The Reputation of HashFlare is Plummeting

Joining Hashflare could be your ticket to cloud mining success? Do you already have an account with us? Looking for information about the legitimacy of this company? Please read our extensive Hashflare review if this is the case. The goal of this review is to provide you with all the information you need about this cloud mining service, where it stands at this time, and if you can trust them.

How does Hashflare work?

A range of cloud mining services are offered by HashFlare, an online site launched in 2015. In 2013, HashCoins, a company with a similar name, founded a division called HashCoins. A cloud mining operation uses shared processing power to mine cryptocurrencies remotely. Bitcoin and other cryptocurrencies can be mined using this method without the requirement to buy, own or manage any hardware or software. All users are welcome to mine with Hashflare regardless of their age, location, investment, or experience level.

Unlike many other cloud mining services, HashFlare offers hashrate allocation to pools, allowing users to choose a pool and what percentage of hashrate they want to use in each pool once every 24 hours. They also offer lifetime contracts that guarantee that the hashrate purchased will never expire, 24/7 customer service, a functional control panel that displays the user’s statistics, revenue, and forecast, and a referral program that earns users 10% off of the sale price of referred users when they refer new users to Hashflare.

Pricing for HashFlare

There are no hidden fees or commissions with HashFlare, according to the company. Members can select from a variety of cloud options. The following are some cloud options.

A 1 MH/s cloud mining contract costs $11.50

Algorithm Miner for SCRYPT
A minimum hashrate of 1 MH/s is required
There is a maintenance fee of $0.01 / 1MH/s / 24 hours
HashCoins SCRYPT hardware
BTC Payouts Automatically
Stocked
Contract for one year

Cloud mining for SHA-256 – $2.40 per 10 GH/s

Miner for the SHA-256 algorithm
10 GH/s is the minimum hashrate
There is a maintenance fee of $0.0035 per 10 gigahertz per day
HashCoins SHA-256 hardware
BTC Payouts Automatically
Stocked
Contract for one year

Mining Ethereum from the cloud costs $2.20 per 100Kh/s

Algorithm miner for ETHASH
A minimum hashrate of 100 KH/s is required
There is no maintenance fee
GPU Rigs: Hardware
ETH Payouts Automatically
Stocked
Contract for one year

0.1 hours of ZCASH cloud mining for $2.00

Algorithm miner for Equihash
A minimum hashrate of 0.1 H/s is required
There is no maintenance fee
GPU Rigs: Hardware
Automated ZEC payouts
Currently unavailable
Contract for one year

$58.80 per 1 MH/s for DASH CLOUD MINING

Algorithm Miner for X11
A minimum hashrate of 1 MH/s is required
There is no maintenance fee
Multifactor authentication hardware
DASH automatic payouts
Stocked
Contract for one year

Changes to contracts

In spite of HashFlare’s good intentions in the beginning, it seems they have fallen into a permanent downward spiral after their recent decisions and actions. It was truly astounding to discover the number of negative reviews and feedback we found while conducting investigative research for this HashFlare.io review. Firstly, we should take a look at the most prominent complaint that HashFlare users have found online.

The “About Us” page of HashFlare’s website states that they offer lifetime contracts. Did any of the above cloud options they offer mention lifetime contracts? This discrepancy is due to a number of factors. HashFlare recently decided not only to cease offering lifetime contracts, but also to convert those who already held them into one-year contracts.

Users have been outraged by this decision. It appears that HashFlare has lost many existing users and potential new customers as a result of the sudden change, after reading pages of complaints from irate customers. There was some threat of legal action from some users, but others said they were scammed and no longer satisfied with their contracts or Hashflare in general. They doubled their prices at the same time they shortened the contracts. They acted unethically there.

Accusations of scams

You will find multiple scam accusations against HashFlare if you do some proper due diligence. These are some of the most disturbing I’ve ever seen. We will mention the most concerning ones in this review, but there are far too many to bring them all to your attention.

