Mining cryptocurrencies are profitable given you choose a powerful mining hardware. However, there is a learning curve if you’d want to try it. You have to invest a high upfront capital for purchasing a mining rig, set up the mining operations yourself, pay for high electricity and maintenance costs, and look for a non-residential location for setting up your mining operation as mining rigs generate noise.
All this when combined with increasing mining difficulty and reducing block rewards make cryptocurrency mining less attractive to investors.
This is where cloud mining enters the picture.
Cloud mining is a completely hands-off approach. You simply rent hashing power from a cloud mining operator and that’s it. The operator will take care of everything – buying hardware, electricity costs, mining cryptocurrencies, and maintenance.
Hashing24 is one of the top cloud mining services that enables you to mine bitcoins in the most simplest way.
In this Hashing24 review, I will discuss all the aspects about the platform in detail. I will cover everything from profitability to public sentiment. By the end of the article, you will have an answer to whether or not you should use Hashing24.
Hashing24 is amongst the top Bitcoin cloud mining operators that allows you to mine bitcoins without having to go through all the hassle of setting up your mining operations yourself. Founded in 2012, Hashing24 claims that it has over 200,000 active users on their platform.
One of the reasons that Hashing24 customers trust their service is their partnership with the Bitcoin mining and blockchain technology behemoth Bitfury. Yes, you heard that right, Hashing24 is the official partner of Bitfury. When you purchase a cloud mining contract from Hashing24, the company leases the required hashpower from Bitfury.
Talking about Hashing24 cloud mining plans, they currently offer 12-month, 18-month, 24-month, and 30-month Bitcoin mining contracts. The best part about these plans is that there are no fixed packages.
You can customize Hashing24 plans based on your requirements. You can purchase a mining contract for less than $10. To top this off, Hashing24 also offers a demo account for you to test their services. Furthermore, you can even sell your mining contracts via Hashing24’s Trading Room.
The biggest highlight of Hashing24 is that they reward you with newly minted bitcoins. You can verify the authenticity of their claim, by verifying your transition on a block explorer.
To give you a little background, new bitcoins are released into circulation via mining. So, when I say you get newly minted bitcoins, it means that mining is actually performed. However, some mining services do not offer newly minted bitcoins raising a doubt on whether or not your money is utilized for mining.
As for their drawbacks, Hashing24 only enables you to mine bitcoins. So, if you are looking to mine different cryptocurrencies, Hashing24 is not for you.
How To Get Started With Hashing24?
- Register yourself with Hashing24 by creating your account.
You will need to add your email address, create your password, and select your country. You can also choose to sign up with your Google or Facebook account. Once you enter your details, confirm your email address, set up a security pin, and that’s it, you have created your Hashing24 account.
- Create a custom Bitcoin mining contract based on your requirements and profit analysis.
- Pay for your selected mining contract using Bitcoin, Mastercard, or VISA.
- Hashing24 has partnered with Bitcoin mining giant Bitfury for providing you the best cloud mining experience.
- Hashing24 mining contracts are open-ended. You can create your custom mining contract based on your requirements.
- Hashing24 is one of the most trusted cloud mining operators. The company has been in the cloud mining space for 10 years now.
- You get newly minted bitcoins thereby verifying the authenticity of the cloud mining service.
- You can buy and sell your contracts via Hashing24’s trading room.
- You can test the services of Hashing24 by using their demo account.
Partnership with Bitfury
Bitfury is one of the premiers and leading full-service blockchain technology companies of today. In 2017, it was estimated that Bitfury had the third-largest Bitcoin mining operations.
To list a few of Bitfury’s achievements, it was featured as a part of the Blockchain Alliance, which is a law enforcement agency revolving around blockchain investigations. As for their financials, Bitfury has raised a total of $170 million from investors like Korelya Capital, Galaxy Digital, and LIAN Group among others.
Hashing24’s partnership with Bitfury says a lot about their commitment towards providing the best mining services to their customers. The partnership gives Hashing24 a great leverage over its other closest cloud mining competitors.
Hashing24: Finer Details
Hashing24 is pretty transparent as a company in the sense that they have actually listed their office addresses publicly on their website. While two of their offices happen to be in Thailand and Ukraine, the third one is actually in Scotland.
For calculating Bitcoin mining rewards of your custom created Hashing24 mining contract, you should consider all the factors – Bitcoin mining difficulty, block reward, hash rate of the mining contract, and maintenance fees.
To ease your calculations, Hashing24 provides an in-built calculator on their website. You just need to add the hashrate you wish to purchase and you will get your estimated profits. Moreover, you can directly calculate your profits on Hashing24 pricing’s page while you select a plan.
If I go by the Hashing24 mining reward calculator or any other trusted mining reward calculator, Hashing 24’s cloud mining contracts are profitable as of now. Also, thanks to their volume based discounts, the more hash power you rent the higher are your profits.
Nonetheless, Hashing24’s in-built mining calculator does not consider maintenance fees. So, while you calculate your profits, always consider the maintenance fees and then determine the profitability of your mining plan.
At Hashing24 your mining rewards are calculated on a daily basis. It implies, your mined bitcoins will be credited into your Hashing24 account balance once everyday for the previous mining day. Once your balance reaches the minimum withdrawal limit of 0.0007 BTC, you can withdraw your funds.
You should also note that if your daily mining rewards are less than the maintenance fees, you will have to compensate for the maintenance fees. If you fail to pay the maintenance fees, your mining contract will be terminated.
Hashing24 Reviews: Public Sentiment
Hashing24 has received mixed reviews on Trustpilot. A majority of the reviews say that Hashing24 contracts aren’t profitable while some people are all praise about Hashing24. One thing to note here is that Hashing24 have even replied to a few negative reviews on Trustpilot explaining why their contract was terminated as they didn’t pay the maintenance fees.
On one hand, Hashing24’s partnership with Bitfury, their transparency, and their market presence for a decade indicates that Hashing24 can be trusted. On the other hand, reviews on the internet are mostly critical that their contracts are not profitable.
I recommend you to go through the reviews yourself, use their demo account, and then make a decision on whether or not you should use their service.
Hashing24 is amongst the best cloud mining services out there. Their partnership with Bitfury induces trust among their users.
Hashing24’s bitcoin mining contracts can be profitable, however, Hashing24 haven’t listed their maintenance fees on their website. So, make sure you are considering the maintenance fees while you register and create your custom mining contract.
Is Hashing24 legit?
Yes, Hashing24 is a legit company that offers bitcoin cloud mining services in partnership with Bitfury, a leading crypto mining and blockchain service company.
Which cryptocurrencies can I mine using Hashing 24?
You can only mine bitcoins with Hashing24’s cloud mining contracts as of now.
Are Hashing24’s Bitcoin mining contracts profitable?
Hashing24 bitcoin mining contracts can be profitable. However, you should note that their in-built bitcoin mining reward calculator does not factor in the maintenance fees. So, to accurately calculate your estimated profits consider the maintenance fees along with other parameters like mining difficulty, block reward, hash rate, and the current BTC price.
Hektor was first introduced to Bitcoin back in 2017 when one of his clients paid him in Bitcoin. This got him curious and he started exploring services and products related to Blockchain and Cryptocurrencies. He started Bitcongress so that he could share his findings through in-depth guides on the platforms.