Cloud mining Hashflare: review, profitability, reviews 2022

Nadezhda Zakharova 02/20/2018

For everyone who associates themselves with mining and speculation on cryptocurrency exchanges, the key question remains relevant - how to make the process more profitable and safe, in view of recent events.

The search for a solution increasingly leads to the understanding that investing in cloud mining is the most competent solution, allowing you to receive passive income for quite a long time on a one-time investment.

Moreover, competent speculative actions will allow you to increase your profit significantly, but that’s a completely different story.

In this article we will look at one of the reliable cloud mining services - HashFlare .

Review of the site, registration in the project, input and output methods, as well as prospects and profitability of HashFlyer in 2022 in one article. Let's start in order.

Cloud mining

Before considering the specific service that is the object of this review, it is worth briefly reminding that part of the readers who were looking for answers regarding mining for the first time, what it actually is.

Cloud mining is a type of investment in cryptocurrencies, which consists in the fact that the user rents computing power from the site, all profits from which are sent to the client minus a service fee.

Since the presentation of Bitcoin, the number of services offering cloud mining has become alarmingly large.

However, a considerable number of projects turned out to be fraudulent schemes or banal pyramids, which initially had no desire to purchase equipment and connect it to the cryptocurrency mining process.

One of the projects that has outlived many competitors and continues to work honestly and competently in this difficult market is Hashflare.

How to choose a suitable site

A beginner must first choose companies:

With a reputation established over a long period of work.
With plans that provide average market returns.
With founders who are famous in the crypto community.
With modern equipment connected to the pool.
With withdrawal methods via bank cards.

You can check the work of the company after funds have been credited and withdrawn. On the blockchain.info website, you need to enter the number of the received transaction into the search bar and make sure that the cloud mining service is actually engaged in mining coins and not building a financial pyramid.

Alternatively, if you have little experience, but have the desire and funds to invest in cloud mining, buy a trial contract. Wait and order a withdrawal. Review your transaction history. Do not work with a company that transferred money from outside the pool. Most likely, a pyramid is simply being built here.

Hashflare cloud mining. Information about the company

Cloud Mining HashFlare is a division of the HashCoin company.

This company is at the origins of the cryptocurrency industry and produces equipment for mining, as well as creates and hosts online services on its premises and provides technical support.

HashCoin started in 2013 and developed very actively in the chosen direction. A strong start was ensured by the money of the founders, and development was ensured by competent work with investors and partners. Today, more than 450,000 private and corporate clients use the company’s various services.

As a division, HashFlare develops software for cloud mining and ensures high-quality operation of its mining equipment in data centers.

The division’s mission is “Providing everyone with the opportunity to participate in mining even with limited financial, technical capabilities and/or complete lack of experience.”

Mining with HashFlare.io. Registration and start

The starting process is no different.

After filling out the registration form, you must confirm your registration via a letter sent by email and carefully study all the conditions for future work.

In short, the principle of operation of the site comes down to three parameters displayed in the infographic.

Now you need to create a digital wallet, which will receive accruals from the operation of the purchased capacities. There are several options:

An online wallet that supports the currency in which payments are made to HashFlyer ;
Create an account in a multi-wallet, where each currency will have its own address generated;
Register on a cryptocurrency exchange and enter the exchange account address in your account.

All proposed formats have the right to life and are actively used. The specific format for transferring funds from HashFlyer to choose is influenced by the goals pursued by the user receiving the coins.

After completing the preliminary procedures, it is time to select the currency to mine and the power you are going to purchase.

Reviews of HashFlare cloud mining indicate that the SCRYPT miner offer is the most popular among clients. The power working under this algorithm allows you to mine Litecoin and some other coins. But, at the moment, the most profitable tariff, the most profitable with minimal risk, is SHA256.

You need to understand that the user enters into a contract to rent a selected amount of power located on the company’s equipment side for a period of 1 year.

The terms of the contract indicate the purchased hashrate, as well as the tariff for equipment maintenance during the reporting period.

Now we move on to determining the power leased from HashFlare.

The picture shows the cloud mining calculator HashFlare , which automatically calculates the amount to pay for the selected hashrate.

After selecting all options, you are transferred to the payment page.

The ordered capacity is allocated within an hour from the moment of payment and after 24 hours the user sees the first profit.

The client has two options for actions with the income received:

Withdrawal of coins to the created wallet;
Reinvesting in purchasing more hashrate to increase profits.

Among the project’s clients there are quite a few who, with the help of reinvestment, increased their capacity to impressive values, providing them with a full flow of coins.

A few examples

Let's look at a number of examples of changes in profitability for 2022 and the beginning of 2018.

Bitcoin – is it profitable to mine now?

