Are you considering getting into the cloud mining game by joining Hashflare? Are you already an existing customer? Are you interested to know if this is a legit or scam company? If so, you may want to read our extensive Hashflare review. During this review, we will explore everything you need to know about this cloud mining service, where it stands as of now and if you can trust them or not.
What is Hashflare?
HashFlare is an online site, launched in the beginning of 2015, offering a range of cloud mining services. They are a division of another company called HashCoins, which was founded in 2013. Cloud mining is the process of mining cryptocurrencies via a remote data center, using shared processing power. This type of mining allows users to mine Bitcoin and other various cryptocurrencies without having to purchase, own or manage any hardware or software. Hashflare’s professed goal is to make mining accessible to all users regardless of age, location, investment or experience.
Like many other cloud mining services, HashFlare offers features such as hashrate allocation to pools, once every 24 hours a user is able to select up to three pools as well as what percentage of hashrate to use in their selected pools. They also offer lifetime contracts in which the purchased hashrate does not expire, 24/7 tech support, a functional control panel that displays the users statistics, revenue and its forecast, as well as a referral program in which the user can receive additional funds (10% of referred users purchase) from inviting new users to the Hashflare service.
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HashFlare Pricing
HashFlare claims to have fixed prices, with no hidden fees or commissions. They have various cloud options for members to choose from. These cloud options are listed below.
SCRYPT CLOUD MINING – $11.50 per 1 MH/s
- SCRYPT Algorithm Miner
- Minimum Hashrate: 1 MH/s
- Maintenance Fee: 0.01 $ / 1 MH/s / 24h
- Hardware: HashCoins SCRYPT
- Automatic Pay-out in BTC
- In Stock
- 1 year contract
SHA-256 CLOUD MINING – $2.40 per 10 GH/s
- SHA-256 Algorithm Miner
- Minimum Hashrate: 10 GH/s
- Maintenance Fee: 0.0035 $ / 10 GH/s / 24h
- Hardware: HashCoins SHA-256
- Automatic Pay-out in BTC
- In Stock
- 1 year contract
ETHEREUM CLOUD MINING – $2.20 per 100KH/s
- ETHASH Algorithm Miner
- Minimum Hashrate: 100 KH/s
- Maintenance Fee: None
- Hardware: GPU Rigs
- Automatic Pay-out in ETH
- In Stock
- 1 year contract
ZCASH CLOUD MINING – $2.00 per 0.1 H/s
- EQUIHASH Algorithm Miner
- Minimum Hashrate: 0.1 H/s
- Maintenance Fee: None
- Hardware: GPU Rigs
- Automatic Pay-out in ZEC
- Out of Stock
- 1 year contract
DASH CLOUD MINING – $5.80 per 1 MH/s
- X11 Algorithm Miner
- Minimum Hashrate: 1 MH/s
- Maintenance Fee: None
- Hardware: Multi-Factor
- Automatic Pay-out in DASH
- In Stock
- 1 year contract
Why HashFlare’s Reputation is Plummeting
Contract Changes
Although HashFlare may have started out as a decent company with good intentions, it seems as though their decisions and actions of late have sent them on a permanent downward spiral. While conducting some investigative research for this unbiased HashFlare.io review, the amount of negative reviews and feedback we came across from actual members was truly astounding. Let us begin by looking at the current most prominent complaint found online from HashFlare users.
You may recall reading earlier on in our review that one of HashFlare’s features was offering lifetime contracts, as stated on their “About Us” page under “company.” Did you notice any lifetime contracts in any of the above listed cloud options they offer? Well, there is reason for this discrepancy. Recently HashFlare took the decision to not only cease offering these, but also to terminate existing lifetime contracts and convert them over to the current offering of one year.
This decision has led to outrage among users. After having read pages of complaints from irate customers in various cryptocurrency forums regarding the sudden change, it seems as though this has led to HashFlare losing many existing users as well as potential new customers. Some users threatened legal action, while others simply stated that they had been scammed and were no longer happy with their changed contracts or with Hashflare in general. It may be interesting to note that at the time of shortening the contracts, they also doubled their price. That is very unethical of them.
Scam Accusations
If you do some proper due diligence, you will come across multiple scam accusations against HashFlare. Some of these are truly disturbing to say the least. There are actually far too many to mention them all in this review, however we will go over the most concerning ones we came across.
