Cloud Mining

Cloud mining is the process of buying CPU power from dedicated data centers who use their own equipment to mine cryptocurrencies. The main advantage of this approach is that you don't need to have in-depth knowledge of mining hardware, nor buy expensive and hard-to-obtain devices. Renting 'hash power' (usually measured in Gigahertz per second or GH/s) also means you don't have to deal with the heat and noise that comes with a DIY mining project. Many of these companies either source their own equipment or build it cheaply and have placed their data centers in countries like Iceland and China where electricity is cheap, passing the savings on to you.

Hashflare is a subsidiary of Hashcoins, another manufacturer of Bitcoin mining equipment which has been around since 2013. Its website gives a detailed rundown of the firm’s data center including pictures. Hashflare offers you the chance to purchase hashpower for a variety of SHA-256 and Scrypt coins such as Bitcoin and Litecoin as well as Ethereum and ZCash. You're also free to choose your own mining pool.

Hashflare is open about its maintenance fees: they are $0.0035 for every 10 GH/s of SHA-256 coins and $0.005 for every 1 MH/s of Scrypt coins a day. Ethereum contracts are not subject to any maintenance fees. Your total pay-out will depend on the mining pool you've chosen and how much hash power you've allocated to it.

Currently Hashflare only offers a guaranteed Hashrate for Bitcoin and Litecoin mining for 12 months – previously, mining contracts were unlimited. This may make it harder for you to make a profit on your original investment.

If you're ready to start earning cryptocurrencies without much effort click here to join Hashflare.