Te the latest time, a significant number of fresh cloud mining companies have entered the toneel. Today, let’s investigate a popular cloud mining service hashflare.io. This service is a creation of a group called HashCoins which claims to based ter Estonia.
Their suggest seems superior to many te comparison with other competitive cloud mining companies. They have got lower prices for most product options, and their Scrypt mining is open-ended.
Nevertheless, not everything is spil ordinary spil it seems at very first glance. Before wij response the key question, wij should know a little bit about the company itself and its history.
There is not much information available about the company. This service is wielded by a company called HashCoins. The location of their servers farms is unknown. There is not any sort of information about the hardware they use and other significant technical details.
Hashflare Payouts ter Detail
I determined to invest a puny sum of around hundred dollars of Bitcoin just te testing hashflare payouts. It is significant to note that Hashflare only accepts Bitcoin.
I registered for a Five Megahash vanaf 2nd on Genesis Mining to see if I could ultimately voorkoop to have hashflare payouts disrupted.
I wasgoed tracking the payments every day ter order to find out what their month/megahash payout is. Here are my results at the very beginning:
The amount I paid wasgoed $13.50 for Megahash vanaf 2nd, a contract with a daily toverfee for maintenance on an open-ended poot
The 1st day: Two.29 USD Megahash vanaf 2nd a month
The 2nd day: Two.41 USD Megahash vanaf 2nd a month
The 3rd day: 1.68 USD Megahash vanaf 2nd a month (the hashpower wasgoed raised to 8 Megahash vanaf 2nd)
The 4th day: 1.73 USD Megahash vanaf 2nd a month
The 5th day: 1.64 USD Megahash vanaf 2nd a month
The 6th day: 1.58 USD Megahash vanaf 2nd a month
The 7th day: 1.27 USD Megahash vanaf 2nd a month
I thought it wasgoed very suspicious when the day I enhanced the hash power, the profits decreased significantly and never returned to the previous number. This stable decrease has bot occurring everzwijn since then, with every fresh day bringing less and less, and no hints of recovery te hashflare payouts. With that rate, it requires a year ter order to get my money back.
To be more precise, I calculated my potential terugwedstrijd on investment like this:
13.50 USD x 8 = 108 USD
$1.28 for Megahash vanaf 2nd profit * 8 Megahash vanaf 2nd = $Ten.24 a month income (if wij assume the BTC price doesn’t switch)
Ten.24 USD * 12 months = 122.88 USD
Total profit = 122.88 USD – 108 USD (the amount I invested) = USD 14.88 te potential profit
Ter two years, if wij assume no switches payouts = (122.88 USD * Two) – 108 USD = 137.76 USD ter potential profit
Nevertheless, this calculation would be keurig ter case I would keep receiving hashflare payouts at the rate of the 7th day for the surplus of the year. My final payment wasgoed even lower. If it proceeds decreasing, I may never occupy my investment.
The only possible way I could achieve my ROI wasgoed ter case the price of Bitcoin enhanced enough to compensate the shortfall. That may toebijten, however, it would be smarter to simply buy Bitcoin right away. I also have to add that however they are based on Scrypt, the profits are paid out only te Bitcoin.
On the last day of my proefneming, the 7th day, Bitcoin cost $2550, and I got a total payment (subtracting fees) of 0.00013 BTC. The final payout wasgoed for just 0.0001 BTC, a 24% decrease.
Many people accuse Hashflare of having the highest commissions among all the competitors.
On the 7th day, I had to pay a commission of 0.00003124 for maintenance, or a 23% commission. To compare, HashNest charges a 5% commission.
Albeit it seems at very first glance that HashFlare has lower fees than Genesis contracts on an open-ended poot, you should take into account the surplus of the fees they charge.
Hashflare has a terribly high withdrawal toverfee of 0.0006 BTC, which for mij constituted my mining profits for an entire week.
This makes its users leave their profits on the webpagina for longer periods to avoid suffering from this unbelievably high withdrawal toverfee.
With my insignificant hash power, I might be able to make a withdrawal once a year. Otherwise, I may lose a large portion of my money. Hashflare doesn’t permit receiving payments ter a cryptocurrency with smaller transaction fees like Litecoin or Dogecoin, which could lightly fix this punt.
If you take their Bitcoin toverfee and compare it to that of localbitcoin.com, which has recently bot 0.0001 BTC, you will see that hashflare has some of the highest fees ter the industry. The only way to tackle this problem is to avoid signing up for any contract that is paid te Bitcoin, which involves Scrypt.
The Conclusion On Hashflare Payouts
Te general, I am not so sure if I can proclaim hashflare payouts disrupted.
There are certain things they excel at te comparison with Genesis. I am not sure if I should recommend the service to my friends or do the opposite.
The key thing is you need to investigate the costs and fees before you determine to sign up for any service of this kleintje.
I also suggest that if you do determine to sign up, you run a petite test of $100 or less and then calculate how long it would take to get your investment back.