How profitable is the mining on HashFlare io


When I started this mining in the cryptocurrency cloud, I found many problems finding information about the reliability of cloud mining companies, often because of incorrect information from many disgruntled users, and sometimes because these companies only offer data or statistics, that they want.

This analysis is about one of the most famous cloud mining companies and I will not try to guess whether it is a scam or not. I will share real data about the 4 months since I paid for one of their contracts (contracts from Bitcoin, Ethereum and Dash).


Duration: unlimited

Hashrate: 24,200 GH / s.

Maintenance costs per day: $ 0,00028 / GHs = $ 6,776. These costs will be deducted from the daily payment. That means, if you mine BTCs worth $ 30 every day, you have to subtract the daily maintenance costs (in my case $ 6,776), the result will be transferred to your account with BTCs.

price: $ 3.230



Duration: 2 years

Hashrate: 21 MHs

Maintenance costs per day: no costs

price: $ 630



Duration: 2 years

Hashrate: 45 MHs

Maintenance costs per day: no costs

price: $ 275


Initial dates

In my case, I paid for the contracts with a credit card, but you can also be paid with some cryptocurrencies. Paying by credit card means that the mined coins will be kept for 31 days to ensure that no fraud will take place. You can see what is undermining your contract day in and day out. Once you have completed the 31 days, everything that is stored in your BTC account will be transferred. During these first 31 days, you can see the coins mined in the “My Orders” section.

If your contract does not provide any services for a month, i.e. the daily maintenance costs are higher than the value of the coins mined, the contract will be automatically canceled.

BTC's contract allows you to mine coins using the SHA256 algorithm, while also allowing you to mine Zetacoin as you can see in the image below.


You can distribute the hash rate as you like, but the coins that are named AUTO in brackets are not mined directly, but first changed as BTC and then automatically into this currency. For example if you put 100% in DASH, BTCs will be mined but at the end of the day will be changed as DASH.

BTC contracts are currently available for pre-order and will only be phased out from March 15, 2018. After reading this post, if you want to get involved, then in the Conclusions section you have a coupon code that can be used to get a 3% discount.

To calculate the difficulty, the average of the last few months is used, although in the conclusions, an estimate with an exponential increase in the average is made.

Statistics after 4 months

The start date was July 10th, 2017 and the statistics will be displayed here until November 10th, 2017. Maybe I'll update these statistics later in a future post.

First week of degradation after the first 31 days

As you can see in the picture above, I do a complete checkup every day because it is my money that is at stake.

I have to make it clear that what is calculated in $ is not real, as the current BTC value is taken in the picture (7700 $), but on 07/10/2017 it was significantly lower (2444 $). The value of the BTC at any point in time is very important because it will determine the percentage of the BTC.

Please note that every day, my contract breaks down less. Why? Because in mining the difficulty and price affect the daily BTC. Examples:

On the 10th day I had mined 0.00698512 BTC, from which the $ 6.776 maintenance costs of my contract had already been deducted, but for example on the 16th day I had only mined 0.005025 BTC. On the 16th day there had been less mining, as the price of BTC went down from $ 2,400 to $ 1,800 and the difficulty in mining BTC increased by 13.53%. It was quite a lot (this happens about every two weeks - see picture from July 14th, 2017-. You can see the history of the difficulty levels at

Please note that the contract is less dismantled every 2 weeks due to the difficulty (the difficulty usually increases). At that point, my predictions for the price of the BTC were pretty bad and I thought my perpetual contract would end in 2018 without getting the investment back. I had accumulated 0.04781559 BTCs and the price of BTC was $ 1800 which was a profit of $ 86.06 and my mining was gradually reduced every 2 weeks. If you look at the picture in the “BTC ($) accumulated” column it would be $ 369 at the current BTC price.

Dismantling 1st month (from 07/10/2017 to 08/10/2017)

From 07/10 to 08/10 the mining was reduced from 0.00698512 BTC to 0.00487391 BTC. It was a very bad month as the difficulty of mining increased by 20% but the price of BTC went up to $ 3400 which was good news and I had accumulated 0.18053812 BTC in 1 month which was the same as $ 613 ( at the current price of the BTC is equivalent to $ 1395).

The predictions were slightly better but not great, had only recovered $ 613 in one month of the $ 3,230 investment and I knew the profit for the following months would be lower (I had done my calculations).

Later, in the “Conclusions” section, I will describe the 11/11/2017 estimate.

First 4 months of dismantling (from 07/10/2017 to 11/10/2017)

At last! The price of the BTC exploded to the current 7700 dollars and after 4 months I already had 0.61220254 BTC (until October 11, 2017). If you look at the “BTC ($) accumulated” column, the value is 0.61220254 BTC $ 4733.550039.