As mentioned earlier, by the end of 2017, the difficulty of mining Bitcoin jumped sharply. The profitability of mining has changed similarly: for example, if on February 20, 2022, earnings on a conditional ASIC miner with a speed of 14 terahash (theoretical maximum for S9) were about 7.99 USD per day, now the daily profitability will be about 12.

It is important to consider that such growth became possible only due to the growth of the exchange rate. If BTC were worth about 1000 USD, the income would be significantly lower.

It can be assumed that the complexity will continue to grow, and Bitcoin mining will become the prerogative of large farms with sufficient capacity. It is no longer profitable to mine it yourself; in order to create a competitive farm, large expenses are required.

Zcash

In January 2017, mining this coin on 5 RX480 video cards brought about 0.1 ZEC per day, or 4 USD. Since then the rate has increased:

Figure 11. Zcash rate chart.

The complexity has also increased:

Figure 12. Changing the difficulty of zetcache.

Taking into account all the data, Whattomine on similar video cards today shows a profitability of up to 5 USD per day. That is, the rate was compensated by an increase in complexity, and the trend is likely to continue: more and more powerful equipment will be required for mining.

Broadcast in 2022

Figure 13. ETH difficulty chart.

Figure 14. Ether exchange rate fluctuations.

A farm of 4 nVidia 1060 cards with 6 GB of memory brought the owner about 6-8 USD. Now the complexity has increased, according to rough estimates, the amount of income has even decreased - after deducting energy costs, 5-6 USD will remain.

Dash

Figure 15. Dash price chart.

Figure 16. Dash mining difficulty.

The last graph shows a sharp jump in difficulty. Today, an ASIC for 15 gigahashes will bring about 2 USD, although at the end of last year whattomine showed about 6 USD per day. Without the growth of the coin and on weak equipment, it is worth taking a closer look at mining more profitable altcoins, although if the price rises, the profitability of Dash will also increase.

Payment methods for HashFlyer contracts

Since the HashFlyer project is one of the areas of a large company, all processes in it are transparent.

all key payment systems as systems for paying for contracts

WebMoney;
Bank transfer;
VISA/MasterCard;
Payeer;
Cryptocurrency
Connectum Credit Card.

The last item on the list is subject to replenishment restrictions. So, to work with it you need to pass verification on the service.

It is important that the data specified in the HF matches the data of the card recipient.

This point is specially complicated to avoid fraudulent activities.

The second limitation on Connectum cards is that payments from them are not accepted if the card is issued by banks in England, as well as Bosnia and Herzegovina. The reasons within the platform itself are not described, but there is an opinion that this is related to the political sentiment of these countries towards cryptocurrencies in general.

Payment for the selected package is displayed in your account, as well as the purchase status.

Marks may be written in English and have the following definitions:

Processed – payment under the contract has been credited in full, the transaction is completed;
Pending – an acquisition in the process of waiting for the completion of a transaction. This mark indicates that some part of the transaction has not been completed. If you cannot determine the cause yourself, contact support;
Rejected – cancellation of the purchase procedure. The reason may be failure to authenticate in 3D Secure, cancellation of the process by the user, or authorization not passed by the issuer (when paying with cards);
Canceled – no confirmation of payment from the client within 48 hours. In such a situation, the funds are frozen for 5 days and returned to the account from which they were received, and the purchased package is deleted.

HashFlare profitability. Fine-tuning pools

HF offers to add purchased hashes to pools of one of the types - BC, BW and SL.

The choice is made based on the current situation in the mining sector, since some trends have already emerged there.

Nobody evaluates pools on their own. There are specialized online resources for this, for example, https://blockchain.info or https://btc.com, which provide up-to-date and accurate information about the current efficiency of pools working with the SHA-256 algorithm.

For those who have power on the Scrypt algorithm, reviews of HashFlare recommend https://www.litecoinpool.org/pools.

Ethereum pool forecasting is carried out by the site https://etherchain.org/statistics/miners.

For those who do not have sufficient experience in assessing the intricacies of mining pools, HashFlare suggests using the recommended pools, choosing the fastest one.

At the moment - February 2022 - the profitability of pools on HashFlare is as follows:

HF offers yields of up to 120% per annum. Reviews about HashFlare confirm the numbers stated by the project. We were able to collect some statistics among the project participants confirming HF’s assurances.

It is distributed among the algorithms and looks like this on average:

SHA-256 - 120%;
Scrypt - 115%;
Eterhash - 90%;
X11 - 80%;
Equihash - 80%.

An analysis carried out by users who have serious power in the project shows that this ratio will remain in the near future, but may vary slightly depending on the market situation with cryptocurrencies and the technical base of HashFlyer.

