HashFlair.io Cloud – Is it good for mining Bitcoin?
Why HashFlair.io Cloud?
I do not work for HashFlare.io, I am a customer and tenant of their cloud mining service and when sign up looked at their referal program. I own a few of their contracts for tenancy. I have tried a couple of cloud companies and I have also chosen contracts of different mining algorithms within the same companies. The best mining yield from my experience so far is HashFlare.io’s Sha256 Mining contracts.
I was super impressed with the services features and results I have seen in just a few short weeks and I wanted to share it with my readers.
Having explained why I wanted to write about HashFlair.io Let’s get into it. So far I have mined cryptocurrencies with the HashFlair.io cloud mining service on the following algorithms:
- Algorithm which is used to mine Bitcoins
- Algorithm used to mine Litecoins
- Algorithm used to mine Ethereum
- Algorithm used to mine ZCash
For Scrypt interestingly payouts are provided in BTC using the current exchange rate whereas Genesis Mining, for example, let you choose our payout currency to be Litecoins or BTC; So if you wanted Litecoins, from HashFlair.io you have to buy them again. Genresis Mining’s Auto-broket is really good in this respect.
At the time of writing this post, I have just started to purchase my first contracts running this mining algorithm Zcach to see its ROI.
Also unfortunately but only temporarily, at the time of writing this post, Genesis mining has just sold out of all its contract/rack space until they expand, and HashFlair.io posted that they are low on sock on their bitcoin sha-256 miners.
Paying for Hashrate Contracts
- Credit card
- Account Balance
- Wire Transfer
You can pay by Credit Card, Wire transfers and Payeer. You can also pay with Bitcoin… so if you don’t believe that the currency is worth its weight, then this alone should convince you. One can buy $500 worth of hashrate on their credit card… or I they can buy the same amount of hashrate, $500 worth with Bitcoin at the exchange rates of the day provided by https://coinmarketcap.com/.
In terms of the worth of the cryptocurrency, HashFlair.io’s letting you pay for tangible Real Mining Contracts using Bitcoin for me shows “the proof is in the pudding” , Genesis Mining let you purchase contracts with Litecoin too. This really boosts my confidence in cryptocurrencies.
When paying by cryptocurrencies, please be aware of the fees you will need to pay to make that transaction, it should be factored into your investment.
Payouts, Withdrawals & your Cloud’s Account’s Balance
Payouts are microtransactions where the cloud company is paying you for the amount of currency you have mined.
Withdrawals are the transaction where you transfer money from your Account Balance on the cloud to your Digital Wallet.
Payouts are added to your Account Balance in the Cloud. Payouts are calculated and performed daily.
After purchasing a mining contract you can start to see daily yields of how much you’ve mined. It can be a small fraction of a coin, in the decimal places. Thanks to pooling you no longer mine a complete Bitcoin alone, I am under the impression that you get allocated to a pool of miners using their collective “mining horsepower” of HashPower in modern terms 🙂 and sharing the mining payout amongst Miners when the full bitcoins are mined.
Gimmie Access to My Coin! You can get access to your ‘coin’ by withdrawing it to your wallet. You can do this from the Dashboard once you have minded a large enough deposit of Bitcoin or other digital currency into your Account Balance.
Maintenance and Electricity Fees
SHA-256 and SCRYPT contracts are subject to maintenance and electricity fees.
These are disclosed when purchasing your Hashrate contract and I have found them to be a fraction of the daily payout, but they will add up.
Maintenance and electricity fees will show in your daily transaction log alongside the daily payouts. When looking at my event log and seeing the daily Bitcoin accumulated in my account vs the maintenance and electricity fees, so, at the moment, I am not too worried.
I think these fees are acceptable for me as a tenant as I would want those machines humming away. Give them plenty of juice while your running hash rate clock cycles. This fee ensures the Mining Rigs are well maintained from an electrical engineering standpoint.
ETHASH and EQUIHASH contracts are not subject to any fees but while profitable, have not seen them yield as rewarding results as the SHA256 contracts mining Bitcoin.
There are withdrawal fees associated with the transaction and HashFlair.io disclose this upfront. These fees can fluctuate even in your contract. It’s worth taking a look at what these fees are at the time of buying your Hashrate, as it is another cost of investment that will affect your R.O.I
Blockchain Network Fees and your Wallet’s Fees
Be sure to check with your wallet providers transaction and network fees. When paying for contracts by Bitcoin, you should pay the Bitcoin amount shown for the contract PLUS your wallet’s network fee.
“Buy Hashrate” – it’s a new word for some of us. Hashrate is the Mining Rig’s processing power on an mining algorithm over time.
