Hashflare review: reviews and comparison with competitors

For everyone who associates themselves with mining and speculation on cryptocurrency exchanges, the key question remains relevant - how to make the process more profitable and safe, in view of recent events.

The search for a solution increasingly leads to the understanding that investing in cloud mining is the most competent solution, allowing you to receive passive income for quite a long time on a one-time investment.

Moreover, competent speculative actions will allow you to increase your profit significantly, but that’s a completely different story.

In this article we will look at one of the reliable cloud mining services - HashFlare .

Review of the site, registration in the project, input and output methods, as well as prospects and profitability of HashFlyer in 2020 in one article. Let's start in order.

Cloud mining

Before considering the specific service that is the object of this review, it is worth briefly reminding that part of the readers who were looking for answers regarding mining for the first time, what it actually is.

Cloud mining is a type of investment in cryptocurrencies, which consists in the fact that the user rents computing power from the site, all profits from which are sent to the client minus a service fee.

Since the presentation of Bitcoin, the number of services offering cloud mining has become alarmingly large.

However, a considerable number of projects turned out to be fraudulent schemes or banal pyramids, which initially had no desire to purchase equipment and connect it to the cryptocurrency mining process.

One of the projects that has outlived many competitors and continues to work honestly and competently in this difficult market is Hashflare.

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Hashflare cloud mining. Information about the company

Cloud Mining HashFlare is a division of the HashCoin company.

This company is at the origins of the cryptocurrency industry and produces equipment for mining, as well as creates and hosts online services on its premises and provides technical support.

HashCoin started in 2013 and developed very actively in the chosen direction. A strong start was ensured by the money of the founders, and development was ensured by competent work with investors and partners. Today, more than 450,000 private and corporate clients use the company’s various services.

As a division, HashFlare develops software for cloud mining and ensures high-quality operation of its mining equipment in data centers.

The division’s mission is “Providing everyone with the opportunity to participate in mining even with limited financial, technical capabilities and/or complete lack of experience.”

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Advantages of the HashFlare service (including user reviews)

Among the main advantages of the service are:

• fast and convenient registration;
• low tariffs and the opportunity to save money using promotional codes and discounts;
• availability of a full Russian-language localization of the platform;
• five digital currencies for mining, breakdown by pool, fine-tuning capacity;
• built-in profitability monitoring system;
• long history of uninterrupted payments;
• profitable affiliate program;
• quickly responsive technical support.

Mining with HashFlare.io. Registration and start

The starting process is no different.

After filling out the registration form, you must confirm your registration via a letter sent by email and carefully study all the conditions for future work.

In short, the principle of operation of the site comes down to three parameters displayed in the infographic.

Now you need to create a digital wallet, which will receive accruals from the operation of the purchased capacities. There are several options:

• An online wallet that supports the currency in which payments are made to HashFlyer ;
• Create an account in a multi-wallet, where each currency will have its own address generated;
• Register on a cryptocurrency exchange and enter the exchange account address in your account.

All proposed formats have the right to life and are actively used. The specific format for transferring funds from HashFlyer to choose is influenced by the goals pursued by the user receiving the coins.

After completing the preliminary procedures, it is time to select the currency to mine and the power you are going to purchase.

Reviews of HashFlare cloud mining indicate that the SCRYPT miner offer is the most popular among clients. The power working under this algorithm allows you to mine Litecoin and some other coins. But, at the moment, the most profitable tariff, the most profitable with minimal risk, is SHA256.

You need to understand that the user enters into a contract to rent a selected amount of power located on the company’s equipment side for a period of 1 year.

The terms of the contract indicate the purchased hashrate, as well as the tariff for equipment maintenance during the reporting period.

Now we move on to determining the power leased from HashFlare.

The picture shows the cloud mining calculator HashFlare , which automatically calculates the amount to pay for the selected hashrate.

After selecting all options, you are transferred to the payment page.

The ordered capacity is allocated within an hour from the moment of payment and after 24 hours the user sees the first profit.