The first accusation is that HashFlare does not do any mining at all and is simply another Ponzi scheme. One member posted saying in order to prove this, all a user has to do is look at Hashflare’s daily graph that shows their revenue as per 1Th/s. A user can point their hashes 100% towards Antpool and then look at the graph. They will notice that HashFlare’s graph is inconsistent with Antpool’s graph. This could mean any number of things. 1) On Antpool’s unlucky days, Hashflare is not affected and somehow has more revenues on that day. 2) On Antpool’s lucky days, Hashflare is not affected again and somehow misses the extra revenues 3) If the graphs are continuously inconsistent then one of them likely has a permanently faulty database. Also, HashFlare offers commission on newly referred members, this is often indicative of a Ponzi Scheme.
Another issue in regards to whether or not HashFlare does in fact do any actual mining is the lack of proof thereof. Some users claim they are legit due to the pictures they post on their Instagram account. However, can that really be considered hard evidence? Pictures showing some racks filled with a limited amount of GPU’s and two men working with or installing them fails to provide one important aspect, and that is proof of ownership.
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Unable to Reach ROI
Another concern is the fact that many users complain of not being able to reach their expected ROI due to the high maintenance and withdrawal costs associated with HashFlare. Yes, they apparently have a low entry cost, however, profit with cloud mining in general is typically very small and takes a long time, especially if you take into consideration the ever increasing difficulty in block mining. If you cannot cover all the fees involved you end up at a loss, unable to recover your initial investment and your account will be terminated. There is also no guarantee as to how long the company will remain afloat.
Look at the recent HashOcean’s saga, they were one of the biggest cloud mining sites around for about 2 years and were paying out their members ROI’s for a short period. Two years later the company went under with no pre-warning and many people lost a lot of money.
The next issue is the fact that the company HashCoins, that HashFlare is a division of, has also been labelled a scam by a lot of people. The main complaint against HashCoins is that they have never delivered any of the hardware they supposedly sell. Customers pay upfront but the shipment never arrives. In the first half of 2016, they were taking pre-orders for the Uranus vapourware but when all their customers started to make it known publicly that they were not delivering, they offered them compensation in the form of a cloud mining contract via HashFlare. To this day, many believe this was just a ploy to help HashFlare gain more customers. Today, HashCoins has been blacklisted as a scam on multiple websites and forums. The majority of positive reviews and comments found had referral links in them & those are obviously biased as those people are trying to earn commissions.
Popularity
HashFlare is a highly popular website. At the time of posting this review (20 September, 2017), their Alexa global rank was 2,557. Most of their traffic seems to originate in Russia and Ukraine, but significant numbers also come from Brazil, United States, India and Germany. According to SimilarWeb, more than 30% of their traffic arrives from referrals, mostly from mellowads.com, coinbux.club, and thepiratebay.org.
They are also advertised via email campaigns. We received a newsletter recommending them, and several other scams, such as Genesis Mining and BitClubNetwork, from bitcoincloudmining.org.
HashFlare.io Review Conclusion – Not Advisable to Invest With Them
After having spent many hours researching all available information on HashFlare, we have to conclude that the scale is falling more on the negative side of things than the positive. We could go on and on about how the CEO Sergei Potapenko is connected to various other blacklisted services such as HashCoins, Polybius & Emercoin, all of which have nearly identical team members on their sites and who actively link to, advertise and promote each other.
In addition, countless other complaints against Hashflare such as the support team not replying to any users emails or denying they have received certain payments. They have even been caught using fake reviews on their site (see image below), but if we did that this would end up being a never ending review which would take days to read. I hope that I have given you plenty of food for thought so far in our detailed HashFlare.io review, enough to help you reach a safe decision.
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There are some who claim HashFlare.io to be legit but there are many more who claim they are a scam. Understand that we have no dog in this ongoing fight, we simply wish for you to have all the available information in order to make an informed decision. Regardless of whether or not they are legit, cloud mining is actually not such a great investment these days. The profit is extremely small, takes an exceptionally long time and the majority of cloud mining sites turn out to be scams or Ponzi schemes. At the end of the day, you are taking a huge risk for a small return. It is just not worth it.
Review Verdict: HashFlare is a SCAM!
Blacklisted Site: hashflare.io
For legitimate alternatives, feel free to visit our Cryptocurrencies Day Trading Center.
People who say it’s a scam don’t know enough about mining and enter into mining with low amounts of money thereby getting low return which they can’t compound regularly and thus due to increases in difficulty they hardly get break even on their investment. Check the website below it breaks it down for you how you should invest to make good ROI on your investment.
[link removed]
I put in $1500 via Bitcoins. The payment was accepted within 2 hours. Its now 21 days further and my order is still on PENDING. I had one response from their support, 10 days after payment. They stated that everything looks fine. So now I have reopened the ticket. Each time it takes 10 days before they respond. I wish I had placed it in Bitconnect, what I have there is working perfect.
