What is Hashflare
Hashflare is a cloud mining service provider that allows users to mine cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others without having to buy and maintain expensive hardware equipment. The company was founded in 2015 and is headquartered in Tallinn, Estonia.
Hashflare offers various cloud mining plans, including SHA-256, Scrypt, ETHASH, and X11 contracts, with different levels of mining power, durations, and fees. Users can purchase mining contracts using their credit cards, cryptocurrencies, or wire transfers.
Once a user purchases a cloud mining contract, Hashflare sets up the mining equipment on their behalf, and the user starts earning daily payouts based on the amount of hashing power they purchased. Hashflare charges a maintenance fee for the mining equipment and deducts it from the daily payouts.
However, it’s important to note that cloud mining carries a significant risk of scams, frauds, and Ponzi schemes. So, before investing in any cloud mining service, it’s essential to do thorough research, read reviews, and analyze their terms, contracts, and fees. It’s also crucial to consider the current cryptocurrency market trends, volatility, and profitability. Always do your due diligence and proceed with caution.
The history of Hashflare
Hashflare is a cloud mining service that was launched in April 2015 by HashCoins, a cryptocurrency mining hardware manufacturer. HashCoins was founded in Tallinn, Estonia, in 2013, and its goal was to develop affordable and efficient mining hardware for various cryptocurrencies, including Bitcoin, Litecoin, and Ethereum.
In 2015, HashCoins decided to leverage its mining expertise and launch a cloud mining service called Hashflare. The company wanted to make cryptocurrency mining accessible and profitable for everyone, without requiring users to invest in expensive hardware and set up their mining rigs.
Hashflare quickly gained popularity among cryptocurrency enthusiasts and investors, thanks to its user-friendly platform, low fees, and transparent mining contracts. Hashflare offered various cloud mining plans, including SHA-256, Scrypt, and ETHASH contracts, with different levels of mining power, durations, and fees.
In 2017, Hashflare experienced a surge in demand for its cloud mining services, driven by the unprecedented rise in Bitcoin and other cryptocurrency prices. However, the high demand also led to a significant increase in the maintenance fees charged by Hashflare, which reduced the profitability of its mining contracts.
In 2018, Hashflare announced that it would stop selling new mining contracts due to the unfavorable market conditions and high maintenance costs. The company also started terminating existing mining contracts, citing unprofitability and the lack of regulatory clarity in some jurisdictions.
As of now, Hashflare’s website is still active, but the company has significantly scaled down its operations and has stopped offering cloud mining contracts to new customers.
How Hashflare works
Hashflare is a cloud mining service that allows users to mine cryptocurrencies without having to buy and maintain their own hardware. Here is how Hashflare works:
- Choose a mining contract: Hashflare offers several mining contracts for various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. Users can choose the contract that fits their budget and mining goals.
- Purchase Hashrate: Once a contract is chosen, users need to purchase hashrate, which is the amount of computing power dedicated to mining. Hashrate can be purchased using various payment methods, including credit cards, cryptocurrencies, and wire transfers.
- Mining starts: Once the hashrate is purchased, mining starts immediately, and users start earning rewards for the work done by the mining hardware.
- Daily payouts: Hashflare pays out earnings every day, which can be withdrawn to a user’s cryptocurrency wallet or reinvested in additional hashrate.
- Maintenance fee: Hashflare charges a maintenance fee for the mining service, which covers the cost of electricity, hardware, and maintenance.
Overall, Hashflare simplifies the mining process for users by eliminating the need for hardware investment, electricity costs, and maintenance. Users can earn rewards through cloud mining without the technical expertise or time commitment required for traditional mining.
Does Hashflare charge a fee
Yes, Hashflare charges various fees for their cloud mining services. These fees can include:
- Maintenance fee: This is a fee that covers the cost of maintaining the mining hardware and infrastructure. The maintenance fee is usually charged as a fixed amount per TH/s or GH/s of mining power.
- Withdrawal fee: Hashflare charges a fee for withdrawing mined cryptocurrencies from their platform. The fee can vary depending on the cryptocurrency being withdrawn.
- Deposit fee: If you want to deposit funds into your Hashflare account, you may be charged a deposit fee, which can also vary depending on the payment method used.
- Reinvestment fee: Hashflare also charges a fee for reinvesting your mining earnings into additional mining power.
It’s important to carefully review Hashflare’s fee schedule before signing up for their services, so you can fully understand the costs associated with cloud mining.