The client has two options for actions with the income received:

• Withdrawal of coins to the created wallet;
• Reinvesting in purchasing more hashrate to increase profits.

Among the project’s clients there are quite a few who, with the help of reinvestment, increased their capacity to impressive values, providing them with a full flow of coins.

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Available contracts and cryptocurrencies: plans and costs

In total, HashFlare offers five types of contracts , differing in mining algorithm:

1. SHA-256
2. Scrypt

3. X11
4. Equihash
5. Ethash

Accordingly, it is possible to mine such cryptocurrencies as Bitcoin, Litecoin, Ethereum, Zcash, Dash. But, since the company has a limited amount of capacity, from time to time some contracts are unavailable for purchase. For example, as of May 15, 2020, you can only purchase an Ethash contract.

More details about tariff plan indicators:

Nuance. All contracts are purchased for a duration of 1 year.

Payment methods for HashFlyer contracts

Since the HashFlyer project is one of the areas of a large company, all processes in it are transparent.

all key payment systems as systems for paying for contracts

• WebMoney;
• Bank transfer;
• VISA/MasterCard;
• Payeer;
• Cryptocurrency
• Connectum Credit Card.

The last item on the list is subject to replenishment restrictions. So, to work with it you need to pass verification on the service.

It is important that the data specified in the HF matches the data of the card recipient.

This point is specially complicated to avoid fraudulent activities.

The second limitation on Connectum cards is that payments from them are not accepted if the card is issued by banks in England, as well as Bosnia and Herzegovina. The reasons within the platform itself are not described, but there is an opinion that this is related to the political sentiment of these countries towards cryptocurrencies in general.

Payment for the selected package is displayed in your account, as well as the purchase status.

Marks may be written in English and have the following definitions:

• Processed – payment under the contract has been credited in full, the transaction is completed;
• Pending – an acquisition in the process of waiting for the completion of a transaction. This mark indicates that some part of the transaction has not been completed. If you cannot determine the cause yourself, contact support;
• Rejected – cancellation of the purchase procedure. The reason may be failure to authenticate in 3D Secure, cancellation of the process by the user, or authorization not passed by the issuer (when paying with cards);
• Canceled – no confirmation of payment from the client within 48 hours. In such a situation, the funds are frozen for 5 days and returned to the account from which they were received, and the purchased package is deleted.

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Getting started with HashFlare

To get started, you need to register on the official website of the hashflare.io service. The user must also have a digital wallet to withdraw cryptocurrency, as this is the only way to withdraw funds.

Becoming a member of HashFlare and registering is not difficult, this procedure does not impose any special requirements, after its completion the user receives access to the “Personal Account”. For those who have at least once encountered electronic and/or digital payments, it is clear that all fund management operations will be carried out in the “Personal Account”.

After making a choice, a window with a calculator will open in front of the user. Using this tool, you should make a choice on the volume of power purchased and, accordingly, the cost of the entire purchase (investment).

The next step is payment, after which the process of generating income begins. After the first day, the user can see the result of their investment. You can make an instant withdrawal of funds to your digital wallet, but experienced users prefer not to make hasty transactions and reinvest in the next stage, which will bring more significant profits.

REGISTRATION IN THE HACHFLARE.IO SERVICE

HashFlare profitability. Fine-tuning pools

HF offers to add purchased hashes to pools of one of the types - BC, BW and SL.

The choice is made based on the current situation in the mining sector, since some trends have already emerged there.

Nobody evaluates pools on their own. There are specialized online resources for this, for example, https://blockchain.info or https://btc.com, which provide up-to-date and accurate information about the current efficiency of pools working with the SHA-256 algorithm.

For those who have power on the Scrypt algorithm, reviews of HashFlare recommend https://www.litecoinpool.org/pools.

Ethereum pool forecasting is carried out by the site https://etherchain.org/statistics/miners.

For those who do not have sufficient experience in assessing the intricacies of mining pools, HashFlare suggests using the recommended pools, choosing the fastest one.