Any luck on this? I did have problems getting timely responses from Hashflare support, but newly purchased hash has always shown up on my account within an hour of purchase.
How is that Bitconnect working for you now?
Hows Bitconnect working out for you now?……….. lol
I have been using Hashflare to mine for a couple of weeks now. The service is as advertised and the mining is real and works great. You get daily payouts and is a good investment. Use this link to get your discount on the new contracts: [affiliate link removed]
Hey guys! Cryptocurrencies are the future, and the future is approaching fast! Stay ahead of the game by investing in a cloud mining site that allows you to make a ROI, PLUS participate in the crazy gain in value seen in cryptocurrencies, as payouts are in BTC. Current return on investment around 1 to 3 months, but make sure to sign up using the link below for 10% faster recovery! (copy/paste into your URL)
[removed]
Get mining today!
Just joined hashflare this morning.
Not impressed at all.
No responses from support, just that same one about having 20,000 emails to go through.
Went and set the pool up, set/save and no where close to what i had entered.
“You need more proof of the scam? Buy a hashrate before end of the day, an hour later u get 1 day worth of mining payment, while u have been mining for less than 1 hour. Example – in 1 hour of mining on your first day of contract, you will get paid approx 0.0004 btc for 2.5TH contract.”
Joined it this morning and not indication at all that it is really running.
As some one stated up there ‘Not really a ponze, but something else”
I’ll agree with that. But what is that something else?
That guy on yourbube i watched about about hashflare was pushing his commission link in the review.
That seemed really out of place.
Should have listened to myself on that before i got in.
Update :
After an hour pool shows correctly, but still nothing else.
There’s not much to do after you allocate your pool. There is a process each day that updates accounts with daily earnings. Basically, check back at the end of tomorrow to see an update.
Good question about what the “something else” really is. I was just concerned and frustrated that Hashflare converted my unlimited contracts to 1 year contracts, and I was speculating about why they would have done this. I was guessing they intend to use customers like me to pay for equipment, let me use the equipment to recoup my cost and make a profit for 1 year, and after that it’s almost all profit for them.
Couple of additional comments…
I agree that Hashflare’s support isn’t very good. I also find this to be the case with other mining companies and exchanges, like Genesis-Mining.com, Coinbase, and Bittrex. I’ve discussed this with several friends who report similar experiences, and we are all guessing that most crypto related companies are simply swamped with the overwhelming demand for these services.
I also agree that providing a commission link in a review is a conflict of interest and a bit unethical.
Be aware of new mining company, almost all are scam. Also who promise super high earn is pretty sure a scam.
Personally, I’m mining with Genesis Mining and Hashflare; they born in 2013 and have a solid company behind.
Hasflare still sell BTC contracts and works good.
If you want to join in cloud mining I suggest to use the code below during purchase to get the discount and follow the link for registration (all discount codes you find give the same discount % amount).
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note:
I noticed that by paying with credit card there is a 14 days “account hold” before to start withdraw. This because HashFlare need to be sure to receive the payment. Paying with BTC lets start withdraw immediately.
Hope this help!
Happy Mining! 🙂
OK, So now I getting really PISSED! WTF HASHFLARE -WHERE’S MY MONEY!!!! Purchases 30TH on 16 December 2017 – PAID YOU IN BITCOIN – Here it is 10 days later and all i got is – WE ARE BACK LOGGED????? BULLSH*T. All my other Bitcoin investments are paying me DAILY!!! SlushPOOL, NICEHASH, Mining POOL HUB, GETTING PAID EVERYDAY. Meanwhile YOU ASSH*LES ARE COSTING ME MONEY AND MY INVESTMENT THAT I CAN’T AFFORD TO NOT BE GETTING A RETURN ON! I WILL DESTROY YOU IN BATTLE – SO HELP ME, I WILL MAKE IT MY LIFES MISSION TO DESTROY YOU SO HELP ME GOD!@!@!!!!! TRY ME ASSH*LES!!!!!! Stand the F*UK BY FOR COPY AND PAST MF!!!!!!!!!!
Interesting list of mining sites. Can’t tell if you’re just trying to promote them or if you really are just trying to use this as a forum to convince Hashflare to help you. Maybe both? Either way, it is pretty interesting that your BTC payment hasn’t reached Hashflare yet. Did you get any sort of transaction ID that you can lookup on Blockchain.info?
