When it comes to bitcoin mining, things can get complex very quickly. If you start looking into mining equipment like Antminers, you’ve got to deal with availability issues and price gouging. If you do get your hands on an Antminer, then you have to figure out how to power it with 220v, which can be complex and expensive to add-on to your home (or impossible in an apartment).
Hashflare explains the process as follows:
HashFlare was launched in the beginning of 2015. Essentially being an alternative to real mining, it allows the user to forget a number of troubles related to physically working with the equipment. This includes but is not limited to: high electricity costs, connection problems, proper cooling, high noise levels and shipping times.
High-quality equipment by HashCoins allows the mining process to achieve maximum efficiency and makes the contract prices become affordable. At the current time, forecasts show there is enough time to receive a decent return on investment (RoI).
That’s a pretty straightforward explanation of the process.
So, what happens when you enter into a cloud mining contract?
Essentially, you are leasing hardware time at Hashflare’s datacenters on its miners. These contracts last for one year at a set rate based on the amount of hashing power you decide to purchase.
What Can You Mine with Hashflare?
Using Hashflare, you can mine using a number of different algorithms:
- SHA-256, which is used to mine Bitcoins
- Scrypt, which is used to mine Litecoins
- ETHASH, which is used to mine Ethereum
- X11, which is used to mine DASH
Hashflare pays out in the currency you are mining – except mining Litecoin pays out in Bitcoin right now.
How Much Can You Make Mining Bitcoin on Hashflare?
The income from your mining contract consists of daily payouts which size depends on the hashrate. In order to calculate an estimated income using the hashrate you will need to input your hashrate into one of many mining calculators. Coinwarz and CryptoCompare are two of the popular ones.
Below is a nice overview video of how pricing and payouts work with Hashflare.
Right now, the potential profitability with the higher bitcoin value and reinvesting strategies is quite good. You can see a reinvestment strategy using Hashflare below. It’s a little advanced but offers a great look at the potential of reinvesting.
This is just a few potential reinvesting strategies. There are many different philosophies and strategies you can follow, or you can simply pull your earnings out with the daily payouts from Hashflare.
Signing up for cloud mining is about as simple as buying anything else online. You can buy as little as 10 GH/s power for mining bitcoin. At the time of this post, the price is $2.20 per 10 GH/s and scales up at that rate no matter how much you want to buy. My first purchase was 1 TH/s for $220, which should yield over $900 in revenue over the first year without any reinvesting. Of course, I’m going heavy on reinvesting and adding to the hash rate purchases out of pocket as well.
Are you using Hashcloud? What has been your experience with Hashcloud or other mining services? How much hash rate do you have and what do your payouts look like now?
Sign up for cloud mining here at Hashrate.io.