You may have seen HashFlare being promoted or advertised online and are a bit suspicious of its legitimacy. Is this place the real deal? Is HashFlare a scam? Questions like this need to be answered before you get involved.
I recently came across this place and took a deeper look into things. When I see a bunch of people promoting something it usually leads to me getting a bit suspicious because I wonder if they are actually promoting it because it is a good product or if they are doing so just to make money. Anyways… in this review I’ll be going over what everyone should know about HashFlare before deciding whether or not to buy in.
HashFlare is a cloud mining service that allows anyone to participate in the mining of Bitcoin, Ethereum, Dash, and a few other popular cryptocurrencies.
If you are unfamiliar with what mining is just know this: Mining is the process that cryptocurrency networks use to produce more of the cryptocurrency and to process transactions. It keeps the network safe & running, and the miners are rewarded with the particular cryptocurrency for their work.
Normally mining costs a heck of a lot of money to get started in, at least for all the big cryptocurrencies out there. For example, if you want to get started mining bitcoin you are going to have to spend thousands upon thousands of dollars on ASIC mining equipment if you even want a chance of competing with other miners. This is not feasible for most people. Its too expensive.
HashFlare’s cloud mining service allows people to purchase mining contracts where you can get a piece of the action without going out and buying mining equipment on your own.
How It Works
HashFlare has several different mining contracts that you can buy into. They used to have them for different lengths of time but right now all the contracts are for 1 year. Below I took a screenshot of two of the more popular contracts which are for Scrypt Cloud Mining and SHA-256 Cloud Mining (this one is for Bitcoin)…
So basically what you are doing when you buy one of these contracts is paying for a piece of the mining equipment that Hashflare has. You don’t have to go out and buy equipment you just buy a piece of theirs. And depending on how much you buy the amount of cryptocurrency you make from it will vary.
As you can see, for the Script Cloud Mining contract for example, you have to pay a minimum of $7.50 for 1MH/s hashrate. Now you can buy a bunch of these if you want to and the amount you will mine and earn will increase, but that is the minimum.
You get paid in whatever cryptocurrency you are mining. So if you are mining bitcoin then you get paid in bitcoin. And if you are mining dash then you get paid in dash.
The amount you will earn will vary as the difficulty on the networks varies. The prices for these contracts also changes quite often.
Honestly I don’t see this place being a scam. I mean I do see how they could possibly be one but I have no good evidence that suggest that they actually are a scam. However, I’ll go over why other people are calling them a scam and what you should be aware of.
Many people out there are calling Hashflare a ponzi scheme. Basically they are saying that they don’t mine cryptocurrencies at all and that people buying into this are just pouring their money into a ponzi where older investors are getting paid off from the funds of newer investors.
There are heck of a lot of ponzi schemes and scams in the cryptocurrency space and you have to be really careful with places like this In fact I just reviewed Crypto Money Maker and Bitcoin Millionaire Club the other day which are more than likely scams. There are a lot of cloud mining services that really are ponzi’s. Hashflare just doesn’t seem to be one however. I did a bit of research looking into the team behind this project and everything seems ok. I didn’t look into everyone extensively but from brief look this seems to have real people backing it and not just fictitious individuals created for the purpose of a scam.
Conclusion on Hashflare – Good Opportunity or Scam?
Whether or not you consider HashFlare a good opportunity is up to you. Personally I won’t be buying into it for my own personal reasons, but others out there like it. From what I’ve read the payout isn’t all that great when compared to the amount that you invest. Also, I see mining as a dying industry. Bitcoin is insanely hard to mine right now and it is all just getting increasingly difficult, not to mention that cryptocurrencies are getting away from the whole mining thing because it is an extremely wasteful process.
If you are planning on investing in HashFlare I would at least recommend doing your own research. What I’ve provided here should just be the beginning. I don’t personally think this place is a scam but you should continue your research. Also, you might want to take a look Here at my post where I go over 10 common signs of cryptocurrency scams.
Oh and also…. the reason you are seeing so many people promote Hashflare is because they have an affiliate program where you can get paid to get others to buy in. So don’t fall for all the hype that some of these affiliates might tell you.
On a completely different note. If you are looking to make money online it is probably a good idea to not put all your eggs in one basket. I always recommend this program for newbies that are looking to make an online income. It has nothing to do with cryptocurrency or anything but I just thought I’d mention it because I’ve been a members since 2015 and make some good money with it.
If you have any questions or comments on anything at all just leave them in the comment section below…