Even after recent price increase (BTC for $220/TH) still most profitable option out there with trustworthy name, even better than Antminer. Count with electricity fees and incl. withdrawal fee mark down something around 14-18% from profit shown on Dashboard. Contract valid only 1 year. Reinvest earnings into more hashpower, again valid 1 year. Simple and easy FAQ on their site will lead you through. All depends on actual BTC price.
I can send you calculator on how much will you get by days ahead, write me [email removed], same for 10% discount link.
Hello,
I’ve been using hashflare for a few months now and I’ve decided to share my input here. The SHA-256 (BTC) mining contracts are by far the most profitable mining contracts they offer. The standard rate per Th/s of mining power is normally $150 USD, but as the stock is running low, they’ve increased the price per Th/s of mining power to $220 USD. Though it may seem high, it’s still low compared to the great value you get out of the hashing power.
If you were, for example, to purchase 10 Th/s of mining power for $2,200 USD, you would be making about $6,000 a year (as of the time of posting this). That’s about 3x return on your initial investment. Even if the price of Bitcoin dropped to $7,500 you would still be profitable with your mining contract(s). What’s fantastic is that you can even automatically reinvest your BTC earnings (through a setting on the dashboard). This allows you to profit exponentially. NOTE: Manually reinvesting is recommended, as it ensures that a new contract is created.
Mining contracts used to be lifetime, but have been reduced to a year’s length. It is shorter than some competitors, but it’s certainly more than enough to become profitable on your initial investment. Currently the MOST PROFITABLE way to mine Bitcoin from hashflare is to reinvest your earnings every single day for 190 days. After day 190, withdraw your earnings every other day, and reinvest your earnings on the other days. This allows you to continue to compound your hashing power, while securing your initial investment and gaining pure, guaranteed profit.
Positive aspects of Hashflare’s Cloud Cryptocurrency Mining Service:
– Fair Maintenance Fee: 0.0035 $ / 10 GH/s / 24h
– Only A Maintenance Fee For Bitcoin And Litecoin
– Automatic Reinvestments
– 10% Commission From Referrals
– Fair Price Per Th/s ($150 Standard But $220 When Stock Is Low)
– Mine Multiple Cryptocurrencies (Bitcoin, Litecoin, Ethereum, Zcash, & Dash)
– Mining Pool Customization
– VERY Low Purchase Minimum Of $1.50 For 10 Gh/s ($2.20 When Stock Is Low)
Negative aspects of Hashflare’s Cloud Cryptocurrency Mining Service:
– Maintenance Fees Could Be Lower
– Commission Fee For Wire Transfers
– Referral Commission Could Be Better
– No Mining Power Exchanging Between Cryptocurrencies
Overall consensus: 5/5
Hashflare is a fantastic and reputable cryptocurrency cloud-mining service provider, and it’s highly recommended that you at least try them out.
***If you sign up with this link: [affiliate link removed] You’ll then be eligible to use the 3% off coupon below!****
***After signing up with the link above, use coupon code: [removed] at checkout to receive 3% off of your order(s)!***
NOTE: If you don’t use the link above, the coupon will not work! The coupon has limited uses, so hurry up before it’s no longer eligible for use!
I hope you all consider at least giving Hashflare a try.
Thank you very much,
~Storm
Hi Storm,
I tried HashFlare by purchasing 10TH/s for $1500-00 last week.
Within two hours my payment via Bitcoins was approved.
Until now I’m still waiting for my purchase to be processed, status is currently still on “Pending”.
They were quick to take my Bitcoinm payment but seam to be reluctant to give me my purchased product.
I’m hoping every day that it will still be corrected. I’m giving them until the end of 2017, if there has still been no change I’ll use twitter to ensure more people don’t get burt like I might be.
Hi Storm, I thought everything you had to share was interesting until the affiliate link – it seems to discredit what you are saying and make it look like a sales pitch.
hashflare is a scam the supposed ROI for a year is a lie. I started over two-three years ago and they started sneaking large fees and then paying out (in the system not to be able to withdraw) smaller amounts so that the fees can eat up any amount that I have + extra. You’ll never meet the minimum because the fees will always be higher than their supposed “payment to you”. Total scam and total lie. I started with over 90,000 sat balance and ended with a 4,000 sat balance. Right because that makes sense. I only put in a few dollars just to see how it worked but glad it was only a few bucks. Still that was when btc was around 250-300 and I didn’t trust any of these cloud mining scams. So glad I didn’t risk more but I wanted to see how it worked. Don’t put in $800 or $ 1500 etc you’ll just get ripped off. Forget this you’d make more collecting on a faucet!lol
I have only nice things to say about Hashflare so if you think of joining please use my referral code so we both benefit from this: [affiliate link removed]