What Is HashFlare?
Hashflare is popular cloud mining company similar to Genesis Mining, however, there are a few differences. In general, Hashflare’s contracts are cheaper than Genesis. I think this is because they don’t have nearly as much social proof as Genesis. However, their business model is essentially the same. The company rents you miner hashpower in exchange for a fee, as your machine mines they send you the coins generated from the contracts.
- No technical knowledge or supervision required.
- Hardware decay is handled by the company no more worrying about burning up GPUs.
- If you have enough hashpower you can get dividends daily.
- They actually appear to support more coins than Genesis. Again, I think this one of the best aspects of cloud mining. Your return is really only gated by how much hashpower you have.
Reinvest Feature (The Difference)
- Something pretty interesting about Hashflare, they allow you to automatically reinvest your crypto into hashpower with the click of a button. Most cloud miners reinvest their profits back into the hashpower at some interval, so this automated feature is pretty handy.
Less Social Proof
- This is a con for me at least. I want the places I put my money to be rigorously vetted. This kinda compliments the Risk-Return relationship, however, cheaper prices less social proof…
You Don’t Control Your Miners
- Just like Genesis you don’t actually own the miners, you’re renting hashpower. So understandably this can be unsettling for some people.
For what Hashflare lacks in the area of social proof they certainly make themselves a contender with their competitive rates. I like diversity in my portfolio, so I think there is some merit to having a little of both Genesis and Hashflare.
If you haven’t already, check out my article on Genesis Mining and compare the two for yourself!
Check Out Hashflare
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