Hashflare - earn cryptocurrency through cloud mining!
Hashflare is one of the best cloud mining platforms out there, and it's the first one I discovered and the only one I use! I'm currently cloudmining Bitcoin with them, and cloudmining with Hashflare was my very first experience with cryptocurrency; a friend told me about it and it opened Pandora's cryptocurrency box for me. Cloudmining is a way to get into cryptocurrency without really investing much money at all, and is a great way for newbies to start investing in cryptocurrency.
Purchase a cloud mining contract (for as little as a few dollars!) and start passively earning cryptocurrency today! Contracts last for one year, and are available for Bitcoin, Ethereum and Litecoin. Once you purchase a cloud mining contract, you will receieve mined crypto daily in to your account, and you can then withdraw it to a wallet of your choosing.
You can go to their website to sign up, or to learn more: https://hashflare.io/
If you do decide to sign up, here's my referral link! https://hashflare.io/r/4D9C41
Enjoy!
Hey,
I've been looking at cloud mining for awhile. But i'm not convinced.
I googled the miner used in their $7.50 contract "HashCoins SCRYPT".
It seems that it uses 800W and you get a hash power of 1 Mh/s.
If you completely ignore electricity costs and assume they are zero then you make a profit of $0.00003232 per month...so to break even on your $7.50 you need a very very very very long time...
You can check the details here for yourself ; https://www.cryptocompare.com/mining/calculator/btc?HashingPower=1&HashingUnit=MH%2Fs&PowerConsumption=800&CostPerkWh=0&MiningPoolFee=1
Can you explain the logic as to how you would make a profit? Because right now it just seems like the only way for this to work is for BTC to skyrocket in price and your already mined coins then gain value...but then why don't you just put your initial investment into BTC and wait for it to skyrocket?
Also you only get payouts net of maintenance fees...so what happens if in the year your maintanence fees are greater then the BTC you produce? Your contract would logically terminate? This can easily happen as the difficulty to mine BTC gets harder...i believe in 2016/7 it tripled so if 2018 repeats itself your 1 MH/s would then atleast be 3x less powerful and mine 3x less BTC...
I'm interested to hear your thoughts and see if maybe i've missed something? But i just dont see how this is profitable!
Hi! Thanks for stopping by. I think what is attractive about the cloud mining (which I'm still learning about) is that 1) you don't pay any power fees, 2) you have guaranteed hashing power for a certain amount of time, and 3) no overhead investment, or equipment maintenance. Would it be better to get like an Antminer s9 and set up your own rig? Definately. But most people don't have the knowledge or motivation to learn all of that stuff, myself included.
The maintenance fees on Hashflare are a percentage of the daily payout in the coin you are mining. Its always between something like 10 - 20%. So they can never get higher than the coin you are producing.
Also about raising difficulty etc - I've thought about this and crunched some difficulty numbers as well as hashrate productivity numbers. If you follow increasing difficulty trends, you are still going to end up in the green at the end of the contract. Of course, assuming bitcoin (or the coin you are mining) doesn't tank.
I would recommend just buying a bit of hashing power so you can get access to the user interface and learn more about the metrics. On your account page, you can change the mining pools you use, and it shows you revenue forecasts and amount of crypto generated with respect to current difficulty rates, so you can do your own calculations.
What I like best about it personnally, is you are locked in to a hashrate for 12 months once you buy it. So yes difficulty will go up in the next 12 months, but value of the coin will also increase (ideally). So you'll be effectively mining less and less over time, but so will everyone else, and the value of the coin should increase accordingly. What is bitcoin skyrockets to 60,000 in the next 6 months? Well if you own some now, it'd be great. But lets say you dollar-cost average in as your investment strategy... then your initial invest gets WAY higher as time goes on. But if you lock into hashrate now...then even as the coin shoots up in value, you are still mining at a steady rate.
Just my thoughts/rambles. But I think it's a nice passive investment for someone getting started in crypto!
I see, I need to research more as i'm still not 100% convinced. I totally agree though with your need for passive income. Have you considering PoS or Masternodes? I can recommend an amazing staking website I use which has earned me great Passive Income.