Being a GPU miner I contemplated partaking in a cloud mining platform, But i heard some good things about Hashflare and decided to take the risk. I anted up my money on January 1st, 2018, that totaled $506 USD. I have been in this platform for exactly one month now and here is my conclusions.
I decided to buy into the SHA256 miner which Hashflare charges $2.20 for every 10 GH/s. So as you can see in this image below, I purchased 2.3 TH/s for $506 on January 1st, 2018.
So I got my 2.3 TH/s, the excitement of mining and not having any responsibilities of paying electricity, the loudness of a miner or the software management takes hold. However, the uncertainty of forking over $506 does cause me panic. Afterall, I could have bought another video card with that amount and if the market dove, I could resell it. Now I'm locked in and anything could happen.
I watched some videos on the 60/60 rule. Which is reinvest for 60 days, Take profits for 60 days. Seemed like a logical way to do it, so I let it ride. From January 1st, 2018 to January 25th, 2018 I did just that. Here are the results.
In those 25 days I turned my hashing power from 2.3 TH/s to 2.7 TH/s. A 400 GH/s gain. If I purchased that amount from Hashflare it would have cost me $88.
Now you might have noticed on the right side of my dashboard that my daily payout is only $3. I know right? With bitcoin in its downward spiral it has had a negative effect on profits. Bitcoin as of this writing is at $9888. OMG!!!! it might hit $8500. When I first allocated funds in this platform, the daily amount was $6.00 and Bitcoin was at $14,000.
Altogether, this platform is heavily reliable on Bitcoin. But then I ask, isn't all cryptocurrency affected by Bitcoin? With Hashflare at current levels you can expect to double your money in one year. That's without reinvesting and as Bitcoin increases in price, so too your profits.
Here are my daily bitcoin profits. With bitcoin so low, I stopped reinvesting on the 26th and will wait for it to hit above $13,000 before reinvesting again.
So what is my final conclusion on Hashflare? Well, for me it's going to be more of something to play with and build up for as long as it lasts. After the second period of 60 days, I hope to recuperate my initial funding and just have fun with it. If your interested in mining, I would recommend to just build your own mining rig and go from there. I built my first mining rig with 1x1070 and 5x1060s. I then wrote a batch script file for all algorithms and setup pools for coins I wanted to mine. I Have a couple more things to add to that script and then I will share on here. Honestly, if graphic cards where easier to get, I would have just bought them and probably not bothered with Hashflare, but if you do get referrals it can become extremely profitable. Now, if you are not very computer inclined, then this is a great place to play around and add some passive income to your portfolio. It's true drawbacks are, you don't really have anything tangible and your putting your trust into a 3rd party.
If Hashflare is something you'd like to experiment with or truly invest in then I shamelessly added a link with my referral code.
https://hashflare.io
I will post the best SHA-256 mining pool on a daily basis so be sure to follow me and watch for them. Hopefully it will increase your daily profits!!!
As you are mining SHA-256, hope you are aware that by Jan 1st 2019, your hashflare account should generate 0.036BTC in profit to break even. Anything less than 0.036 BTC is going to be a loss as directly buying bitcoin and holding it for an year would have been more profitable.
This value remains the same and does not matter what bitcoin price is.
As of right now... it's something I wish i never entered into.
Hashflare is great and has been giving a consistent return. I have over 30 th. I have been reinvesting. My Genesis contract is going to start next month. I have Nuvoo mining contract which is going start soon. Hashflare has one year contrat while other two are open ended.
I looked into Genesis mining and decided to go with Hashflare. Was more of a test to see what it was like than anything. I much prefer having my miners at my finger tips. But like I said, for those that aren't very good with computers, this is a great alternative to a passive income. I do like that Genesis has a open ended plan. MiningRigRentals.com is another alternative too. I know VoskCoin buys and sells on there, or use too. TBH, I never heard of Nuvoo mining but I will check them out. Thanks!
Great info. I will follow you closely. Good work
Thanks for the reply... Appreciate that!
This post has received a 1.88% upvote from
thanks to: @uplandmines.
For more information, click here!!!!
Send minimum 0.100 SBD to bid for votes.
Do you know, you can also earn daily passive income simply by delegating your Steem Power to @minnowhelper by clicking following links: 10SP, 100SP, 500SP, 1000SP or Another amount
This post has received a 2.79 % upvote from @boomerang thanks to: @uplandmines
You got a 16.67% upvote from @bearwards courtesy of @uplandmines!
Sneaky Ninja Attack! You have been defended with a 1.03% vote... I was summoned by @uplandmines! I have done their bidding and now I will vanish...Whoosh
You got a 7.40% upvote from @steembloggers courtesy of @uplandmines!