Mine value = $ 4733,550039

Initial investment = $ 3230

Profit = $ 1503,55

I never thought I'd write off the investment so quickly, but the rise in the price of BTC has made BTC cloud mining profitable. Yes, in 4 months I have decreased from the daily reduction from 0.0069 BTC to the current 0.0038 BTC, a pretty strong reduction, but at the current price of BTC my contract will not be canceled until the next halving in 2020 according to my estimates.


During those 4 months a lot of things happened to Genesis Mining including hacking their servers but once they were resolved they made all overdue payments. Yes, it is true that sometimes the daily payments do not appear in your console and you can think that they do not pay, but they do the transfers.

When making payments, one must take into account that they have a minimum, that is, if the value of the mined BTC does not reach x, they accumulate it and only pay when the minimum limit is reached. The following table shows the minimum limits for payment.

Please note the cells marked in yellow, these cells are days that the payment did not appear in the console of genesis degradation, and I had to confirm later that I had confirmed the transfer.

The profit these contracts offer me is not comparable to BTC and I will not analyze them in this post (I will describe them later in another post), although they are also profitable contracts, but of a lesser nature. For the moment they are not worth it, which doesn't mean they won't be profitable in the future, especially if the price goes up, but for example Ethereum is planning to go to the POS instead of POW and this would mean the contract would be ETH would no longer be valid, and one would have to activate an alternative currency such as ETC. In the case of DASH, the introduction of new ASICs doesn't make it very profitable until cloud mining providers update their contracts.

These are personal opinions and are subject to change at any time due to market volatility, but today I would only recommend BTC contracts.

In my opinion, the BTC contract is currently profitable because the BTC price has increased and because it is a perpetual contract. The risk is the volatility of BTC's prices, if it falls sharply and stays that way for a month, you can cancel the contract.

Within 3 months I managed to get back the investment in the BTC contract and in 4 months I received a profit of $ 1500. If most analysts are correct with their predictions, the price of BTC will rise above $ 10,000 in 2018. On the other hand, others think that the cryptocurrency world is a bubble and the investment could be lost quickly. My personal opinion is that it will keep rising in 2018, but you never know.

As for Genesis mining, it is NOT a scam, they pay, if not always daily, usually a day or two late. Their customer service is pretty slow and when you want something in return they usually don't pay attention, but otherwise it's a reliable company in cloud mining.

Currently, I've invested more money in another cloud mining provider for 2018, and once I have real data, I'll be doing another blog post.

I am leaving a picture of my mining estimates with the BTC contract I currently have (24,200 GHs) as of November and with the current BTC price.

It is not an exact estimate, and BTC's mining formula is not accurate either, but it is an approximation that can be useful. Each line corresponds to 2 weeks for adjusting the level of difficulty and can be redirected enough if there are contingencies in the Bitcoin world (hard forks, more powerful ASICs ...). This calculation is for a BTC price of $ 7700, but presumably it will increase and it will only be shown until 2018 because in the orange row my contract will no longer be profitable and will go into a loss, so it will automatically be canceled in a month.

As you can see, the contract will end at the end of 2018 as long as the BTC price stays as it is today. In the worst case scenario, we would get the investment back and make $ 1,000.

“And isn't it better to buy BTC directly instead of mining it? Actually, people often say that it is better to buy them "

With the current BTC price at $ 7700, it's more profitable to mine. For an investment of $ 3,230, I could buy 0.42 BTC by 2018 and mine 0.56 BTC (by my most realistic estimates). As can be seen, there is one major difference, although that can change quickly. In the beginning, mining was hardly profitable. Today, November 2017, it's not worth it, tomorrow ... who knows?

One last recommendation never invest money if you cannot afford the loss, the world of cryptocurrencies can change very quickly, for both good and bad.

If this post has been useful to you and you are thinking of investing in Genesis mining, you can do it through this link.

Enter this code during the purchase of the contract


in the “Coupon Code” field as soon as you select the payment method. The field is displayed in the following image. Click the "Validate" button before proceeding with the payment.

You will get a 3% discount on the price of the contract and thus I get 2.5% of the power of hashing that you rent. It's a win-win for everyone 🙂

You can also donate if you want to at the following addresses:

BTC => 1EWBLbga3ERF2zLc4VMmkquNktLGJemBwh

ETH => 0x05bf045da595b3c113a7cbdaf5c3703a4560309d

LTC => LRuqbS4byGgTxo6cD8S5ezDoNGAVxnb3u8

DASH => Xgvp2kRFKtFctqVWE7gvY5o2fEd9C1JMj9

Until next time!

Is Genesis Mining a Scam? was last modified: November 29th, 2017 by CMA