Cases of abuse

It is curious (and perhaps quite expected) that the rise of cryptocurrencies provoked people with official access to computing power to use it to mine “crypto”. Of course, such actions are illegal, but the prospect of profit outweighed fears, and some took the risk.

Thus, at the beginning of February 2018, news appeared about the arrest of employees of the All-Russian Research Institute of Experimental Physics, who were trying to use a supercomputer running at the institution for mining. The institute, part of Rosatom, is located in Sarov and is engaged in the development and creation of nuclear weapons. In the spring of 2011, a supercomputer with 1 petaflops of power was installed there.

Another case that has become famous is the detention of IT specialists of the Council of Ministers of Crimea for mining in the workplace. They installed mining software on government servers, which was discovered. In December 2017, the system administrator of Vnukovo Airport was arrested for building a mining farm at the Air Traffic Control Center. The attacker was discovered while investigating the causes of constant power surges in the complex.

The management of Transneft, Sberbank and other organizations reported similar problems. Similar situations occur in many institutions, especially those where, apart from the IT specialists themselves who decide to use official power for personal purposes, there is no one else who could identify the fact of abuse of authority.

A type of abuse is the injection of a mining script into the code of the web pages that the user is viewing. Some resources monetize traffic in this way, warning the visitor about it (for example, allowing the user to use part of their processor time, the user turns off advertising in return), but not all webmasters are distinguished by such honesty. To combat illegal mining, special browser plugins such as NoCoin have been released.

Figure 5. NoCoin extension.

Interesting information concerns Sberbank. In November 2022, the vice president of a financial institution reported that the shortage in the domestic video card market was caused by the massive purchase of this equipment by a bank to organize the work of an artificial intelligence laboratory. The technically savvy part of the Internet community did not believe this statement, not unreasonably suggesting that the video cards were used to create a secret mining farm.

HashFlare profitability calculator

The balance of coins earned by purchased hashrate is changed once a day.

Income is calculated using the following formula – Profit = income – expense.

At the very beginning of the material, in the table with the types of algorithms and conditions, opposite some packages was the amount charged by the project for equipment maintenance and electricity payments.

For SHA-256 the cost is $0.0035 per 10GHash/s, and for Scrypt $0.005 per MHash/s.

Separately, it is worth noting that payments in the examples with commission fees are made exclusively in BTC, therefore the profitability of working with cloud mining in general will also be affected by its exchange rate. Competent work on the stock exchange will significantly increase your profit.

EOBOT (operating presumably since September 2014)

Cloud mining Eobot has been working for quite a long time and even gives beginners the opportunity to try to upgrade their cloud for free, using a small daily bonus. Unfortunately, this is ineffective, and the rates themselves on the service leave much to be desired. For example, the most popular Cloud SHA-256 contract for a period of 5 years most likely will not pay off even in the first year. In the future, over 5 years, of course, the profit will be considerable, especially taking into account the growth in the value of cryptocurrencies, but it is not a fact that the service will work for another five years. Contracts that are concluded for 24 hours are unprofitable and serve more for the quick withdrawal of the main deposit, albeit with losses. On Ebot you can mine about two dozen different cryptocurrencies, dollars and pump three different types of clouds. You can read more about the Eobot service here.

Withdrawing funds from HashFlare

Many clients, especially those who have registered recently, torment users of thematic forums and project support with questions - “Why is the withdrawal function blocked in my account?”

This practice does occur, but it is not associated with specific clients, but with certain account transactions.

The coin withdrawal function is frozen for 14 calendar days in order to exclude fraudulent activities or theft of funds from the account during hacking.

Here is a list of situations leading to the activation of freezing:

A change of the pin code. This procedure can be carried out by attackers to withdraw assets from a hacked account. Freezing gives the owner time to report the problem and restore access;
Payment for the selected contract by credit card. The freeze is activated in case the card issuing bank declares that the payment was made from a hacked card or through fraudulent actions of third parties;
Changing the address for withdrawing coins. This point is important because account hacking may occur with the substitution of destination accounts;
Referral purchases from credit cards. For some blockchain projects, schemes were relevant when scammers created a “white account”, and referral accounts were replenished from broken payment and credit cards in order to receive a reward. The freeze here aims to prevent such patterns.

This function was introduced by the project management and is prescribed as a prerequisite for working with HashFlare cloud mining.

Support staff and program administrators do not have the authority to remove or reschedule a lock.

Amounts to be withdrawn:

Scrypt and SHA-256 output to Bitcoin (BTC) – 0.05BTC;
ETHash is paid out in Ethereum (ETH) – 0.1006ETH;
X11 is paid in Dash – 0.1003DASH;

Note the small fraction of a coin at the end of the amount - this is the network commission for the transfer, already included in the minimum amount. These withdrawal minimums are deliberate because key trading platforms and exchange machines rarely accept smaller payments.

