Want to know more about crypto mining? Definitely! Well, else why would you be here?
Our Hashflare vs Genesis mining analysis here will help us understand this better. With a detailed analysis of Hashflare vs Genesis Mining below, you will also be in a better position to make an informed decision on which platform to invest in.
Hashflare is the latest platform dealing with cryptocurrency cloud mining by the mining experts, Hashcoin Company. Its mining pool was established in 2014 but launched a year later in 2015. This platform is fast gaining popularity because of the low initial costs to invest and the ease of digital coin mining on this platform.
Genesis Mining offers to join the process of mining bitcoins through a datacenter which has been in the crypto mining industry for longer. What is amazing is that they offer their clientele rigs for rent, thereby bringing down the overall cost of starting out at Genesis Mining.
While Genesis Mining is among the oldest cloud mining experts still in operation in the crypto mining industry, Hashflare is relatively newer having come into the scene only three years ago. For Genesis Mining, their display of installation photos and videos on their website helps validate their experience and expertise.
I think you would be interested to also know that the mining period at the Hashflare platform is based on the hash rate whereas cloud mining using Genesis Mining is for the long term. This is because the latter has a lifetime mining period.
Let us review these mining companies further, in more details, below:
Detailed Analysis of Genesis Mining
Genesis Mining company came into existence in 2013 and operates in Europe, Asia and America. For obvious reasons, they have not disclosed physical locations of their mining farms to the public. Over the years, it has grown to be one of the most reputable crypto mining companies.
Today, it is undisputed that Genesis Mining is also one of the largest and most popular providers of digital currencies.
Wait! We are not through yet!
These mining contracts are for the long run. You read that right — this is a lifelong contract with no maturity date. For as long as the contract remains profitable, you will be able to mine and get paid for mining.
Wondering How Genesis Mining Works?
Take a breather and relax; the process is as easy as ABC. This is because you do not have to use any complicated hardware or software to mine. In order to start mining, you only have to set up an account on the platform. Or have you set up an account with Genesis Mining already? Good. Now you can deposit money into your account.
You can use any of the following channels to do so:
- Bitcoin units
- Wire transfer
- Credit card
After you have successfully made money deposits in your account, choose a mining scheme that you prefer.
What Cryptos Can You Earn?
- X11 contracts will earn you Bitcoin, Peercoin, Namecoin, Litecoin, Dogecoin, Startcoin and Dash.
- SHA-256 contracts will help you mine Zetacoin, Dash, Darkcoin, Bitcoin and Litecoin.
How is Genesis Mining Different from Other Mining Companies?
As previously mentioned, this company is among the most popular and largest crypto mining interfaces. A miner will have to invest a significant amount of money in order to start mining.
Cloud mining with Genesis Mining ensures that you avoid the tedious tasks of setting and repairing mining hardware since mining is done online. Better still, you will not have to endure the noisy rigs which also produce a lot of heat. Moreover, your hash power is very important because it will determine which coins you can purchase.
With this platform, it is also amazing that you can split your hash power across different coins. With a current membership of over 300,000 miners at Genesis Mining, the company looks to bring on board even more investors from all corners of the globe and walks of life.
Buying contracts from Genesis Mining is a profitable venture. It is also important to note that factors which determine if a contract is profitable or not aren’t constant. A coin’s hash rate, network difficulty and price change every single day.
- Saves time: This app already has a rig set for you. All you need to do is just log in and you are good to go. This ensures that you save time by not going through the long process of setting up rigs.
- Cost effective: Setting up mining hardware and maintaining rigs is very costly. This initial cost is eliminated in Genesis Mining since a rig is already set up for you.
- Flexibility: You have the freedom to trade between the various coins available in this app. You are also guaranteed of making profits while at it.
- Convenience: you are saved from the noise, hassle and stress associated with setting up a mine.
- Permanent contracts: Get this, a single contract can guarantee you lifelong profits, making Genesis Mining very lucrative.
- Profits generated from this system are slow and may appear not to be lucrative in the long run.
- This app holds vital information from its buyers.
Hashflare Mining Overview
Forget that this is the newest entrant in the crypto mining industry. Hashflare mining offers a reliable cloud mining platform. It is one of the largest crypto mining providers and was established in 2014 but was officially launched in 2015 by Hashcoins Company.
By 30th June 2015, this mining company had gained 10,000 users on its’ platform. A total of over 1PH/S hash rate was also gained.
Most definitely you cannot have trust issues with a crypto mining company which provides its’ physical address. As if that is not enough, Hashflare also provides a detailed list of their clients alongside their photographs.
Despite being the second best cloud mining company, they offer a subsidized maintenance cost. Things might even get better when they switch from the aged Apollo technology to Uranus. Hashflare also offers you the option of choosing the pool to mine in.
They offer the following mining pools:
- Discuss Fish
- F2 pool
How Does Hashflare Work?
This service allows you to purchase hash power for a given duration. Once you purchase this computing power, chosen cryptocurrency are mined automatically. Your returns will be determined by the number of hash power purchased.
The benefits of renting a mining farm are that you do not incur costs procuring hardware. You are exempted from maintenance costs should components fail and huge electricity bills are the least of your concerns.
Is Hashflare Mining Legit?
The levels of transparency exhibited by this crypto mining company, suggest that this is a legit app. Charges, costs and revenues are clearly stipulated in the platform leaving no room for unnecessary speculations.
Returns are made almost instantly since their payouts are hassle-free and they are made as soon as you start mining with Hashflare Mining. Other provider’s payouts are restricted and may take up to days before you can get your returns. This platform’s payouts are not restricted by ridiculously high network fees and maximum payout amounts.
The fact that they have enabled re-investments from their returns is an added advantage.
Did you know that you can make payments from your own balance? Now you know!
Hashflare has a very beautiful dashboard. It is detailed and the information presented in an orderly manner. Users can choose the pool to mine their hash rate in. This feature lacks in other companies giving Hashflare a head’s start.
It has a two-way payment verification which is sent to clients emails. The interface has a detailed graphical presentation of a client’s detail. It shows balances, returns overtime earnings and allocation to a mining pool.
- Fast withdrawals: This system allows users to choose amounts to withdraw and as if this is not enough, you receive those withdrawals quickly.
- A detailed dashboard: All mining details are posted on a well-organized dashboard helping you make an informed decision. You are more likely to reap the high profits from this company since you get to choose the pool to mine in.
- Connects fast: You can start mining immediately payment is verified. This is pretty awesome because the first payout is done within the first 24 hours.
- Reselling your hash rate is almost impossible in this interface
- High maintenance costs
From the detailed Hashflare vs Genesis Mining analysis above, it is safe to say that these platforms are both safe and efficient to mine in.
We can clearly pinpoint a distinctive advantage from each company which makes it popular with the buyers. If you buy Genesis Mining contracts you are assured of life-long earnings from it. On the other hand payouts from Hashflare are instant and hassle-free.