How to start cryptocurrency mining on HashFlare?

How to Start Mining Cryptocurrency with Hashflare

With the explosion of Cloud Mining many people are asking: «Is Cloud Mining profitable?», «Is Hashflare legit?» «How do I get started?» These are great questions, and this article will get you up to speed with the latest updates and news surrounding Cloud Mining. First, let’s go over the basics so everyone understands.

What Is Cloud Mining

Here’s the quick and dirty about cloud mining. Cloud Mining consists of 2 groups:

  • Group 1: People/Businesses with graphics cards and expensive mining rigs who want to make money.
  • Group 2: People who have money and who want to turn it into hashing power.

What’s Hashing Power

Hashing Power is the conversion of electricity into cryptocurrency by the computer solving algorithms to unlock the block which releases the cryptocurrency (Bitcoin, Litecoin, Ethereum, etc.)

Simply, Cloud Mining is when the people with hardware rent out their rigs to people without. You pay some capital upfront, and you get a guaranteed hashrate.

Why Not Mine The Coins Myself

This is a clever question beginners have. From first glance it looks like mining the coins using a couple good GPU’s would be the best bet for those entering the crypto market. This is true… For 1% of the market who understand complex math algorithms. For the rest, here are the benefits of cloud mining contracts:

  1. You don’t need to drop tons of cash for expensive mining rigs.
  2. You don’t need to worry about electricity and upkeep costs.
  3. Very simple to get set up and start mining.

Here’s the other reason nobody will talk about: Nobody knows what the difficulty curves for mining will be like in the future. It could be that in a year the GPU cards could drop down to mining only a fraction of the hashes they currently can do now.

What Is Hashflare’s Role

Hashflare is unique to cloud mining because they’re one of a few reputable companies (Hashflare has been around since 2015) who have utilized excellent business practices by creating Hashflare pools which group together many miners. This enables them to remain totally independent from any power interruptions, computer meltdowns, or connections to the internet.

This is why Cloud Mining is safer than buying the hardware yourself. You’re guaranteed a certain amount of hashrate for the length of the contract, a perk you won’t receive when you try to mine the cryptocoins yourself.

This is why Cloud Mining is safer than buying the hardware yourself. You’re guaranteed a certain amount of hashrate for the length of the contract, a perk you won’t receive when you try to mine the cryptocoins yourself.

Both companies are amazing. You cannot knock either company for their product, customer service, or the return rates they’ve been able to achieve. Hashflare’s team has been around since the inception of Bitcoin with over 3 years of experience in mining. Same as Genesis. There are only a couple differences which put Hashflare ahead of the pack.

First, Hashflare uses short term (1 year) mining contracts. Cryptocurrency is notoriously fickle and long term contracts can lead to problems for investors. Mainly, most investors want to put money into many different coins for an even spread of their portfolio, and with long-term contracts there is no way to do this. You’re locked in. Hashflare gives you the option to spread out your risk.

Second, Hashflare actually have contracts open for Bitcoin, Ethereum, and more… Currently, Genesis doesn’t have any contracts open because of their long-term model. So, unless you’re willing to risk your investment with no-name alt-coins than we recommend going with the company which has open contracts for trusted cryptocurrencies.

Third, Hashflare prices for mining are just flat out better than Genesis when rated at gigahertz per second. You’re able to invest smaller or larger amounts depending on your risk tolerance, where with Genesis you’re only given access to certain set contracts.

How Do I Get Started

Starting is the simplest part. You begin by going to Hashflare and clicking the Hashflare login. From there you’ll be redirected to a sign up form where the only thing you’ll need is your name, email address, password, and to confirm you’re not a robot. Once done you’ll have full access to the dashboard where you can use the slider to begin looking at what you want to purchase. It’s really that simple!

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