Hashflare cloud mining scam or legit?

Well, this is a good question because each of us asked ourselves this question before creating an account on Hashflare. Before creating my own account, I searched through the Internet for the correct answer to this question and I’ve read a lot of bad things about this company. 

So why this blog post? Because in the past weeks we talked a lot about Bitcoin at work and the Hashflare (and the cloud mining) was a recurrent topic of discussions. If you start a deep search over all the Google results for Hashflare, you will notice that a lot of people are saying very bad things just because Hashflare has changed the terms of the contract. The main problem was that Hashflare has passed the unlimited duration contract to a 1-year contract for all current customers. Not really great but most likely essential for the survival of the company.

Wishing to draw my own conclusions, I sign up to Hashflare a few days ago and I noticed that the reality was very different. I started with a small contract of 1TH/s and changed it to 10TH/s. When I’m writing these lines, you can see that the revenue forecast for a 10TH/s investment is near 7’000$ after one year without the fees. To calculate the revenue, you can use a lot of sites. On my site I’m using the tools from NiceHash where you can use a custom configuration to match the Hashflare hashrate.

The Hashflare fees are well documented. For every 10GH/s the fees (MEF) are 0.0035 USD for SHA-256 (Bitcoin). So for 10TH/s I’ve 3,5$ of fees by day. It’s depending on the Bitcoin value, but for 7000$/y you will have about 1’270$ of fees. It’s important that you understand that these numbers are true only when I’m writing these lines because the Bitcoin can go up or down.

As you know, you can win a lot, but you can lose all your investment too. Why? The two main factors I noticed in the Hashflare mining is that the revenue depends on the Bitcoin value. So if the Bitcoin is fine, you’re fine but if the Bitcoin goes wrong you will extend your time to recover your investment (ROI). The second thing is that Hashflare is a company like other new company and may close or change contract terms without warning. If you’re in accordance with these two elements, you are probably ready to sign up to Hashflare.

So take your own conclusion! Start with very little investment, try all the options and when you’re happy you can invest more.

Note: This blog contains referral links.

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