Hashflare Review

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About Hashflare

HashFlare is a European Bitcoin cloud mining company based in Tallinn, Estonia. The company was formed in July 2013 and has been operating cloud minining since April 2015. HashFlare is a part of HashCoins, which manufactures ASIC Bitcoin miners. This Hashflare review will present real results from all cloud mining contracts provided by Hashflare. Also, the review will analysis some profitability calculations and estimations.

Hashflare Contracts: Hashflare provides Bitcoin, Ethereum, Dash, Zcash and Litecoin cloud mining contracts. 

Other Contracts: If you are looking for Monero cloud mining, you should check out Genesis Mining.

Hashflare Bitcoin Contract

  • 1000 GH/s (1 Year) = $150
  • BTC Maintenance Fee: $0.35/day (1000 GH/s)
  • Bitcoin cloud mining uses the SHA256 algorithm.

Running time

HashFlare’s Bitcoin contracts are available as lifetime contracts. This means that they run as long as profitable. Once the maintenance fee is greater than the profit generated, the contracts are closed.

 Profitability

According to our calculations, HashFlare Bitcoin profitability had a break-even period of 197 days as of 2017-10-01. However, our Bitcoin cloud mining contracts are quite old; if you buy a new contract, you will likely see a faster break-even.

Hashflare Ethereum Contract

  • 10 MH/s (1 Year) = $220          
  • No maintenance fee
  • Ether is mined with the “Eth-hash” algorithm.

Running time

1 year contract

 Profitability

HashFlare Ethereum cloud mining profitability had a break-even period of 487 days as of 2017-10-01.

Hashflare Litecoin Contract

  • 10 MH/s (1 Year) = $75
  • LTC Maintenance Fee LTC: $0.1/day (10 MH/s)
  • Litecoin uses the Scrypt algorithm. 

Running time

Lifetime contract

Profitability

HashFlare Litecoin cloud mining contracts had a break-even period of only 262 days as of 2017-10-01

Hashflare Dash Contract

  • 100 MH/s (1 Year) = $320
  • No maintenance fee
  • Dash uses the X11 proof-of-work algorithm that enables the mining of multiple cryptocurrencies singularly or at the same time.

Running time

1 year contract

Profitability

HashFlare Dash 2017 profitability was the best out of all our HashFlare contracts. As of 2017-10-01, the breakeven period was 1657 days. However, the Dash price has been very volatile, as have all crypto prices, so calculations can vary significantly.

Hashflare Zcash Contract

  • 40 H/s (1 Year) = $800
  •  No maintenance fee
  • Zcash is mined with the Equihash algorithm.

Running time

1 year contract

Profitability

Of all of our 2017 HashFlare contracts, the HashFlare Zcash contract profitability was the worst. According to our calculations on 2017-10-01, the breakeven period was over 485 days on a 1 year contract.

Hashflare Pool Selection

HashFlare allows you to decide which pools you want your hashrate to mine in so that you can find the most profitable combination. The Company’s equipment is set up to work with a number of pools. When you select a specific pool and the hashrate percent allocated to it, HashFlare’s system begins to use that amount of hashrate in the selected pool. The accounting happens daily, thus you are able to change the pools once a day.

 Now, miners are able to use the new Scrypt multipool to make HashFlare mining even more profitable. The Scrypt pool’s algorithm will automatically allocate hashing power to mine a variety of currencies, focusing on the most profitable at the moment of mining. Additionally, the Scrypt maintenance fee will be cut in half. According to Hashflare, with the reduced maintenance fee, multipool function and current statistics, the payback period of Scrypt contracts now reaches 200 days.

Hashflare Payouts

You will receive a payout once per day, between 00:00 and 09:00 UTC. You will receive your first payout within 24 hours after purchasing your hashrate. Afterward, the payouts will continue daily.

Hashflare Profitability

Overall, HashFlare cloud mining contracts have an excellent profitability, although it varies from contract to contract. We found that the HashFlare Dash contract had the shortest breakeven period of any contract, with only 1657 days, while the Zcach contract was over 485 days.

As always, it is important to remember that profitability can change fast, as the cryptocurrency market is so volatile. Our recommendation is always to start with a small investment and grow continuously. Read more about how to calculate cloud mining profit.

Support and Security

You can contact HashFlare’s support by clicking ’Contact Us’ and submitting a request on their website, or by visiting the FAQ in the HelpDesk.

For security, HashFlare offers two-factor authentication which asks you to enter a security code in addition to your usual login and password to provide an additional security measure for your account.

Pros and Cons

Pros

Hashflare has a highly informative dashboard with revenue forecasts and other real-time niming related information. You also have the ability to view all of your transaction history.

 The company provides a good amount of transparency by providing technical information about their mining facilities and posting photos from the mining farm on their site. The company also has a blog.

HashFlare is also highly accessible, as its platform is translated into many different languages. Furthermore, HashFlare is the only cloud mining operator to offer the availability to buy cloud mining by bank wire. The company is also one of several cloud mining operators that accepts credit card for cloud mining purchases.

Finally, HashFlare’s two-factor authentication offers extra security, which is a welcome feature among miners.

Cons

HashFlare charges maintenance fees on all lifetime contracts, so unlike for Genesis Mining, you must pay a maintenance fee on both Litecoin and Bitcoin contracts.

Conclusion

We gave HashFlare a 5 star rating due to its high profitability, multipool functionality, informative dashboard and excellent security, accessibility and transparency.

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