Welcome to my Hashflare review!
Want to start cryptomining but don’t know if Hashflare works for you? If that’s the case, this post is for you.
First things first, I’m really happy for you that you’re willing to do your own research before joining any program as there are way too many online scams that can waste you a ton of time and money.
And this is the only way to stay away from scams and find the legitimate way to make money online!
Let me be completely honest with you, I’m not associated with Hashflare in any form so I’m not here to sell anything to you.
So, if you’re doing research about is Hashflare a scam or legit, rest assured that this is the right place.
In this review, I’m going to be giving you a thorough breakdown of Hashflare and whether you should join this program.
Product Name: Hashflare
Price: Free to join
Overall Rank: 35 out of 100
HashFlare is a cloud mining company founded by the specialists from HashCoins in 2015, enabling users to start mining crypto coins without having to manage their own mining hardware.
For the past few years, HashFlare has became one of the largest providers of computational power for mining a number of cryptocurrencies such as bitcoin, litecoin, Ethereum, and many others, successfully served more than 2.5 MILLION users.
What is Cloud Mining?
For those who are unaware, Cloud Mining is the process by which people register an account at companies such as Hashflare, where they can join a shared mining pool of processing power with a low cost and mine cryptocurrencies without purchasing and managing their own miners.
Simply put, all you need is to purchase a certain amount of hash rate, which is the speed of the computer’s processing power operating in the cryptocurrency code.
Once a bitcoin block was mined, the block rewards will be divided up to each participant inside the mining pool corresponding to their hash rate. That is to say, the more hash rate you own, the more rewards you’ll be able to receive.
Another way is that you can start individual mining, a process of purchasing and operating your own miners instead of joining a shared pool.
The good thing about being an individual miner is that you can keep all the block rewards once a block has been successfully mined.
Meanwhile, even though the mining equipment has become less expensive than a couple years ago, there are also other disadvantages, including:
- Energy and time devoted to get the equipment to work
- Monitor the equipment 24 / 7 to ensure it’s productivity
- Electrical energy cost
- Maintenance fee of the machine
- Excessive noise, heat, and space produced
- Technical knowledge and experience required to maintain the equipment
With all these drawbacks, cloud mining seems to be a better option for most people especially if you are just getting started with cryptocurrency.
For support, the only way to contact the support team is via sending a support request.
Hashflare offers 5 types of cloud mining contract for you to choose from:
- Litecoin Cloud Mining 1 Year Contract = USD $1.8 per 1 MH / s
- Bitcoin Cloud Mining 1 Year Contract = USD $0.6 per 10 GH / s
- Ethereum Cloud Mining 1 Year Contract = USD $1.4 per 100 KH / s
- Zcash Cloud Mining 1 Year Contract = USD $1.4 per 1 H /s
- Dash Cloud Mining 1 Year Contract = USD $3.2 per MH / s
Once you register an account, a unique referral link will be sent to your account’s Dashboard and you can start inviting friends to become your lifetime referral.
For every purchase made my your referral, you are eligible to earn 10% commission bonus for their purchases.
The Good & the Bad
1. Low Additional Fees
The maintenance and electricity fees equals 0.0035 USD per 10 GH / s of SHA-256 and 0.005 USD per 1 MH / s of Scrypt charged on a daily basis, whereas Ethereum contracts are not subject to any fees.
2. Pool Allocation
After you purchase a contract, you can decide which pool(s) you want your hash rate to mine in, allowing you to find the most profitable combination.
3. Instant Withdrawal
The first payout will be distributed within 24 hours your contract started and you can withdraw and receive daily earnings instantly.
Not just that, the withdrawal fee for each transaction is also lower comparing to other cloud mining companies. Here are the minimum withdraw amounts as well as the withdrawal fees at present:
- Minimal BTC withdrawal = 0.03000416 BTC, where the transaction fee = 0.00000416 BTC.
- Minimal ETH withdrawal = 0.10025 ETH, where the transaction fee = 0.00025 ETH.
- Minimal DASH withdrawal is 0.1003 DASH, where the transaction fee = 0.0003 DASH.
- Minimal ZEC withdrawal is 0.10003 ZEC, where the transaction fee = 0.00003 ZEC.
1. Cryptocurrencies Are Volatile
When it comes to cloud mining or other crypto coins investment, your earnings are solely depending on their market capitalization. But as you may know, cryptocurrencies prices may fluctuate a lot in just a short period of time, making the profits highly unpredictable.
In fact, if you don’t want to risk losing all your money, it would be better off for you to avoid all kinds of businesses that are related to cryptocurrenncies especially Bitcoin.
2. Low Earning Potential
Apart from the instability of cryptocurrencies, another drawback is that it’s unlikely to make considerable income with cloud mining. With the rising number of cloud mining companies and users, cryptomining has become a highly competitive industry, increasing the difficulty of mining blocks substantially.
Who is Hashflare for?
Hashflare is for ANYONE who would like to earn an extra income through cryptomining without purchasing their own mining equipment.
But it is definitely not something that can help you get out of your 9 – 5 job.
If you are looking for a legitimate way to earn a full-time income online from home, then you may want to start affiliate marketing.
What is Affiliate Marketing?
Affiliate Marketing is the process of with selling and promoting other peoples’ products, and earn a commission when someone purchases via your affiliate links.
Here’s a diagram simplifying the process:
What makes affiliate marketing so different from cloud mining is that you can start building your own online business and generate a passive income stream with only a little risk.
In fact, all you need to get started is Internet Access and A Free Website, which can already drive you a full-time revenue if done correctly.
Is Hashflare a Scam?
No, I don’t think that Hashflare is a scam by any means. It is a legitimate cloud mining company where people can join and earn money with cryptocurrencies without having their own miners, which works best for someone who wants to learn instant reward with a high risk.
But if you’re someone who wants to create your own online business and have a chance to be your own boss, my recommendation is to start affiliate marketing.
Having said that, I want you to know that affiliate marketing is definitely not a get-rich-quick industry where you can earn INSTANT REWARD from your efforts. Instead, the time and energy you put forth now, usually pays off MONTHS or even YEARS from now.
So if you’re planning to learn affiliate marketing, make sure you’re not going to get rich quick or you’re just going to set yourself up for disappointment.
Want to learn affiliate marketing the most effective way? Check out this course where you’ll be taught step-by-step how to set up an online business from scratch.