In this HalleyBTC review, we investigate the platform’s ability to provide profitable cloud mining services. Contracts and other services shall be analyzed in terms of program costs, security measures, maintenance fees, and contract lengths.
We also investigate the reputation of the company within cloud mining communities, such as Reddit and others. We also use comparative analysis with other, more popular platforms such as Genesis Mining and Hashflare throughout the article. We conclude with general remarks on how attractive HalleyBTC is when it comes to ROI.
HalleyBTC is a Chinese cloud mining service provider, with its operations established in October 2014. The company has there mining farms, located in Sichuan, Ordos, and Inner Mongolia of China.
Due to its regional location, the company has the ability to offer profitable cloud mining programs without a burden of high electricity and other costs. There are even pictures of the farms, proving that these facilities actually exist.
It also runs a side cloud mining project called OXbtc. The company itself is registered with the Trade and Industry Bureau of China. It also holds ICP record obtained from the Ministry of Industry and Information Technology. Its support department offers FAQ as a source of information, while contact can be achieved through email only.
Unlike Genesis Mining and Hashflare where you purchase hash power, at HalleyBTC you invest coins and get interested back. The amount you get back from the volume invested stands at 0.01% on a daily basis while 30-day deposit would land you 8.5% ROI. 90-day program lands 9.5% of the invested funds, which can be said to be average of the industry.
Compared to Hashflare, this is quite stable ROI, especially since you do not depend on difficulty and price variations. This kind of cloud mining guarantees money back with some profit on top of it. Hashflare, for example, right now lands a loss of -8% if difficulty and current bitcoin price are taken into consideration.
Right now, only bitcoins exist as cloud mining asset. You can check out HalleyBTC program in a picture below.
When you are depositing bitcoins into the HalleyBTC platform, no fees incurred as a result of the transaction. Furthermore, there are no maintenance fees, as is the case with Genesis Mining and Hashflare. You are merely borrowing your coins to the company and take them back with interest included.
As for the payment methods available, only bitcoins are accepted. The system does not need fiat currency transfer options, such as credit cards and bank transfers. You deposit coins and get paid back in coins as well. You only may miner fees when withdrawing cryptocurrencies out from the platform.
Interestingly enough, there is no need to create a calculator tool for this platform. The payouts are made based on the plan chosen and interest rate gained on the daily basis. There is no mining difficulty and changes and the price variations do not affect your ROI. You get a stable income, divided by the number of days you have chosen your program for.
Whereas you need to take into account several factors of interest with Genesis Mining and Hashflare, HalleyBTC does not need these at all. You invest coins and get paid back in coins plus the interest rate. The daily rate without a fixed period is 0.01% of the invested funds. 30-day contract lands you with 8.5% ROI and 90-day program 9.5%.
It is worthy to note that company made cuts in the interest rates in 2016, going double less than what it was.
Apart from cloud mining, HalleyBTC does not offer any other services at the moment. The company opened OXbtc for that matter, in which you can also purchase regular cloud mining contracts.
The OXbtc offers simple wallet services as well, though we would advise you to move assets to cold storage. Online wallets do have issues when it comes to hacking attempts s its security is easily breakable.
Safety measures at HalleyBTC seem to have industry-level protection. Genesis Mining and Hashflare both offer similar layers of protection for your coins. Right now, you can set a password for withdrawals and set up the two-factor authentication (2FA) with Google Authenticator.
You also have password manager while coins themselves land on your HalleyBTC wallet on daily basis. It means that you should set up a wallet address and withdraw these coins after several days. Due to the hacking incidents, it is of utmost importance to keep away large batches of coins outside of the platform.
Investors of Nicehash felt it keenly when hacker went away with over 4.000 BTC in tow. 2FA and password management systems do not have the power to stop these attacks. Thus, security needs to be upgraded at HalleyBTC in order to keep up with the market needs.
Like many cloud mining platforms, HalleyBTC also does not enjoy good reviews. The main issue lies in the fact that many community members have called out the platform to be a Ponzi scheme. In Reddit and BitcoinTalk, ex-clients have been accusing management of proposing “too good to be true” programs, only to disappear later on.
The platform is still in business since 2014 and although sufficient time passed, there are still clamors about Ponzi scam. Although the majority does agree that business plan sounds sustainable, the reputation of the company is yet to change. This development is not that different from Genesis Mining and Hashflare since industry as a whole is seen as scam-oriented.
Overall, we deem HalleyBTC cloud mining program as one of the most profitable out there in the industry. This HalleyBTC review touched upon ROI, security, and reputation of the company. The only real issues lie in the abysmal reviews made by users, accusing the company to be a Ponzi scheme.
We cannot ignore these claims nor can we ignore the fact that security really needs an update. Keep a small number of coins on the platform and better choose 30-day or day-to-day programs instead of 90-day contract. The company is yet to update safety measures and there is a chance, however slight for scam-calls to become true.