HashFlare vs NiceHash. Which Service is Better?
This is the process where one can buy CPU power from data centers which use their equipment located at a remote data center to mine Bitcoin and other cryptocurrencies on behalf of their customers. The advantage of cloud mining is that the customer does not need to have the technical know-how of how the mining hardware operates and would not find the need of buying hard-to-obtain and expensive devices.
When a customer rents ‘hash power’, which is measured in GH/s (Gigahertz per second), then he does not have to deal with the noise and the heat that is associated with DIY mining project. The cloud mining providers source or build their own equipment and place it in countries where the production and sale of electricity are relatively cheap like China and Iceland and the savings are passed to the customer. Some of these cloud mining providers are HashFlare and NiceHash.
Overview of NiceHash Mining Service
NiceHash was established in 2014. The servers are located in Europe and in the US, but the exact location is not provided. Specific details about its operations are scanty. Although there is a lot of details about cryptocurrencies and mining on the website, unfortunately, they do not disclose the identity of their owners or any specific details about the mining farm. NiceHash deals in X11 algorithms, Scrypt and SHA256.
NiceHash is more complicated in the services it offers in the mining market. Different miners with servers around the world are combined into one pool. Then the pool is boosted with their hashing power and then they rent out the services for cloud mining. The users can then sell or buy the hashpower developed by NiceHash in the market.
This model, unlike HashFlare, does not depend on the investments of the clients but rather, it depends on the complex experience of cloud mining. They deal with their clients through bidding.
NiceHash contracts are of two types. The first one is the automatic bidding where the clients are free to float their offers and the highest bidder gets the contract. The second type is the constant bidding price that the client is offered upfront and it remains constant as long as the client is still the holder of the contract.
One of the main differences NiceHash vs HashFlare that in only accepts Bitcoin, while the last one has a variety of payment methods. All the other cryptocurrencies are converted into Bitcoin using Shape Shift. The providers use the PPS method of payment to ensure that all the clients with valid shares receive their payments. Payment is made as frequently as four times per day.
NiceHashbot is the software that assists clients to create a personal mining platform. The referral system is also run for registered users. The prerequisites for registration is the password and an e-mail address.
Pricing Schedule and Fees
- Fixed contracts — 0.0305 BTC per GH/s daily;
- Standard bidding — From 0.0264 BTC per GH/s daily.
The clients have appreciated the variety of the languages used by these mining providers: Chinese, Russian and English. The FAQ section has all the information the client could be looking for.
• Hashpower trade option
• A client can mine using multiple cryptocurrencies before changing them into Bitcoin
• Adequate information about the products and services
• Product structure is too technical for amateurs
• Limited payment option — only Bitcoin is acceptable
• Prices for US and Europe customers are different
HashFlare Cloud Mining Description
Estonian service HashFlare was founded in 2014 but began operating in 2015. The mother company, Hashcoin, had been operating since 2013 and was dealing in hardware and Blockchain solutions, producing thousands of miner devices, ASIC, which are used to mine digital currencies such as Litecoin and Bitcoin. The merger between HashFlare and Hashcoin ensured that there was continuity of development of new Blockchain technology that is in lieu of up to date hardware. HashFlare deals in Dash, Zcash, Ethereum and Litecoin. The data centers are located in modern, hi-tech facility where moisture and temperature are closely monitored ensuring that there is maximum capacity for hashpower and limited overheating.
Hashcoin runs a GPU equipment which provides algorithms such as X11, Equihash, Ethash, SHA256, and Scrypt. The contracts time starts from 24 hours up to a lifetime except for Zcash and Ethereum which have contracts that can only be maximized in one year. This means that the client can use HashFlare services for as long as they would wish since there is no time limit that is applied. The results for cloud mining show up on the account of the client 24 hours after the mining of the first block is done. The client can choose the withdrawal method from wire transfers, credit cards, and Bitcoin. Registration for HashFlare entails the nationality, date of birth, username and the password. This information is kept safe for security purposes and may be asked from time to time when they may feel that the account could be in danger of being compromised.
Pricing Schedule and Fees
Five different algorithms can be mined from the HashFlare providers. Each has a different cryptocurrency which could start with an investment of as little as $1.20. This Promo Code could save the client mining fees of up to 3%. HashFlare fees are pegged on hashpower supplied within 24 hours. The algorithms which maintenance fees are applicable are SHA-256 and Scrypt, whereas Dash, Zcash, and Ethereum do not attract any maintenance fee but they are subject to yearly renewal. The prices for different algorithms are as follows:
- SHA256 algorithm Bitcoin costs $1.20 per 10 GH/s,
- Scrypt algorithm Litecoin costs $8.20 per 1 MH/s,
- Ethash algorithm Ethereum costs $2.20 per 100 KH/s,
- Equihash algorithm Zcash costs $2.00 per 0.1H/s,
- X11 algorithm Dash costs $3.20 per 1MH/s.
Maintenance fees charged by HashFlare are as follows:
- Litecoin hashpower — $0.01 for 1MH/s per day,
- Bitcoin hashpower- $0.004 for 10 GH/s per day.
These charges are deducted from the daily payouts of the mining results.
User Feedback about HashFlare
HashFlare has a website that clients have claimed that they have found it easy to navigate, and they have appreciated the low charges for the initial cloud mining offer. There is also an overwhelming appreciation for the way the support team handles the clients’ problems diligently and quickly.
- Hashpower Bitcoin purchase attracts immediate payout,
- The length of the contract is unlimited,
- Partner program.
- Bitcoin and Litecoin attract maintenance fees,
- Commission fee for wire transfer,
- FAQ section is short.
Most users are finding themselves in dilemma, when they make such a cloud mining comparison. The clients should compare cloud mining benefits between the two providers so that they can make an informed decision. HashFlare is a friendly provider for clients who would not want to invest a lot of money and who would like to have different experiences of different algorithms, while the clients who would like to make large and investment can try their luck with NiceHash. Both providers have long-term and short-term contracts depending on the returns one expects to make after a given period of time.