HashFlare is a new range of cloud mining services brought to you by the HashCoins team of cryptomining experts.
Cloud mining offers a unique option for mining with a low cost of entry as well as minimal risk and expense, which is opposite to traditional models of mining that involve procurement, maintenance and configuration of highly specialized hardware.
Cloud Mining is the system whereby a miner purchases a part of the mining power of hardware hosted and owned by a Cloud Mining services provider. The service provider takes on configuring the hardware, maintaining uptime and selecting the most efficient and reliable pools.
Cloud Mining provides a range of benefits: instant connection (meaning no hardware shipment wait times and delivery risks), fixed maintenance and electricity fees and no nuisances associated with mining at home such as noise, heat or space.
Another key point is that this model of cloud mining requires no technical experience. Obviously, it’s very important that miners understand the mining process, however this model doesn’t require hardware expertise or significant configuration / implementation cost.
Since customers can purchase any amount of mining power they wish, this means that the level of investment will depend only on the miners’ ambition. This means that the cost of entry and subsequent risk is far lower than in comparison with the remotely hosted model.
HashFlare offers three flavours of cloud mining:
- Scrypt Algorithm Miner at $18.95 per 1 MH/s
- Bitcoin Algorithm Miner at $4.45 per 10 GH/s
- Scrypt-N Algorithm Miner at $11.95 per 1 MH/s
All with a minimum entry as per the unit pricing above.
In addition, all come with automatic payout in BTC and 24/7 technical support.
The HashFlare cloud-mining project was started in April 2015. HashCoins was founded in July 2013 and operates out of Tallinn, Estonia
What inspired you to start HashFlare, and what hurdles have you had to overcome to make it a success?
While we were manufacturing and selling equipment we have met a problem - the average receipt was over 1,000 USD and there weren't that many people who wanted to risk a thousand USD just to get a taste or cryptocurrency mining. We had the idea: "what if we could divide the hashrate of a 1,000 USD worth miner to 200 people and each would have their entrance to the mining world for just 5 dollars?" I'm sure you understand it's a lot easier to risk five bucks than a grand. And now when you have made the first step, received the first mining rewards - you might as well be ready to invest more. With this idea in mind, we made a decision to develop the software that will divide the received rewards among all customers connected to our equipment, proportionally to their share of hashrate.
How do you set HashFlare apart from other services and give it a unique appeal?
In my opinion, our distinctive and innovative features are: a) low entry point - minimum hashrate purchasable is under 5 USD; b) allocation of hashrate among pools at customer's own discretion c) automatic reinvestment into hashrate - the system automatically purchases more power as soon as there is enough funds on the balance.
How do you reassure any doubts a customer may have? What have Return on Investment figures been like so far? What level of transparency do you employ?
A: We have included our core team and the company descriptions in our website. If customers contact us with general questions regarding mining, profitability and future plans, we answer with as much information as possible and provide them with calculations. RoI figures greatly depend on mining difficulty and cryptocurrency to fiat exchange rates. We have seen RoI for the first year from as low as 10% to as high as 70% for SHA-256 mining and from 30% to 90% for Script mining (but the mining does not stop after 1 year and user keeps receiving the mining rewards).
How are you planning to evolve in the future? In terms of product services technologies?
The main course of action remains to provide mining to more and more people. The more there are active users of Bitcoin the higher the chance it will become more important in our lives. We aim to design new equipment and technologies to keep mining sustainable for our customers. New nice-to-have features that make the platform even more usable and convenient are also to be expected.
Follow Cointelegraph on Facebook