One of the better ways to invest in cryptocurrencies when you lack crypto-trading skills is “Cloud mining.” This way, you can pay Crypto-trading specialists to trade for you, while you split your earnings with them as payment for services provided. Nonetheless, you shouldn’t ‘gamble’ into cloud mining without running checks on these “Specialists.”
Cloud mining is like “renting” a miner and allowing someone to run it for you. Then, you split whatever profits the miner makes with the service provider. Users of platforms like Hashflare, etc need honest reviews of these mining pools so they do not become victims of scammers.
Here’s my reality. I’ve been huge on reviews for as long as longevity exists. Unfortunately, I fell victim to a phone brand (FERO) the first time I failed to view other users’ opinions on the product. The phone was supposedly Android and the battery was said to be as durable as durability.
However, in less than 1 year, I was changing the battery and charger round the clock. I was livid with rage! What nonsense product! Then I went online to complain. That’s when I stumbled on a plethora of fellow distressed users.
I learned, learned bitterly that reviews are sometimes all an intending user requires to stay away from “toxic” products and the depression they tag along.
Thus, in this post, I will review Hashflare, how it works and whether or not it is a scam and worth your investment. In the meantime, we will answer some specific questions you may have about the platform.
What is Cloud Mining?
Cloud (or remote) mining is the method of remotely mining cryptocurrency (such as Bitcoin or Litecoin) utilizing hardware power. This mining model came into being due to the fact that it has been unprofitable for mining enthusiasts to mine Bitcoins at home due to the increasing difficulty of mining.
Cloud mining gives people a unique opportunity to start mining cryptocurrencies without the need for an initial large investment in hardware or technical knowledge.
This option offers a range of advantages: instant connection, (meaning no waiting times and delivery risks for hardware shipment), fixed maintenance and electricity charges, and no nuisances associated with mining at home, such as noise, heat, or space.
Another key point is that no technical experience is required for this model of cloud mining.
Obviously, it is very important for miners to understand the mining process, but the cloud does not require hardware expertise or significant configuration/implementation costs.
Since clients can buy any amount of mining power they want, it is an indicator that only the ambition of the miners will depend on the level of investment. This further implies that, compared with the remotely hosted model, the cost of entry and subsequent risk is far lower.
Are Cloud Mining Companies Legit or Scam?
A plethora of cloud mining companies is scams. Here’s why we think so; without any evidence of actually owning any hardware, a firm may claim to be a cloud mining company. Thus, this is why we believe scary 99.9% of companies claiming to be cloud mining companies are scams.
It is simply easier for such companies to claim cloud mining than have any actual hardware that qualifies them as one.
For 99Bitcoins, their main criticism about cloud mining companies is that a majority of them are just Ponzi schemes in disguise; who your money but do not actually buy and run miners for you. They just keep on paying you from new users that come on board until all of a sudden, they disappear.
Here’s our advice to you on this; before you subscribe to any cloud mining company, kindly do a thorough check for independent users’ opinions, not necessarily on the company’s site, that can be faked.
Thus, it is intensely important that you check well before you leap.
What is HashFlare?
HashFlare is a cloud mining service created by specialists from HashCoins in 2015. In a short time, HashFlare became one of the largest providers of computational power for mining bitcoin, litecoin, ethereum, and other cryptocurrencies.
From 2016, HashFlare became an independent company. The team of HashFlare LP has always sort ways of making mining accessible not only for crypto-enthusiasts but also for common users.
Through tremendous work made by the engineers, developers and other specialists of the company as well as partner companies, the company successfully provided the service to over 2 500 000 users.
HashFlare is owned by HashCoins, another firm of crypto experts. While you could actually see who the team members were on the “About” tab in the past, since then the organization has eliminated all personal details on who runs the company.
Fortunately, the Internet did not miss that. The current rough estimate is that each month, the site has around 1 million visitors.
Hashflare Reviews; Is HashFlare Legit or Scam?
Hashflare is SCAM! Users’ reviews have been very disturbing and totally disappointing of the platform. To think Hashflare company was not shut down even when the complaints were heightened is further unexpected from the FBI.
Users complain severally of losing money on the platform and having their monies locked in the system.
There’s any way I’m asking you to try these guys out, NEVER! Good enough for all of us, they’ve shut down the platform themselves, but not without users’ monies tied down and of course, lost. Very sad reality.
We strongly advise that you visit the Wealth Circle for reviews of all types of cloud mining platforms. This way, you do not have to worry
To start mining cryptocurrency using HashFlare, you will need to create an account by registering on the website.
Registration is fast and simple: enter your email address to be used in the system (you’ll see a message asking you to verify your account in your email inbox), your country, password, and date of birth.
After filling in all the necessary fields, click the “Register” button to go to your account’s Dashboard and find the latest news and tips on how to start using the service and an overview of your mining statistics.
Also, You can perform all essential operations from your account’s Dashboard. There are also additional tabs on the left-hand panel. Please read more about these tabs below.
Buy Hashrate Tab
This shortcut allows you to immediately start buying hashrate necessary for mining the cryptocurrency of your choice. HashFlare offers the following types of mining contracts: SHA-256, Scrypt, ETHASH, and Equihash, which are used to mine Bitcoin, Litecoin, Ethereum, и Zcash respectively.
