There is a bit of confusion of how mining on Hashflare works and how the contracts work. In this post, we’ll have a look how to get started mining on Hashflare to earn you Bitcoin, or Ethereum.
First of all, you need to create an account on Hashflare. The process is quite simple as you only need to fill in the registration form, which is quite straight forward.
Once you fill in the form, you are ready to start purchasing mining contracts.
Purchasing mining contracts
In order to purchase contracts, select the contract you wish to purchase, drag the slider to your desired amount and click proceed, where you can select your payment method, which by default, you can pay with:
- BTC
- Balance – if you have already mined some value, you can then use your credit to purchase additional mining power
- Wire transfer
- Credit card
- Payeer
After you pay, you will need to allow some time for the purchase to go through. Once verified, You will have your contract and you started mining automatically. One thing to keep in mind is that on the dashboard, your hashrate will update as soon as your purchase is complete, but your revenue forecast will not update until the next day – this is also true for any additional purchases.
Contract length
Your contract will last for 1 year. Any further contracts that are purchased will also last for one year.
Example:
- 1ths purchased on January 1st 2017, total 1ths
- 2ths purchased on January 20th 2017, total 3ths
- January 2nd 2018, 1ths expires, total 2ths
- January 21st 2018, 2ths expire, total 0ths
You can see all your current contracts in your History.
Fees
Hashflare charges fees on your mining profits. These fees cover pool fees, electricity, maintenance, etc. The fees vary a little by little but are generally 17%. You can always check your fees by looking at what you mined and how much was deduced for fees in your history.
Reinvesting
Reinvesting is where Hashflare really excels. You can reinvest what you mine everyday into purchasing more hashing power as long as you have more than the minimum amount – currently $2.2 USD.
There is an automatic reinvest feature but it doesn’t seem to work very well, so far, it only reinvested for me 2x. It is therefore recommended to reinvest manually each day if you choose to do so. You will start earning profit from your reinvestment the next day.
