Hashflare was HashCoins' response to the growing demand for cloud mining services. Up until that point, their mother company exclusively offered only hosted mining contracts.
Propelled by the professional hardware made by HashCoins, HashFlare has the right tool for the job, regardless of your expertise level in the world of cryptocurrency mining. Apart from the mining hardware, their parent company has also built a web-based PoS crypto wallet for Raspberry Pi and a multitude of in-house security technologies for crypto miners, meaning that HashFlare definitely comes from a reputable background. Continue reading this HashFlare review for more info.
About The Company
HashFlare was founded in 2015 by a member of the HashCoins cloud mining expert team, Sergei Potapenko. Mr. Potapenko, who is also the acting CEO of the company, has surrounded himself with a team of professionals who have been working with Bitcoin since it’s been introduced to the public and have more than 3 years of crypto mining experience.
HashFlare is a division of HashCoins, an Estonian company well-known for manufacturing high-quality cryptocurrency mining equipment. Thanks to top-notch hardware from HashCoins, HashFlare can provide exceptional service to its many users around the globe.
HashFlare takes great pride in providing simple, yet highly efficient cloud mining to its users. It is based in Tallinn, Estonia and gives you access to the mining hardware arsenal of their parent company.
How HashFlare Works
HashFlare is among the fastest and most efficient cryptocurrency mining services currently available. It enables you to start mining as soon as your hashrate purchase is processed. The accepted payment methods are BTC, USD, wire transfer, HashFlare balance, and credit cards (Visa and MasterCard).
Note that credit card purchases come with some limitations in order to provide additional customer protection. The limit for any one-time purchase is 3,000 per one credit card. Additionally, after purchasing hashrate with a credit card, the account goes on a 14-day hold, which prevents the withdrawal of the funds. You can also make a wire transfer in EUR, but it’ll take up to 7 days for purchase verification and all orders below 50$ will come with a 10$ commission.
Your initial payout will be deposited automatically 24 hours after the hashrate purchase. After that, your payouts will be following the same daily schedule.
There is no withdrawal minimum, as long as your HashFlare account balance can cover the requested funds. Note that you can make only one daily withdrawal per cryptocurrency.
There is a set of rules you’ll need to keep in mind when it comes to withdrawing your mined funds:
- BTC – The withdrawal minimum is 0.0007 BTC, with 0.0006 BTC reserved as the blockchain fee;
- ETH – The withdrawal minimum is 0.0007 ETH, with 0.0006 ETH (in GAS equivalent) reserved as the blockchain fee;
- DASH – The withdrawal minimum is 0.0004 DASH, with 0.0003 DASH reserved as the blockchain fee;
- ZEC – The withdrawal minimum is 0.00103 ZEC, with 0.00003 BTC reserved as the blockchain fee;
- Each withdrawal has to be requested and confirmed by the miner on an individual basis. The system doesn’t provide automatic withdrawals.
HashFlare runs a modern datacenter built to keep up with the highest ISKE standards. It has 4 connections to the national power grid that provides 4 x 10Kv voltage. The HashFlare datacenter is connected to the Internet through reduntant fiber routes to different Estonian networks. It has 24/7 on-site surveillance and employs numerous electrical and network engineers for non-stop, first-rate maintenance.
HashFlare’s datacenter hosts hundreds of miners that can be connected to various pools. It also enables them to perform frequent switches in order to find the most profitable combination. HashFlare currently works with 5 algorithms, including Scrypt, Ethash, SHA-256, X11, and Equinash.
As we’ve already stated in this HashFlare review, HashFlare offers you instant connection, allowing you to start mining right after your payment has been confirmed. It lets you withdraw any amount above the minimal and has fixed fees.
Pool allocation is very flexible with HashFlare. You can select a certain percentage of your available hashpower and alocate it to the mining pool of your choice. Your earnings are calculated at the end of each mining day in accordance with the hashpower invested. Once your payout is in, you can switch the pool.
The hashpower you purchase for Scrypt and SHA-256 cloud mining remains yours forever or until you use it. These two plans come with lifetime contracts and your account will be active as long as you have enough hashrate. Once your revenue is less than your investment, your HashFlare miner stops mining and continues the moment your balance is positive again.
HashFlare has introduced an innovative solution for hashpower purchases. It’s called Reinvest and it allows you to buy additional hashrate automatically. The function is preset to always obtain the maximum amount of hashing power possible. The system will perform a check after every payout in order to see if there are enough funds to obtain a minimum amount of hashrate (1 MH/s for Scrypt and 10 GH/s for SH-256) Note that you have to activate this feature, as it comes disabled by default.
Also, you can now protect your HashFlare profile with 2-factor authentication, which combines your password with a security code generated from a third party mobile (such as Google Authenticator, Authy or Microsoft Authenticator).
If you face any problems mining with HashFlare miners, you can contact the professional customer support anytime via email or Skype. You can also phone them during working hours in Estonia. However, this might take some time since they usually reply within 48 hours, so you can check out the informative Help Desk and FAQ section on the HashFlare website before reaching out to the support staff.
Plans & Pricing
HashFlare offers 5 different mining algorithms, each with its own pricing, ME fees, payouts, and lifetime. Only the minimum hashpower is specified, meaning your order can go as high as you need it.
If you opt for Scrypt Cloud Mining, you connect to HashCoins Scrypt hardware. The maintenance fee with this plan is 0.01$ / 1 MH/s 24h. The minimum hashrate for Scrypt Could Mining is 1 MH/s and it costs $13.50. Everything you mine can automatically be paid out in BTC.
SHA-256 Cloud Mining gives you access to HashCoins SHA-256 hardware. It has a maintenance fee of 0.0035$ / 10 GH/s /24h. The minimum hashrate you need to buy is 10 GH/s, which costs $1.20. Payouts are in BTC as well.
Ethereum Cloud Mining works with the Ethash algorithm via GPU Rigs hardware. There’s no maintenance fee and the minimum hashrate is 100 KH/s. With Ethereum Cloud Mining, you pay $2.20 per 100 KH/s and receive automatic payouts in ETH.
Zcash Cloud Mining works with the Equinash algorithm miner and doesn’t charge any maintenance fee. With this plan, you work through GPU Rigs hardware with the minimum hashrate of 0.1 H/s, which costs $2.00. Automatic payouts come in ZEC, of course.
Dash Cloud Mining works with the 11X algorithm miner. There is no maintenance fee. You get to use multi-factor hardware at the minimum hashrate of 1 MH/s. Users of Dash Cloud Mining get payouts in DASH and pay $5.80 per 1 MH/s.
Ethereum, Zcash, and Dash Could Mining are available with 1-year contracts only, unlike Scrypt and SHA-256, which offer lifetime contracts.
Note that ME fees are deducted from your balance after the daily payout.
With its reputable background, relatively low fees, efficient service, top-notch hardware, and overall mining portfolio, HashFlare definitely merits a second (and a third) look. The mining community puts it right beside proven giants like Genesis Mining, which is no small feat in this age of scams and Ponzi schemes.
The main goal of the company is to “take” the mining primate out of the hands of heavy whales and distribute it to everyone, regardless of location, age, technical skills or investment level – all that while fulfilling their other primary goal, the aforementioned establishment of Bitcoin as a “regular” currency and a self-sufficient economic system.
- First payout within 24 hours
- Flexible pool allocation
- Instant withdrawals
- Reinvest function
- 2-factor authentication
- Scarce information about pools
- Severe limitations for credit card users
- Customer support isn’t very responsive