Okay, so it’s been just about a month that I have been cloud mining with Hashflare. They were, in retrospect, my second choice behing Genesis Mining, which seems to have the highest reviews and all that. But Genesis Mining is literally out of stock on mining gear and likely will be for the forseeable future, and I didn’t want to wait three to 6 months to see if they restock. That said, I may still go with Genesis Mining later, that’s a whole different story!

As I wrote about before, I had some issues paying for cloud mining with Hashflare, mostly because of the method I was trying to use to pay (Entropay). That situation was pretty annoying, and it actually took right up until yesterday for the amount held on my card to be released. Sort of sucks. Anyway, I got in on my second try with a little help from the Hashflare staff, and boom, I was mining bitcoin with 1TH/s.

First off, I had the wierd disconnect of having no real control. It’s a pure black box situation, you put your money down, you get a “1TH/s” thing on your control panel, and you wait until the next day to see what happened. My first full day generated 0.00018563 BTC before fees, and about 0.00015xxx after fees. It’s not terrible, and with the price heading up every day, it seemed pretty good. Hashflare’s maintenance fee is basically a set amount in US dollars, so it varies depending on the price of bitcoin, as they take it out in coin. It works out to about 35 cents per day per 1TH/s. Things were good enough that I added a second 1TH/s within a couple of days, sadly the price had already gone up a bit.

There are options to mine other coins as well, I haven’t taken any of those up. Most of them don’t seem to calculate out very well as far as I can figure. There is also an option to reinvest your earnings back into more TH/s automatically. I decided not to do this and instead to buy more hashrate to mine bitcoins when I had enough coin earned. Sadly, in the interim, the price of hashrate went up 50%, the difficulty of mining went up 40%, and the price of bitcoin dropped 40%. As I reported last time, it’s making it harder to make the bottom line work out.

Overall, Hashflare seems to work well. The daily updates have been a little bit all over the place, mostly because they appear to have been slammed by newbies like me all getting into the game. They seem to have it back on it’s feet now. Their customer support is equally slow at this point, for a similar reason. They are overloaded, plain and simple. I suspect the price rise for hashrate has as much to do with discouraging newbies as anything else. It’s working, at least for me!

The biggest gack for me at this point is trying to withdraw funds. The cost to send bitcoin from my account to my secure wallet is too high right now, and the minimum amount for the transaction is very close to what I will make in a year (currently at just under 10 months, but I have a feeling that rising difficulty will push that very close to a year). As a result, it may be this time next year before I can make a withdrawl, and I will likely have to wait until both of my current contracts have run out. This however isn’t really a Hashflare issue, it’s a bitcoin issue, the costs of a bitcoin transaction are too high right now.

Would I recommend Hashflare? From the stand point of service and results, I most certainly would. You can click here to check out Hashflare yourself or click on the ads in the sidebar of the site to go check them out. It’s got my referal code in it so I make a little extra like that, it’s all good.

Would I recommend cloud mining right now? It really depends on how you feel about the direction of Bitcoin’s price the mining difficulty. The numbers may turn unsupportable at some point, it’s not a Hashflare thing as much as a Bitcoin thing. You may want to look at other coins they offer to mine as well, there might be more there.