The withdrawal process occurs through your Personal Account and is represented by a certain algorithm:

Click the Output button ;
Enter the amount you plan to withdraw;
Confirm the action in accordance with the instructions in the letter.

HashFlare cloud mining does not support periodic automatic payouts for security reasons.

Other projects often received a lot of negative feedback when such payments stopped coming to clients due to the fact that scammers replaced the recipient's addresses.

Each seizure is accompanied by mandatory user participation and verification of all details.

The established payment time is 1 hour from the moment the withdrawal is confirmed.

Any delays are a reason to contact support.

On a separate line. Any cryptocurrency transfers are carried out with the payment of a network commission. Due to the high hype for key coins, the network is overloaded with failed transactions hanging due to the low commission specified by the sender. Transfers with a higher commission are processed first. In view of this, the service reserves the right to increase the commission fee to amounts that allow transactions to be carried out within the hour established by the regulations.

Benefits of HashFlare.io

The review would be incomplete without identifying a list of key advantages over other sites:

Efficiency. Activation of purchased capacities is carried out in the first hour after payment and after 24 hours the first profit is already visible;
Availability. You can purchase the smallest hashrate, which will allow you to start with a small amount and increase your investment;
Powerful pools. Connecting to TOP pools allows you to quickly receive rewards from blocks and pay a minimum commission;
Remote access. Beneficial because the client does not have to deal with the problems of placing equipment, paying bills for energy consumption, solving the issue of high noise levels and ensuring operability;
Mobility . The client is free to choose the pools to work with and transfer capacity in any format to achieve maximum profit;
Referral program. For attracted participants, the referrer is awarded 10% of the power acquired by the partner;
Protection. The service supports two-factor authentication;
Reinvestment. Coins from the internal account can be invested in purchasing new power for any algorithm;
Convenience. The interface is simple and not intrusive, the operation of the service is made as simple as possible;
Statistics. All information on the operation of contracts is collected in a convenient format and is available in real time;
Mining of key coins. Tariffs allow you to mine the most popular coins - BTC, LTC, DASH, ETH, Zcash;
Simple conclusion. When you reach the minimum amount for withdrawal, you can create a withdrawal request every day;
Competent and prompt support. Operators work 24/7.

Pros of mining cryptocurrency in the cloud

We mentioned above that cloud mining without investing in equipment allows you to start earning money, but there are a number of other advantages of this method:

All questions regarding periodic maintenance of video cards, cooling systems and all other equipment fall on the shoulders of the service.
The high power of the farm allows it to open blocks more successfully and faster, and receive a reward for this; accordingly, your income will also be higher.
24/7 cryptocurrency mining, regardless of power outages, interrupted Internet connections, etc. Naturally, there are emergency situations, as, for example, in China, when a natural disaster occurred that stopped several services.
Good cloud mining without investments is impossible, since you still have to buy power, but you determine the amount of your costs yourself. Naturally, the higher the amount spent, the more earnings you will earn, but to check, you can deposit even small amounts of money into the service.
To mine several different tokens at once, you will have to have 2 or more video cards, which now cost a lot of money. In the case of the cloud, you can invest small amounts in any coins, thus protecting yourself in case some of them do not increase in price.
Many services offer automatic conversion of little-known altcoins into established Bitcoin and Ethereum, eliminating the need to exchange them on exchanges.
Some sites have a referral program, thanks to which you can increase your passive income by inviting new participants to the system, sharing information, etc.
Unlimited possibilities for scaling allow you to make daily earnings higher and higher, and you don’t have to take into account the power grid, free space, etc., as is the case with physical cryptocurrency mining.

Of course, it is worth noting some disadvantages of such earnings:

Contracts with services are concluded for a certain period, and early termination is subject to fines. This can play a negative role if you urgently need money and want to withdraw it from the site before the action ends.
There are unscrupulous sites on the Internet that operate for several months and then close, taking away all the funds invested by users.

Looking at the pros and cons, it becomes clear that cloud mining can easily replace physical mining if you choose the operator wisely. Let's look at proven sites that have earned their reputation and are popular among users.

Disadvantages of HashFlare.io

The following cannot be called disadvantages in the full sense of the word, since they do not pose a threat to the security of funds, but users who leave reviews about HashFlare note their dissatisfaction this way:

Manual payments. Many complaints are received about the lack of automatic payments, as in other projects. The administration spoke quite harshly on this issue and noted that spending 2-5 minutes on drawing up an application for payment and confirming it is safer than complaining about hacking or substitution of payment details;
Slowness. It is often noted that the site could work faster, but it is extremely difficult to ensure full operation of a site that has more than 400,000 clients, making it safe, and even fast, without introducing additional fees from clients.