The complexity involved in cryptocurrency mining has made the entire blockchain niche look like it was only meant for the tech-savvy. But that narrative is changing after the introduction of cloud mining a couple of years back.
Cloud mining is a reliable method of mining/minting crypto coins without having to install complex software or expensive hardware. The mining companies generate hashing power from their equipment and lend it to individual users.
This Hashflare.io review takes a comprehensive look at the platform to assist you in making the right decision about cloud mining. It explores the platform’s operational dynamics and answers the hard questions, including “Is Hashflare legit?”, and “Should you join Hashflare?”, among others.
What is Hashflare?
Hashflare is a cloud mining platform established in 2014 and launched in April 2015 by HashCoins Company. The company was founded by Ivan Turgin and Potapenko Sergei, and it specializes in mining hardware and blockchain solutions.
In 2015, Hashflare grew to become one of the largest providers of computational power for miners targeting Ethereum, Litecoin, and Bitcoin. Starting from 2016, Hashflare became an independent company with the aim of helping developers focus on mining.
Hashflare has been expanding its services to help cater for all users’ mining preferences. Their mining equipment provides Ethhash, SHA256, Scrypt, X11, and Equihash algorithms running on GPU equipment.
Hashflare is a High-Performance 4.5 Cloud Mining Platform
The design of Hashflare denotes a platform that was designed for optimal performance. The development team, having ample background in the blockchain business niches, understood what clients wanted: a platform they could trust.
The platform focuses on winning clients and moving together to optimize mining. From the demonstration of what mining is to reliable support and an intuitive user interface, Hashflare stands taller than most peers in the industry.
This Hashflare.io review established that the development team keeps growing the platform with new and more appealing features such as Instant Withdraw and Instant Connect.. It is this unique focus and target of creating a trusted community that wins this platform the high rating of 4.5 stars.
The Operational Mechanics of Hashflare
Mining using Hashflare starts with registering an account by providing details such as date of birth, country of residence, name, and setting of a user name. The information is asked in the event that your account gets compromised.
Once a user has registered for an account, the operations involve three key components: the hardware, pools, and payouts. The mechanics of the three components are aimed at making trading easy and direct.
1. The Hashflare hardware: The Hashflare hardware comprises advanced miners housed in secure data centers. This helps the company to generate optimal and stable hashing power for clients.
2. The Pools: Immediately after you buy the selected hashing power, Hashflare allows you to join various mining pools. Working as a pool helps to combine the hashing power of several users to increase the chances of mining more blocks of the selected cryptocurrency.
3. The payouts: The mined cryptocurrencies are distributed among the members of the respective mining pool depending on the contributed hashing power. Withdrawal can be done through the selected cryptocurrency, wire transfers, or credit cards.
The Fees and Pricing Schedule
The pricing of Hashflare services is dependent on individual cryptocurrencies and starts from $1.2. The platform also provides users with a promotion code that they can use to save up to 3%.
Cryptocurrency mined based on the selected algorithm & price/hashing power:
- Bitcoin with SHA256 algorithm – $1.20 per 10 GH/s
- Dash with X11 algorithm – $3.20 per 1MH/s
- Ethereum with Ethash algorithm – $2.20 per 100 KH/s
- Litecoin with Scrypt algorithm – $8.20 per 1 MH/s
- Zcash with equihash algorithm – $2.00 per 0.1H/s
To deposit or withdraw funds from Hashflare, you can use a Visa card, wire transfers, or credit cards. The only fiat currencies accepted when paying with bank transfer are euros and US dollar.The fee on the platform is dependent on the hashpower plan that one selects. Besides, a maintenance fee is also charged for mining coins that utilize SHA256 mining because of high power costs.
Note that there is a $3000 daily limit for those using credit cards. Because of security concerns, all accounts that purchase hashpower via credit cards are subjected to a 14-day holding period prior to withdrawals.
The Hashflare platform was created at a time when the security of blockchain assets and associated platforms was raising a lot of concerns. A lot of cloud mining platforms, mining pools, individual cryptocurrency networks, and storage wallets have become a direct target for hackers.
To make Hashflare extra secure, its development team has been very aggressive with prompt updates when gaps are identified. They also embedded the following features that make the network extra secure:
- SSL technology that helps to encrypt all information in the network.
- Strict operation in line with the California Online Privacy Protection Act that allows users of digital platforms to alter personal info at will.
- The Hashflare network employs 2-factor authentication to make it harder for attackers to break into user’s accounts.
The Hashflare Review Summary
Hashflare has stood out among its peers because of the unique user interface, ease of application, and the generous reward model. This Hashflare review found that while there have been a few Hashflare review Reddits that accused the platform of being a scam, the big proportion of users are highly satisfied.
To mine more from the Hashflare platform, users have to appreciate that they also need to buy ample hashing power. A comparison to other platforms, such as MinerGate and Slushpool, reveals that Hashflare fee is lower, the interface is more appealing, and users are more satisfied.
Here is a summary of pros and cons of joining Hashflare network:
- Low entry cost
- Immediate payouts
- Users get additional payment via an affiliate program
- An easy to use interface
- No maintenance charges for mining most cryptocurrencies such as Dash and Ethereum
- Good variety of mining contracts
- An additional maintenance fee is charged on mining that uses SHA256, such as Litecoin and Bitcoin
- An additional commission is charged on wire transfers that fall below $50
The review also established that the platform has become a great attraction even to the tech-savvy. Therefore, if you have been looking forward to joining a reliable cloud mining platform, Hashflare is one platform that we would strongly recommend. Is Hashflare legit? This Hashflare review has found that the Hashflare platform was created with the client in mind. The user interface, security, support, deposits, and withdrawals are all straightforward and reliable.