Is HashFlare cloud mining profitable?

Is Cloud Mining With Hashflare Profitable?

With the increase in mining difficulty and the insurmountable initial investment necessary for a profitable home rig, many miners turn to cryptocurrency cloud mining. Getting a contract is cheap and quick, it requires no technical knowledge. Therefore, everyone can become a Bitcoin miner with just a couple of mouse clicks.

Hashflare is one of the most popular and reliable cloud mining services. It has been around for years, offers multiple cryptocurrency options and daily payouts. However, before investing a single dollar, you should assess your potential earnings and decide, whether cloud mining is for you. Let’s consider all factors that influence the Hashflare ROI (return on investment).

Which Cryptocurrencies Can You Mine With Hashflare?

Unlike other popular cloud mining services, Hashflare offers five types of contracts depending on the cryptocurrency and algorithm:

  • Scrypt algorithm is used to mine Litecoin (LTC);
  • SHA-256 is a standard algorithm for Bitcoin (BTC);
  • Ethash is used for Ethereum mining rigs (ETH);
  • Equihash is Zcash’s algorithm (ZEC);
  • X11 algorithm is for Dash mining (DASH).

You should be aware of the algorithm used for cryptocurrency mining, as it defines the difficulty, and, therefore your potential earnings. The higher the mining difficulty, the more time a single block takes to process. You can review the difficulty charts at specialized websites and decide for yourself, which cryptocurrency is the most promising.

What Is A Hashflare Maintenance Fee?

If you choose to mine Ethereum, Zcash or Dash, your Hashflare earnings depend solely on the mining difficulty and the exchange rate. However, if you choose to mine Bitcoin or Litecoin, you have to pay the Maintenance and Electricity Fee (MEF).

The daily MEF payouts depend on the type of contract and its mining power. For SHA-256 contracts, MEF is set at 0.0035 USD per 10 GH/s, and for Scrypt contracts it is 0.005 USD per 1 MH/s. The maintenance fee is subtracted from your daily earnings in BTC according to the current USD/BTC rate. When the Bitcoin price is on the rise, the MEF is smaller, therefore more BTC stays on your account.

How To Use The Hashflare Profit Calculator?

Once you purchase a mining contract, you can assess the earnings using the Hashflare ROI calculator. The system takes into account your contract’s mining power, its pool distribution and calculates the earnings per power unit (1 GH/s, 1MH/s or 1H/s). Most miners are most interested in their profits over time to estimate the payoff time frame. Hashflare calculates the potential future earnings 1 day, 1 week, 1 month, 6 months and 1 year into the contract.

How HashFlare income calculator works?

The earnings are calculated both in the selected cryptocurrency and USD. However, these estimates might not be 100% accurate, as they are calculated based on the assumption that the mining difficulty remains the same in the course of the contract. Your real earning might be lower or higher depending on the difficulty changes.

If you wish to assess Hashflare profitability before investing in a mining contract, you are free to use any of the online calculators available for all cryptocurrencies. For instance, for Bitcoin you need to input the hashrate (GH/s), mining difficulty, maintenance fees, and BTC/USD exchange rate. If there are fields for power, power cost, pool fees and hardware costs, you should put zeros in them. The calculator returns your potential profit both in USD and Bitcoin depending on the length of the mining operation.

Is Hashflare Profitable?

Like any other investment endeavor, cryptocurrency cloud mining is risky. No one can provide you with a guarantee that in a year you will return the amount of money invested. Your profits with Hashflare depend on many factors:

  • The hashrate you choose;
  • The exchange rate of the chosen cryptocurrency to USD;
  • The mining difficulty fluctuations in the course of your contract;
  • The percentage of the earnings you reinvest instead of withdrawing;
  • The maintenance and electricity fee, etc.

Cloud mining contracts start paying off in a few months, and after a year you can expect a healthy profit if all the factors mentioned above are favorable. Therefore, don’t expect to make a quick buck. Hashflare cloud mining is a long-term investment that might bring a significant profit if you choose the right strategy. Considering the ease of buying a contract, anyone can earn with Hashflare.

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