast cash flow.
HashFlare also makes it very easy to monitor transaction. It claims that every transaction will be visible to users at the website.
What is HashFlare?
HashFlare is a mining service that is a subsidiary of HashCoins. Based in the Eastern European nation of Estonia, HashCoins is a manufacturer and marketer of cryptocurrency mining equipment which has been in business since 2013.
All of the mining equipment used by HashFlare is manufactured by HashCoins. That gives the company a high level of control over the process. It also enables HashFlare to offer special features such as the ability to choose between three different mining pools in a 24-hour period.
HashFlare takes payment in Visa, MasterCard, Bitcoin, and WebMoney. That means customers can use their credit and debit cards to make purchases at HashFlare.
Is HashFlare a Scam?
Unfortunately, HashFlare like other miners has a reputation of being a “scam.” These rumors are out there; because of unscrupulous advertisers that post fake news about scams online, and some popular misconceptions about mining.
Many people falsely assume that they will instantly make a lot of money; or get rich quick, from mining. They fail to understand that cryptocurrency is a long-term investment, which can take months or years to payoff. When the instant riches fail to appear, such persons blame the miner rather than their own misconceptions.
These are the same people that claim the stock market, currency trading, and other investments are a rip-off. They make those false claims for the same reason; they do not receive the big instant payoff.
Cryptocurrency cloud mining is just like a job or investment you will have to work and keep at it for months or longer to start making real money. Understanding that will help investors ignore both the real rip-offs and the false stories about scams.
Advantages to HashFlare Mining
There are some serious advantages to HashFlare’s mining services. Costs are very low and there is a higher-level of transparency than some competitors offer.
Some other benefits to HashFlare Mining include:
• Regular discounts and promotions are offered. The company often provides 10% discounts on all contracts for holidays like Halloween.
• Offers four different cryptocurrencies; Ethereum, Bitcoin, Zcash, and DASH.
• Allows for Ethereum Mining.
• Gives customers a choice of mining pools.
• Offers one year contracts.
• Very low prices – as little as $1.50 for some Bitcoin mining contracts.
• Automatic payout in the cryptocurrency you are mining.
• MasterCard and Visa Payment accepted.
• Accepts Bitcoin Payments.
Disadvantages to HashFlare
There are some disadvantages to HashFlare including some features that will put off non geeks. The biggest drawbacks to this miner include:
• Some popular cryptocurrencies including Litecoin and Ripple are not available.
• The website is very clunky and somewhat technical.
• Services seem to be designed for cryptocurrency geeks rather than average people.
• It is not clear what geographic areas and countries HashFlare’s services are available in.
• The level of customer service and the speed of responses to inquiries are unclear.
• No details of the company’s data centers or mining farms are provided. HashFlare does not say where its facilities are located or who runs them.
• It is located in Eastern Europe. This might increase exposure to Russian hackers and cyberattacks.
• Estonia is a former Soviet Republic; and a historic part of the Russian Empire, that is now a member of NATO. That may invite future conflicts with Russia.
• At least some of HashFlare’s mining operations are located in Georgia, another former Soviet Republic that has had conflicts with Russia.
• The amounts from HashFlare payouts might be low because of the low fees.
• It is not clear if HashFlare will work with customers in the United States and Canada.
• HashFlare apparently will not work with ERC-20 initial currency offering (ICO) tokens. Such tokens are based on Ethereum.
• There are no public plans to mine additional altcoins at HashFlare.
• HashFlare’s resources might be too limited to mine additional cryptocurrencies.
Who Should Use HashFlare?
HashFlare mining would be best for geeks and those with limited resources. The low-cost contracts will serve persons with little money to invest well.
Persons that want to mine a variety of altcoins might be better served by larger companies like Genesis Mining that offer a greater variety of coins. Likewise people with a lot of money to invest; would be better off diversifying their mining efforts among several cryptocurrencies. That way will not lose all your money if the price of one altcoin collapses.
A person seeking cheap and basic Ethereum or Bitcoin mining operation with a high level of transparency would be well-served by HashFlare. Those that want to engage in large scale mining efforts should seriously consider a site that offers a wider variety of coins to invest in.
Traders and persons looking for a chance to trade a variety of currencies or initial cryptocurrency offerings (ICOS) should probably look elsewhere. Fortunately, there are lots of excellent alternatives to HashFlare available.