(No more) Rollercoaster !!!
I started my journey in cryptocurrencies by making a few profits trading some bitcoins and alt cryptocurrencies earlier on september 2017.
Trading was very time consuming and very addictive and as I did not want to spend all my time doing this, I decided to find another way to make some profits from cryptocurrencies but with regular incomes this time and without the need to have both my eyes staring at the crypto's ups & downs !
it was quickly self-evident that bitcoin mining though Hashflare was what i was looking for.
What is mining ?
As explained in the bitcoin for dummies book :
"Bitcoin mining actually means adding more bitcoins to the digital currency ecosystem.
There will be a total of 21 million bitcoin in circulation by 2140.
So, how do new bitcoins come into existence? All the additional bitcoins have to be generated through a computational process called mining. You do it by letting your computer hardware calculate complex mathematical equations, which can be done at any given time of the day. Doing so enables you to become an integral part of the bitcoin network, not only by securing the network through your dedicated hardware, but also by generating more coins to put into circulation.
There are certain similarities to how other resources — such as gold — are mined: The available supply is slowly increased as more is being put into the mining process. That said, the way bitcoins are mined is by solving complex computational problems, which require more resources as time progresses."
What is cloud mining ?
Cloud Mining — How to Mine Bitcoin without a Miner — CoinDesk :
"If you want to invest in bitcoin mining without the hassle of managing your own hardware, there is an alternative. You can use the cloud to earn your coins.
Put very simply, cloud mining means using shared processing power run from remote data centres. One only needs a home computer for communications, optional local bitcoin wallets and so on.
However, there are certain risks associated with cloud mining that investors need to understand prior to purchase.
Pros :
- A quiet, cooler home – no constantly humming fans
- No added electricity costs
- No equipment to sell when mining ceases to be profitable
- No ventilation problems with hot equipment
- Reduced chance of being let down by mining equipment suppliers.
Cons :
- Risk of fraud
- Opaque mining operations
- Lower profits
- Lack of control and flexibility."
Which cloud-mining provider ?
When it comes to choose a cloud-mining provider there is 2 main questions you want to answer :
1. How long before getting to the breakevent point ?
2. How legit is the cloud mining provider ?
Regarding the first question, the mining contract comparator on www.cryptocompare.com already provides a good idea of break-even point by classifying contracts by "payback period".
Keep in mind however that :
- It does not take into account the current contract availability at any provider
- AND the next mining difficulty ( which is hardcoded to change every 14 days for the bitcoin protocol for instance : That is a snapshot of the breakeven point you would have, buying at the current BTC price, with a mining difficulty not changing till you get to that breakeven price.
Regarding the second question, there has been a lot of FUD regarding cloud mining. Everyone shall make its own opinion by first raising a list of cloud mining providers one would considered as legit by googling them, reading threads on bitcointalk.org, discussing with their communities on telegram, twitter, facebook
My short list was :
Hashflare, Genesis Mining, viaBTC, Hashing24, Bitcoin.com.
At the time i wanted to buy some hashrate, all but contracts on Hashflare and Bitcoin.com were out of stock.
Finally I choose Hashflare over Bitcoin.com because if was more affordable.
What is Hashflare?
Hashflare is part of Hashcoins a compagny that has been on the scene since 2013.
HashCoins is a cryptocurrency and blockchain-technology company headquartered in Tallinn, Estonia, that designs and develops consumer investment platforms, security and data distribution mechanisms, corporate and governmental blockchain-based software and other cryptocurrency related solutions.
Among HashCoins’ projects are: Hashflare Cloud Mining] which has attracted over 500000 users worldwide; Authorizer, which is an SSL-backed authorization tool with blockchain-based public key storage; Polybius - a financial ecosystem with the backend functioning on blockchain and Digital Pass, a revolutionary identification system for public & private entities. Besides that, HashCoins works closely with public institutions providing consulting, services and technologies related to public infrastructure and finance.
I truly believe Hashflare is not a scam. They have been involved for more than 3 years in the mining and cloud mining area and always paying since.
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