Thanks for stopping by to read our Hashflare review.
There has been some buzz about this company so we decided to investigate what it was all about…
Some say it’s a scam while others Hashflare reviews are saying legit so what is it?
The good news is we are going to walk you through the company, products and compensation plan so you can make the right decision.
Let’s dig in this Hashflare review…
Hashflare makes cryptocurrency mining accessible to everyone. You don’t have to buy expensive and complex mining equipment. The clients simply need to choose a desired hashpower to begin producing revenue right away with the Hashflare cloud mining service. Earnings with cloud mining is more predictable with Hashflare as compared to traditional bitcoin hardware mining. The hashrates begins from as little as 10GH/s. New clients do not require investing a lot of funds to join the cloud mining business.
The Estonian Hashflare was founded in 2014 in Tallinn. It has been providing cloud mining services since the start of 2015. The technology behind is power-driven by the HashCoin team that deals with blockchain solutions and hardware since 2013. They have been creating ten thousands ASIC miner devices for mining litecoin, bitcoin, and other digital currencies.
Hashflare partnered with HashCoins makes sure that it continuously develops new mining hardware which is up to date with the newest blockchain technology. The innovations are funded from the company’s own share capital. However, they also keep special investors who offer additional funding to the startup.
Ivan Turygin and Sergei Potapenko two Estonian digital entrepreneurs are the founders of the company. Ivan has a Business Administration degree and has numerous years of experience in cryptocurrencies. Besides running Hashflare and HashCoins, he also founded Burfa Capital an Estonia based consultation agency and is the CEO.
Sergei also has a Bachelor’s degree in Business Administration from the Tallinna Technical College. Beside Hashflare he owns Siberian Timber Company that imports redwood pine for the UK market. The miners of Hashflare are located in a hi-tech, modern facility, where the room temperature and moisture is continually monitored as per industry standards. It ensures maximum hashpower capacity without the danger of overheat.
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bitcoin, litecoin, ethereum, zcash, dash
Hashflare, Tartu mnt 43, Tallinn 10128, Estonia
Scrypt, SHA256, Ethash, Equihash and X11 algorithms all runs on the GPU equipment offered by Hashcoin. The contracts are all accessible from 24 hours contract time up until lifetime accesses, except for Ethereum and Zcash where the length of the contract is maximized in 1 year.
The results of cloud mining at Hashflare show up on the client accounts instantly after payment confirmation. The client gets the first payout just 24 hours after the first block mined. Clients can opt for the withdrawal methods from bitcoin, wire transfers, and credit cards.
The mining contracts of Hashflare can be signed from one day up to unlimited time. Hashflare services can be used by clients as long as they wish. The hashpower is allocated by the users directly to the mining pool they wish to serve in.
The users can join any mining pool they wish to do at Hashflare. The most gainful combination of cloud mining activity can be reached for any client. Next, the mined cryptocurrencies are distributed among the customers of Hashflare based on their share they bought at the company (PPS method).
Hashflare asks for the country of residence at registration, and also for the date of birth beside the usual user name and password. This information is only used in case of security questions asked when they think the account has been compromised.
Hashflare also offers detailed, real-time statistics about the mining activity.
The company runs a partner program, where the clients can earn up to 10% commission on each purchase of the recommended new user makes.
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Fees and Pricing Schedule
As Hashflare does not provide cloud mining for 5 different algorithms, the pricing is tailored to each cryptocurrency individually. Cloud mining can be started by users with $1.20.
The fees are based on hashpower and they also apply certain maintenance fee based on the supplied hashpower during a 24 hour window. Maintenance fees are only valid for Scrypt and SHA256 mining. The users mining Zcash, Ethereum, or Dash cryptos do not pay any maintenance fee at all. But on the other hand, these later 3 currency contracts are only available for a year term. Zcash cloud mining offers only limited supply at present as they only maintain the activity of mining as long as it is profitable for the users.
The prices of Cloud mining are expressed in the form of minimum hashpower provided:
- Bitcoin with SHA256 algorithm costs $1.20 per 10 GH/s,
- Litecoin with Scrypt algorithm costs $8.20 per 1 MH/s,
- Ethereum with Ethash algorithm costs $2.20 per 100 KH/s,
- Zcash with equihash algorithm costs $2.00 per 0.1H/s,
- Dash with X11 algorithm costs $3.20 per 1MH/s.
- Hashflare asks a maintenance fee of $0.01 for 1MH/s litecoin hashpower and $0.004 for 10 GH/s bitcoin hashpowerper per day, after each 24 hour long mining period. The maintenance fees are not billed to the customers. Instead they are deducted directly from the mining results at daily payouts. The fees are deducted in bitcoin based on the daily BTC/USD exchange rate offered by Hashflare.
- The company of cloud mining accepts wire transfers in USD and EUR. However, they charge an extra 10 EUR commission fee on all purchases below 50 EUR. VISA and Mastercard payments are also accepted though they apply a 3000 USD limit per daily purchases for these. Because of customer protection, on the accounts where the hashpower is bought with credit cards, there is a 14 day holding period if the accumulated mined currencies cannot be withdrawn from the account. The immediate payouts appear on those accounts where the hashpowers are bought from bitcoin.
- Hashflare only permits withdrawals beyond the minimum set for bitcoin at 0.0004BTC and for ethereum at 0.0007ETH. At withdrawals they just charge the transfer fee to the blockchain that is 0.0003 BTC and 0.0006 ETH respectively paid to blockchain.
Hashflare User Experience
Hashflare offers a space themed website where it is easy to navigate. The landing page offers all the necessary information for the cloud mining service they provide.
The interface is user friendly and also clients like Hashflare’s low initial cost of the cloud mining. Though sometime issues arise, as per the user feedback the support team handles all problems quickly and diligently. The Helpdesk is managed via Zendesk platform, so they ensure all issues are taken care of. There are not too many prewritten questions in the FAQ section, however, it includes the most frequent ones and also has search functionality to allow users to find solutions quicker.
Hashflare provides security. They use CloudFlare services for DDOS protection. They also recommend it for users to use 2 factor authentications. The website is accessible in eleven different languages including English, German, Russian, Portuguese, Greek, Turkish, and Japanese. Chinese customers can read the pages on their mother tongue.
Hashflare provides a strong hardware background with the cloudminers issued by HashCoin. They offer cloud mining for 5 different cryptocurrencies. After the maintenance fees are charged, the contracts last as long as the mining activity. It is profitable for both bitcoin and litecoin. Hashflare is a great cloud mining option for those who want to try crypotcurrency mining but doesn’t want to spend too much money upfront as their minimum plan starts from $1.20.
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