At the moment - February 2020 - the profitability of pools on HashFlare is as follows:

HF offers yields of up to 120% per annum. Reviews about HashFlare confirm the numbers stated by the project. We were able to collect some statistics among the project participants confirming HF’s assurances.

It is distributed among the algorithms and looks like this on average:

• SHA-256 - 120%;
• Scrypt - 115%;
• Eterhash - 90%;
• X11 - 80%;
• Equihash - 80%.

An analysis carried out by users who have serious power in the project shows that this ratio will remain in the near future, but may vary slightly depending on the market situation with cryptocurrencies and the technical base of HashFlyer.

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Adaptive power distribution strategy

It is slightly less effective than the single pool strategy and more time consuming, but it still allows you to diversify your risks. If the profitability of one of the pools falls, this will be partially compensated by an increase in the profitability of the other two pools.

Setting up SHA-256 pools in HashFlare based on an adaptive allocation strategy:

1. You need to go to the btc.com portal and view information on the pools available in HashFlare, select three of them based on popularity and profitability (power of the pools).

2. Next, you need to calculate their proportional power (relative to the three selected) and set the appropriate values ​​in the HashFlare -> pools menu. Example:

When working with this strategy, it is necessary to recalculate the profitable pools for HashFlare every few days and adjust the power distribution accordingly.

HashFlare profitability calculator

The balance of coins earned by purchased hashrate is changed once a day.

Income is calculated using the following formula – Profit = income – expense.

At the very beginning of the material, in the table with the types of algorithms and conditions, opposite some packages was the amount charged by the project for equipment maintenance and electricity payments.

For SHA-256 the cost is $0.0035 per 10GHash/s, and for Scrypt $0.005 per MHash/s.

Separately, it is worth noting that payments in the examples with commission fees are made exclusively in BTC, therefore the profitability of working with cloud mining in general will also be affected by its exchange rate. Competent work on the stock exchange will significantly increase your profit.

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Withdrawing funds from HashFlare

Many clients, especially those who have registered recently, torment users of thematic forums and project support with questions - “Why is the withdrawal function blocked in my account?”

This practice does occur, but it is not associated with specific clients, but with certain account transactions.

The coin withdrawal function is frozen for 14 calendar days in order to exclude fraudulent activities or theft of funds from the account during hacking.

Here is a list of situations leading to the activation of freezing:

• A change of the pin code. This procedure can be carried out by attackers to withdraw assets from a hacked account. Freezing gives the owner time to report the problem and restore access;
• Payment for the selected contract by credit card. The freeze is activated in case the card issuing bank declares that the payment was made from a hacked card or through fraudulent actions of third parties;
• Changing the address for withdrawing coins. This point is important because account hacking may occur with the substitution of destination accounts;
• Referral purchases from credit cards. For some blockchain projects, schemes were relevant when scammers created a “white account”, and referral accounts were replenished from broken payment and credit cards in order to receive a reward. The freeze here aims to prevent such patterns.

This function was introduced by the project management and is prescribed as a prerequisite for working with HashFlare cloud mining.

Support staff and program administrators do not have the authority to remove or reschedule a lock.

Amounts to be withdrawn:

• Scrypt and SHA-256 output to Bitcoin (BTC) – 0.05BTC;
• ETHash is paid out in Ethereum (ETH) – 0.1006ETH;
• X11 is paid in Dash – 0.1003DASH;

Note the small fraction of a coin at the end of the amount - this is the network commission for the transfer, already included in the minimum amount. These withdrawal minimums are deliberate because key trading platforms and exchange machines rarely accept smaller payments.

The withdrawal process occurs through your Personal Account and is represented by a certain algorithm:

• Click the Output button ;
• Enter the amount you plan to withdraw;
• Confirm the action in accordance with the instructions in the letter.

HashFlare cloud mining does not support periodic automatic payouts for security reasons.

Other projects often received a lot of negative feedback when such payments stopped coming to clients due to the fact that scammers replaced the recipient's addresses.

Each seizure is accompanied by mandatory user participation and verification of all details.

