HashFlare vs Genesis Mining. Which Service is Better?
Cloud mining is defined as the process where cryptocurrency mining utilizes a remote datacenter with shared processing power. This enables the users to mine Bitcoin or other cryptocurrencies without having to manage the hardware. A mining company houses and maintains the mining rigs in a facility. The task of the customer is simply registering and purchasing shares or mining contracts. Since cloud mining is a service, customers should expect to be charged by the miner a fee. Companies such as Genesis Mining and Hashflare have been offering contracts related to cloud mining for many years.
Advantages of Cloud Mining:
- There is no hot equipment and ventilation problems.
- There is no electricity-related costs.
- Cloud mining is a quiet process (no humming fans).
Genesis vs Hashflare: Cloud Mining Comparison
Genesis Mining Review
Genesis Mining is an organization that was founded back in 2013. It has mining farms in Asia, Europe and America but the exact locations are kept hidden for security purposes. Genesis Mining is a transparent cloud mining organization that has been registered with SEC. The organization offers mining contracts that have no maturity dates. This means that they are lifetime contracts. An individual is allowed to mine and will receive payouts as long as the contract remains profitable.
Genesis Mining is a safe and easy way for clients to purchase hash power without having to deal with the hardware or software because they get complex at times. Genesis Mining has specialized in designing and building reliable and efficient mining rigs that are offered to clients for a fee. The client needs to sign up on their website and have an account to start mining. After signing up, the client has to fund the account through wire transfer, PayPal, Bitcoin or credit card and then choose a mining plan that fits him/her best.
Genesis Mining Prices
New clients can begin with one thousand GH/s (Gold) lifetime mining contract which costs $179. This will help the client to have a clear understanding of how cloud mining works and its profitability. For those clients who view that to be small, they can try 5000 GH/s (Platinum) lifetime mining contract that costs $845. The largest lifetime mining contract is the 25000 GH/s (Diamond) which costs $3975. Depending on the contract you purchase, you can earn different coins. There are three types of contracts namely the X11, the SHA-256 and Scrypt. For the three algorithms one can mine Ethereum, Litecoin, Bitcoin, Zcash and Dash.
HashFlare is an organization that was founded in 2014 which provides cloud mining services. The organization uses a technology that is powered by the HashCoin team. It has been producing ten thousand ASIC miner tools for mining litecoin, bitcoin, ethereum and other digital currencies. Hashflare has partnered with HashCoin to ensure that mining hardware is continually updated and uses the newest technology. The organization offers contracts that last for twenty-four hours, one year and a lifetime. They include the SHA256, Ethash, Scrypt, X11, and Equihash.
The cloud mining results will usually show up on the client’s account immediately after payment has been confirmed, and the client receives his/her first payout twenty-four hours after the first block has been mined. Clients have the option of choosing withdrawal methods from credit cards, bitcoin, and wire transfers. Clients can use Hashflare services as long as they want to. There is no time limit. They also have the option of allocating hashpower to the mining pool they choose.
This enables the most profitable cloud mining combination to be reached by any client. The mined cryptocurrencies are then distributed to the clients based on the share(s) they bought at the organization. When registering, Hashflare asks for the date of birth, country of residence and the name and password. This information is private and only asked for security purposes. Hashflare provides each of its clients detailed statistics about the mining activities. They are currently running a program where clients earn a commission which ranges up to 10% on each purchase a new recommended user makes.
Hashflare Cloud Mining Prices
Hashflare has its pricing tailored to each cryptocurrency. A client can start mining with as little as $1.20. Through the Hashflare Promo Code, a client can save on 3% of the mining fees. The fees applied on Hashpower are inclusive of maintenance fees although the fee is only applicable to SHA256 and Scrypt. Below is a summary of Hashflare prices.
- SHA256 Bitcoin ― $1.20 per 10GH/s;
- Scrypt Litecoin ― $8.20 per 1 MH/s;
- Ethash Ethereum ― $2.20 per 100KH/s;
- X11 Dash ― $3.20 per 1MH/s.
Customers like the user-friendly interface and the initial cost of cloud mining that Hashflare provides. The support team handles problems quickly and efficiently. The Zen desk platform ensures all issues arising are taken care of. Their website is available in eleven different languages and the security level is high.
Genesis Mining or Hashflare. What to Choose?
The following are factors to consider before choosing to invest in Genesis or Hashflare:
- Security: Genesis Mining;
- Partner program commission: Hashflare;
- Immediate Payouts: Hashflare;
- Low maintenance fees: Genesis Mining;
- Supported Coins (Majority): Genesis Mining.
Hashflare has a strong hardware that offers cloud mining for five cryptocurrencies respectively. Hashflare is a good cloud mining organization for individuals who want to invest little amount of money in cryptocurrency mining. Genesis Mining has also made cloud mining a pleasant and easy experience because clients do not have to go through the tiresome job of setting up hardware or maintaining mining rigs. Genesis Mining provides for both the average and the big investor.