According to the first accusation, HashFlare is a Ponzi scheme rather than a mining company. In response to a post, one member said that a user can prove this by looking at Hashflare’s daily graph showing revenue per 1Th/s. By pointing 100% of the hashes towards Antpool, a user can view the graph of their hashes. The graphs of HashFlare and Antpool are inconsistent. The meaning of this could be anything. Hashflare has more revenues on Antpool’s unlucky days, since it is not affected by Antpool. If the graphs are continuously inconsistant, it is likely that one of them has a permanently faulty database. On Antpool’s lucky days, Hashflare is not impacted again and somehow misses out on the extra revenues. It is also common for Ponzi schemes to offer commissions on newly referred members.

Moreover, there is no proof that HashFlare actually mines anything. According to some users, their Instagram pictures prove they are legit. Nevertheless, is that actually hard evidence? In these pictures, there are some racks filled with some GPUs and two men installing or working on them, but there is no proof of ownership of those GPUs.

ROI not reached

The high maintenance and withdrawal costs associated with HashFlare are another reason many users complain they cannot achieve their ROI expectations. Even though cloud mining appears to have a low entry cost, profits are generally very small and take a long time to generate, especially when you consider the increasing difficulty of block mining. When you cannot pay all the fees involved, your account will be terminated, and you will lose your initial investment. Additionally, there is no guarantee that the company will remain solvent for a long period of time.

Probably the biggest cloud mining site around for about two years, HashOcean paid out its members ROI’s for a short period of time. Many people lost a lot of money when the company went under two years later without warning.

Additionally, HashFlare’s parent company HashCoins, whose division it is, has been accused of being a scam by many. HashCoins has never delivered any hardware they claim to sell. This is their biggest complaint against them. The shipment never arrives after customers pay upfront. Their Uranus vapourware was on pre-order in the first half of 2016, but they offered their customers compensation in the form of a cloud mining contract via Hashflare when their customers made it known publicly that they were not delivering. This is believed to be a ploy to gain more customers for HashFlare to this day. A number of websites and forums have blacklisted HashCoins as a scam today. It can be concluded that most of the positive reviews and comments found have referral links, and these links are obviously biased since commissions are being earned.

Popularity

HashFlare is one of the most popular websites on the internet. The Alexa global rank of the site was 2,557 as of the time this review was posted (20 September 2017). Almost all the traffic appears to come from Russia and Ukraine, but other significant sources include Brazil, the United States, India, and Germany. In addition to the piratebay.org, mellowads.com, coinbux.club, and coinbux.club deliver more than 30% of their traffic through referrals.

Email campaigns are also used to advertise them. Several scams were recommended by bitcoincloudmining.org, including Genesis Mining and BitClubNetwork.

Conclusion – Do not invest with HashFlare.io

In researching all available information about HashFlare, we have come to the conclusion that the scale is weighing more negatively than positively. Sergei Potapenko, who runs HashCoins, Polybius and Emercoin, has nearly identical team members on each of their sites and actively links to, advertises and promotes all of them. We could go on and on about how the CEO is tied to other blacklisted services.

The Hashflare support team failed to reply to user emails or denied certain payments, among many other complaints. Apparently they even use fake reviews on their site (see below image), but it would be impossible to finish this review in one day if we did that. I hope this detailed HashFlare.io review has provided you with enough food for thought to help you make a decision that is safe for you.

HashFlare.io is claimed by some to be legit, but claimed by many more as a scam. The purpose of this letter is to let you know that we do not have a dog in this fight; we simply want to ensure that you have all the information you need to make an informed choice. There’s really no reason to invest in cloud mining these days, regardless of whether they’re legit or not. Most cloud mining sites are scams or Ponzi schemes that make a minuscule profit after an exceptionally long time. It is not worth the risk if you are going to get a small return at the end of the day. There is no point in doing it.