Hashflare Mining, all you need to know

PLEASE REMEMBER: ONLY EVER PUT IN MONEY YOU CAN AFFORD TO LOSE!

hasflare.io

hashflare.io offer a virtual Bitcoin mining service that enables you to purchase a 1 year contract for the use of their mining power.

The following page will show you the ins and outs of it, the costs and the process.

What is mining? – Brain power

Mining Bitcoin is the creation of the crypto currency. A computer using vasts amounts of processing power to figure out a very difficult problem. A good analogy is that of being in the middle of a huge maze, this maze only has one way out but a million dead-ends. By trying only one route at a time you’d eventually find a way out. You could get lucky and solve it quickly, but there is a calculable amount of probability that you won’t.

So the more processing power the bigger the brain is trying to solve the puzzle.

In Crypto talk this is called HASHRATE per second.

How much is MH/s GH/s & TH/s?

Mega, Giga,Terra and Petahash

1 kH/s is 1,000 (one thousand) hashes per second
1 MH/s is 1,000,000 (one million) hashes per second.
1 GH/s is 1,000,000,000 (one billion) hashes per second.
1 TH/s is 1,000,000,000,000 (one trillion) hashes per second.
1 PH/s is 1,000,000,000,000,000 (one quadrillion) hashes per second.
1 EH/s is 1,000,000,000,000,000,000 (one quintillion) hashes per second

Mind blowing numbers!

So, the higher the hasrate the greater the mining potential. On hashflare you can expect around 0.00012383 BTC per day per TH/s. (based on my own average as of Jan 2018).

0.00012383 BTC times 30 days = 0.0037149 BTC ($44.77 £34.24 ex rate $12588 = 1BTC)

Therefore if you had 1TH/s ($220 for a TH/s – which is roughly 0.01738 BTC or £160 depending on the exchange rate) you should expect to mine around 0.0037149 BTC in 30 days.

Cloud Mining Providers

Depending on the provider, a cloud mining provider rents you hashrate for a year. So you spend your BTC for the use of hashpower for a year, by the end of the year the mining should return to you the value of your purchase plus an additional BTC after fees. After around 6 months you begin to generate profit. So even if the price of BTC drops at least you’ll have more of them.

Hasflare has a minimum purchase of $2.20 (SHA-256 cloud mining), this is for 10 GH/s, so $220 gets you 1TH/s.