Cloud Mining is a service that allows users to invest in cryptocurrency mining without the need to select, buy, and maintain cryptocurrency mining equipment, which requires a certain degree of technical knowledge. It allows users to purchase mining contracts in which they rent mining equipment for a certain period of time.
There are many ways of investing in cryptocurrencies. The most common are to trade them or buy and wait for the price to go up. However, these require a certain degree of research and/or rely on price speculation.
Cloud Mining relies on the premise, not that the price will go up, but that the network is stable and that mining conditions will remain favorable. Higher prices attract more miners and increase the difficulty (reducing payments for miners), while a stable network ensures predictable payouts and a foreseeable return on investment.
If you want to tell your friends that you are mining crypto and you want to help the network grow then get a mining contract. If you expecting to make a lot of money out of it, you may want to consider another investment or source of revenue.
What is Hashflare
HashFlare is a cloud mining service provided by HashCoins, a reputable crypto team that has been involved in blockchain since the inception of Bitcoin and has over 3 years of experience in cryptocurrency mining operations.
HashFlare makes cryptocurrency mining accessible to anyone for an extremely low entrance point, meaning that anyone can try out a contract on a small scale to test the system. Furthermore, Mining is not the only way you can earn with HashFlare, you can also profit from an affiliate agreement.
HashFlare's mining equipment is stored in a hi-tech facility, design to house and host cryptocurrency mining equipment, which is kept within the best temperatures to ensure the longevity of the equipment and its performance. Furthermore, HashFlare contributes to decentralization by allowing you to choose between multiple mining pools.
How to Buy a Mining Contract
Part 1 - Create an account
We are going to show you how to buy a Hash power for Bitcoin mining but HashFlare also provides contracts for Bitcoin, Ether, Litecoin and Dash.
Step 1: Click here to register an account with Hashflare
Step 2: Enter your account information and click "Register"
You will be taken to your Dashboard. This is where you will perform all Mining related operations and where you'll be shown all relevant announcements. We can see in the announcements that we need to confirm our account and to provide a withdrawal address, so let's get to it.
Step 3: In order to be able to withdraw funds, confirm your email address
Step 4: Now we need to add a Bitcoin address to receive payments. Click "Settings"
Step 5: Enter your Bitcoin address in the correct field (1) and click "Save" (2)
While you're in settings you can also configure your personal details (This may be required if you want to pay with credit card or bank account) and active 2-factor authentication to improve security. You can also select a cool Avatar like we did.
Part 2 - Buy hashing power
Step 1: Now it's time to buy our Mining Contract. Click "Buy Hashrate"
Step 2: Select your algorithm. Bitcoin uses SHA256 so we'll choose that. (Litecoin uses Scrypt, Ethereum uses Ethash, and Dash uses X11)
Step 3: Drag the bar to select your hashrate like so:
Hashflare allows users to enter the world of mining for as low as $1.20, so we'll try that out. We can move to a higher hashrate later on, the price always stays the same.
Step 4: (Optional) If you have a preferred mining pool, you can scroll down and click the mining pool settings
Step 5: (Optional) Drag the bars to choose your preferred pool settings and click "Save"
Step 6: After you've chosen your desired mining power, click "Proceed"
Step 7: (Optional) If you have a promotional code click "Redeem code" to redeem it
Step 8: Now click "Select Payment Method"
Step 9: You will be shown many options like bank transfer, credit card and even Emercoin (EMC), but we're going to choose Bitcoin (BTC) as usual
Step 10: Agree to the Terms & Conditions (1) then click "Confirm" (2)
Step 11: You will now be taken to a Bitcoin payment processor, Cryptopay. Click "Pay With Bitcoin"
Step 12: Now send the correct ammount of Bitcoin (1) to the Bitcoin address displayed (2). You can also click the "Pay BTC" button if you're using a desktop wallet.
The payment is now complete and the purchase is pending. It can take up to 120 minutes for your hashrate to be credited.
You are now an official cloud miner, now just sit back and watch the block rewards roll in.
How to get an affiliate agreement
Like we've said, mining contracts are not the only way to profit from Hashflare's services. You can also get an affiliate agreement to earn part of the rewards earned by your referrals.
Step 1: Click "Referrals" a drop-down menu will appear
Step 2: Click"Tools" and you will be taken to the affiliate tools
You can now share the code displayed (1) to provide your friends with a special bonus. You can also click "Link" (2) to create a shareable link for them to register with.
Step 3: If you want some images to promote your affiliate link on your website or blog, click "Materials"
Step 4: You can now choose your preferred language and size
When you do you'll be shown different designs. You can now select one and use the code on your website.