The established payment time is 1 hour from the moment the withdrawal is confirmed.

Any delays are a reason to contact support.

On a separate line. Any cryptocurrency transfers are carried out with the payment of a network commission. Due to the high hype for key coins, the network is overloaded with failed transactions hanging due to the low commission specified by the sender. Transfers with a higher commission are processed first. In view of this, the service reserves the right to increase the commission fee to amounts that allow transactions to be carried out within the hour established by the regulations.

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Personal account overview

On the main profile page in the HashFlare personal account, the user sees the balance, detailed statistics, and buttons for withdrawing or reinvesting funds.

The side menu contains sections:

• “Buy hashrate.” A menu of currently available contracts opens.
• "Story". Information about all activity on the cloud mining site: the start and end of contracts, withdrawal and transfer of funds.
• "Voucher". Activation of promotional codes and discounts on purchases.
• "Referrals". Statistics on the referral program and many types of banners for websites.
• "Settings". Filling out personal information and contact information. Specifying details. Activate two-factor authentication. Account verification (increases withdrawal limits).

Finally, in the help section you can find several tutorials on using the service and frequently asked questions.

Benefits of HashFlare.io

The review would be incomplete without identifying a list of key advantages over other sites:

• Efficiency. Activation of purchased capacities is carried out in the first hour after payment and after 24 hours the first profit is already visible;
• Availability. You can purchase the smallest hashrate, which will allow you to start with a small amount and increase your investment;
• Powerful pools. Connecting to TOP pools allows you to quickly receive rewards from blocks and pay a minimum commission;
• Remote access. Beneficial because the client does not have to deal with the problems of placing equipment, paying bills for energy consumption, solving the issue of high noise levels and ensuring operability;
• Mobility . The client is free to choose the pools to work with and transfer capacity in any format to achieve maximum profit;
• Referral program. For attracted participants, the referrer is awarded 10% of the power acquired by the partner;
• Protection. The service supports two-factor authentication;
• Reinvestment. Coins from the internal account can be invested in purchasing new power for any algorithm;
• Convenience. The interface is simple and not intrusive, the operation of the service is made as simple as possible;
• Statistics. All information on the operation of contracts is collected in a convenient format and is available in real time;
• Mining of key coins. Tariffs allow you to mine the most popular coins - BTC, LTC, DASH, ETH, Zcash;
• Simple conclusion. When you reach the minimum amount for withdrawal, you can create a withdrawal request every day;
• Competent and prompt support. Operators work 24/7.

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Disadvantages of HashFlare.io

The following cannot be called disadvantages in the full sense of the word, since they do not pose a threat to the security of funds, but users who leave reviews about HashFlare note their dissatisfaction this way:

• Manual payments. Many complaints are received about the lack of automatic payments, as in other projects. The administration spoke quite harshly on this issue and noted that spending 2-5 minutes on drawing up an application for payment and confirming it is safer than complaining about hacking or substitution of payment details;
• Slowness. It is often noted that the site could work faster, but it is extremely difficult to ensure full operation of a site that has more than 400,000 clients, making it safe, and even fast, without introducing additional fees from clients.

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HashFlare Review

The HashFlare service was initially launched by HashCoins, but in 2020 it operates as an independent enterprise. Currently, the platform is used by more than 2.5 million users, partners are attracted, and the company employs engineers and developers with experience.

The city of Tallinn was chosen for the location of the central office - the Estonian authorities are very loyal to the cryptocurrency industry, providing a reliable legal framework and a low tax rate. It is possible to come directly to the office and talk with an agent if you want to buy equipment for your own use. However, the cloud interface is still more profitable, unless you purchase a large batch of equipment at once.

The range of equipment that the company uses for mining is regularly expanded through cooperation with companies Bitmain, Inno3d, Bitfury, etc. A data center is a facility designed specifically for storing equipment. Air temperature and humidity are maintained within limits that ensure normal operation. Internet – fiber optic. Electricity – own substation and generators. Compliance with ISKE standard