In order to buy hashrate, choose the required amount of hashrate (1) using the scrollbar. When moving the scrollbar, you will see the price for your purchase calculated in USD or BTC in a special box below the scale (2).
After selecting the desired amount of hashrate and clicking the Proceed button (3), you will be forwarded to the payment page, where you can adjust the amount of hashrate that you wish to purchase, redeem a discount code, view your final purchase price, cancel or make a payment.
To create a purchase, click “Select payment method”. HashFlare service allows you to choose from several available payment methods:
- BTC transfer
- paying an invoice in USD via bank transfer
- Credit Card
Pools & Revenue
You can allocate the purchased hashrate between a range of available Pools by adjusting the ratio according to your personal preference. A pool is a server used by miners to share their processing power over one network where the block reward is split in accordance with the amount of work each participant has contributed to the process.
Different combinations of pools result in different amounts of income. You can select up to three pools at a time, but hashrate can only be distributed once every 24 hours.
To select the desired pools, click the gearwheel icon (1). In the opened pop-up menu you can distribute the hashrate between available pools using scrollbars (2).
On the right, you can see the percentage of hashrate allocated to each pool. Here you can also remove pools (3) or add new ones from the list of available options (4).
To activate the selected settings, click Save, or click Cancel (5) to discard all changes.
You can see your estimated revenue next to the pools. The system records the allocation of pools, which is taken into account when calculating your payouts. These statistics are updated daily.
Withdrawals & Wallets
To withdraw your earned funds, click Withdraw in the Balance menu. Please note that you may perform a withdrawal only if you have the minimum withdrawal amount of cryptocurrency available on your balance, as well as the corresponding wallet address registered to your account. You can add the desired wallet address via your account’s Settings. The following links will provide more information on how to:
In addition to withdrawal, the Reinvest function is available for Scrypt and SHA-256 contracts, which allows you to automatically reinvest BTC. Upon activation of this function, all your available balance in BTC will be used to purchase hashrate.
After every payout, the system will check if your Balance is sufficient to purchase at least a minimum amount of hashrate (10 GH/s for SHA-256 or 1 MH/s for Scrypt). If it is, then the purchase will be created and confirmed automatically.
To enable the Reinvest function, select the type of hashrate that you wish to reinvest in and click Save. To disable the Reinvest function, select the Do not reinvest option from the drop-down menu and click Save.
Your complete payments history, as well as your contracts, purchases, withdrawals, logs of all balance activities (payouts, maintenance fees, etc.) and the full history of changes in hashrate allocation, are stored here.
You can change the number of records visible on one page, sort them or search for specific ones.
In this tab, you can add addresses of your BTC, ETH, and ZEC wallets that you wish to use for future withdrawals. Here you can also set your avatar, change your personal and contact information, email address, or password, and enable two-factor authentication.
Activated two-factor authentication along with complete personal and contact information enhance the security of your account.
Please note that changing such data as your password or wallet address will automatically put your account on hold for two weeks.
During this period you will be unable to withdraw funds from your balance, as this is a necessary preventive measure against possible account theft; however, your mining will not be affected in any way.
In this tab, you can send a request to the company’s Help Desk or go to their FAQ page to learn how to resolve issues.
Hashflare Reviews 2022: is it legit or another Cloud Mining Scam?
From the foregoing, it is enough to say Hashflare is another cloud mining scam. It is not legit and thus, you should avoid the platform completely.
What then are the pros and cons of Hashflare?
We cannot highlight any pros for the mining pool because of the obvious fraudulent history, however, the basic con is that it is a scam platform and has since been shut down.
Getting people to invest money into your platform without any real intent to payout is one of the heightened forms of scamming people.
For me, it is “strategic robbery” and should not be allowed to continue immediately after it is discovered.
I strongly think Hashflare owes its victims refunds. This is absolutely necessary for everyone to feel the shield of justice.
Hashflare Reviews: What happened to HashFlare?
Hashflare was shut down by the developers. They announced on the 20th of July, 2018 that its Bitcoin mining hardware had been shut down and related contracts canceled.
The company claims that the cancellations comply with its terms of service, but several customers also say that the company has implemented stringent new withdrawal controls, fueling longstanding concerns that the process is not above board.
In an email to customers and on Hashflare’s Facebook page, the shutdown was confirmed, with the announcement specifically blaming “a tough moment for the cryptocurrency industry,” including a drastic drop in Bitcoin’s market value from its bubbly December 2017 high.
Despite the realities our Hashflare reviews expose users to, some cloud mining users still report earnings from going the simple mining road, despite the warning signs.
One fact is clear though, HashFlare is not a legitimate mining cloud pool. This however should not cast shadows on other cloud mining services.
For a Ponzi system, this situation provides the ideal conditions; Unsuspecting consumers spend a lot of money for a service upfront, and new users joining the system return their income in small quantities.
The people who got in first, in all probability, would build up the prestige of the service for a while. They might also have a chance to get their money out first if they are not too greedy. Others won’t be so fortunate.
The money will go with them as scammers head for the exits. The high-risk operation of cloud mining remains. You have to put the majority of your confidence in a third party.
It may be tedious, but purchasing and HODLing still seem to be a much better option from many perspectives. All we ask is that you do not fall victim pf scam platforms, READ REVIEWS already.
- https://www.g2.com/products/ hashflare/reviews
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