In simple terms hashrate is at what rate, over time the digital currency mining algorithm is being performed.
Hashrate Contracts are akin to a tenancy or rental agreement and similar to hosting companies multi-tenanted shared hosting plans. Another analogy or simplified reality is renting hardware that’s managed with running software, Running Blockchain Algorithm Clock Cycles nonstop.
Hashrate contracts are what you want to buy to get to get mining in the cloud. Each contract you purchase will show how what algorithm you will be running and at what Hashrate.
Contracts terms are on Demand
It is all up to you, once you have chosen what algorithm you want to mine with, you get a slider that lets you select the amount of Hashrate processing power you want.
Once you select the mining algorithm you want to run [SHA-256, SCRYPT ETHASH, and EQUIHASH are currently available] and a hashing power
amounts your happy with. HashFlair.io give you an https redirect as they will take you through e-commerce…. Steps 1, 2 and 3 taken care of.
At HashFlair.io contracts run by default a one year term.
So now, once you have purchased a plan, you’re a tenant on their cloud, mining away for one year, the term of your contract, for the amount of Hashrate power on your contract. Cool. Once you see the results, you may be back to buy more Hashrate.
In terms of the worth of the cryptocurrency, HashFlair.io’s letting you pay for tangible Real Mining Contracts using Bitcoin for me shows “the proof is in the pudding”, Genesis Mining let you purchase contracts with Litecoin too.
The Console Panel
Dashboard and History – Charting and Tables
HashFlair.io provide a Console Panel that was designed as a Digital Currency Cloud Tenant Console.
You get certain tools on a navigation menu. These tools are similar to others that major cloud providers will give tenants in their console.
The main ‘call to action’ tool is the “Buy Hashrate” tool. This is buying cloud contracts for Hashrate of running a cryptocurrency mining algorithm over a period of time.
On the Dashboard you can see your daily payouts, and cumulative totals.
At Just Two Weeks In: Things are looking good.
In History, you can drill down to see in tabular format :
- Withdrawal history
- An Event Log – which includes daily Yields deposits and Maintenance fee deductions in a nifty event log.
While History is in Tabular Format the Dashboard shows useful Charts and Information Radiators/Legends that give you quick glance insight into the performance of your Cloud Mining Contracts.
Gleaning at my dashboard, I can say have been satisfied and contented
Cloud Mining, with these tools made available, can easily be a set and forget investment for those who are mentally aware of the contracts they purchased and their estimated withdrawal dates they have as goals.
I found a Cloud Mining Tenant Console End User, that Cloud Mining, is a nice slow progressive investment. While your mining on awesome, super fast hardware, the information you see on your dashboard won’t change for another 24 hours. At least you won’t be constantly checking on it like some people do with their Stock or Bitcoin indexes.
The last thing I want to mention about HashFlair.io as I end this post is the ‘Reinvesting Feature’. It is offered from the dashboard where you can see your balances.
When enabled, the Bitcoin you have mined and that is being kept in your cloud’s account’s Balance will be used to purchase additional mining contracts. This is really interesting as your basically building a snowball of hashrate processing power. Granted you won’t see your withdrawals as sooner, but you will see your investment’s mining power grow bigger as you gain Hashrate mining momentum.
Final thoughts on Cloud Mining With HashFlair.io
HashFlare.io let you purchase Hashrate in small increments.
Our practice and pseudo motto here at digital wallets.blog is self-control, grabbing the calculator and running the numbers using yields from cloud contracts and matching them to today’s currency exchange rates, things look good for the Tenant. Cloud Mining contracts seem a great investment at the moment, in the future, it may be harder, or contracts may be fine-tuned to reduce the profit returned to the tenant but now, with today’s Hashrate costs and today’s exchange rates for Bitcoin, returns are great. It feels like a win-win symbiotic relationship between the cloud providers like HashFlair.io and their tenants.
On paper, at today’s prices, my contacts look good. My HashFlare.io Account Console’s Dashboard has given me my contracts worth as it accumulates cryptocurrency yield, these prices are calculated in real time from Coinmarketcap.com. But paper or a snapshot in time in my Console is static and Bitcoin trading prices sure do fluctuate 🙂 If Bitcoin loses its value, contracts you have purchased may be running at a loss. Investors run this risk and know they would need Cut their losses and move on. That’s why I always recommend mining or investing in currency with balance and control. Treat cloud minging like a muse with a passive income and real investment costs instead of something you must rely on, that is the wrong approach. I feel I have the right approach and for now, on paper, as the little guy, I’m stoked.
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