Hashing24 Review
If you are reading this review, you are either new to mining or looking for a new company after figuring out another was not as profitable as you were led to believe, or worse, it turned out to be a scam. Either way, you have come to the right place – we will try to keep things understandable and interesting for both complete beginners as well as seasoned miners in this article.
First off, let us go through some basic information about the company. HASHING24 is a pretty decent looking and functional webpage which will allows you to easily learn everything you need to know to start mining here. You register an account, choose your hashpower, pay for your contract, and a huge mining data center does everything for you. Think this sounds great? You’re not alone. However, due to some scams in the cryptocurrency world, there are a number of factors you should consider when choosing a mining company. This is where we come to help – after we dissect of the pros and cons of investing here in this Hashing24 review, you’ll be able to make an informed decision.
Mining plans
With these people, you have the option to set up a custom plan by renting the exact amount of hash power or spending only a certain amount. This means a pretty large number of available contracts, depending on your preferences, and considering the company has not introduced any major changes in this area so far, this setup has worked very well. So, no set contracts, and both payment method and hashing power depend on your choosing. You can find some example contracts all over the web, which you can use for reference and comparison with other existing cloud mining services. The company offers a bitcoin profitability calculator, which helps you decide if you are ready to start making bitcoins – as soon as you do, the payouts are daily and with a minimum of 0.001 BTC – but more on that later. Although all of this means you can create diverse mining plans, things are not that complicated, since they are limited to bitcoin mining plans, and the flexible part is basically hash power. In essence, the minimum amount to purchase is 100 GH/s (for a price of 68.5 USD) and the maximum is a million GH/s for 685.000 USD. You are charged a maintenance fee depending on the hash power amount – this is the case with any cloud mining company, and the fees are discussed in more detail later on. For now, it’s enough to know that the fee stands at 0.033 USD per 100 GH/S and you can pay for it with USD or EUR or bitcoin. Now, Hashing24 mining is different than what most other cloud mining companies offer because it has open-ended contracts for you to invest in. This translates into no time limit, and your contract remains yours for as long as its profitable. As you have already realized yourself, this setup serves as a great alternative to simply buy cryptocurrencies like bitcoin. However, if your contract does not make enough to cover the price of the maintenance fee, you will receive a warning that you have three days to make it profitable again – if you don’t manage to do this, the contract in question becomes cancelled. But how does one even register in order to start such a process? Continue scrolling.
Register and start mining
The registration process is done in minutes and you can choose to register using either your email address or even speed up the whole process – simply connect to Hashing24 via your Google+ or Facebook account. When it comes to the wallets, you can link your bitcoin wallet with your Hashing24 account, and if you don’t already have one or simply desire a new one for those coins mined with Hashing24, creating one during the registration process is easy. So, you have successfully registered, and now it is time to choose an amount of hashpower you want to buy, now what? Well, as we have previously mentioned, the only condition at this point is buying a minimum of 100 GH/s.
After purchasing the service provided by Hashing24, you are now provided with the benefits on a daily basis – those are sourced from BitFury’s equipment, located in their data centers. Mining begins at exactly midnight UTC, without delay and automatically. You can buy open-ended BTC mining contracts from other users on auction – those generally sell between -20% and +8% from their fair value, so determining that value is crucial when it comes to buying. The main difference, compared to other sites, is that Hashing24 auction their contracts in BTC instead of USD, so cheaper BTC at any given time means better deals on the contracts. Hashing24 mining profitability calculator, in fact, corresponds fairly well with actual payouts.
You can make a withdrawal using two different sources – either your deposit wallet or your mining or income wallet. The first one requires a simple account verification. Withdrawals are quick and happen in less than twelve hours, and the transaction fees are standard – 0.001 BTC. Each of those comes with a complete statement history, stating how much you have already earned from each of your contracts, as well as a complete transaction list. You can sell your contracts, and Hashing24 takes an admin fee. While some auctioneers take up to 40%, Hashing’s fee is only 20%. Interested in how to fund your mining plans and their potential payouts? Read on, this Hashing24 review has that, too.
Payment options
The company offers standard payment options when it comes to purchasing hashing power – you can pay for mining contracts either with Bitcoin, or Visa, MasterCard, and Maestro credit and debit cards. OKPay and bank wire transfers are other options. Some of the advantages of each option are listed below:
Bitcoin transfers are the cheapest plan-funding strategy because no fees are charged when using them besides miner costs;
Credit cards are an almost instant way to buy contracts with this company, but accepted fiat currencies extend only to USD and EUR, and the payments include an additional 2.7% fee;
Bank transfers are pretty cheap, but not as much as bitcoin transfers since you will still be charged transaction fees by your bank. The amount of any fee will vary from bank to bank, so it is best that you check how big this cost is prior to making any deposits.
Besides the payment methods described above, you have another option for buying a plan – you do not have to buy directly, but you can use any of those methods to fund your account alone and then use available balance to buy a plan. The payouts are then credited to your account on a daily basis. More specifically, in a 24-hour interval, the Bitcoin balance from mining activity on the previous day is automatically credited to your account. Next, we will describe the payments and fees in more detail, in order to inform you of the numbers, but also to give you another potential profitability indicator for Hashing24 mining.
Payouts and fees
The pricing system itself is not so difficult to understand – you choose the amount of mining power you need and want to buy and pay for it by bitcoins or bank wire. Mining power is measured in lots, each representing 1,000 GH/s and costing 0.125 bitcoins. Generally, the payout is among the highest. No matter how you purchase you mining contract, Hashing24 fee stays flat at 0.00033 USD per GH/s per day. However, if you buy hashing power with a particular hosting service, there is a one-time fee involved. Upgrades are about 10 USD higher per 0.2 Th/s, and they come in 100GH/s. This means you can start mining with less than 20 USD and a power of 100 Ghz/s, and the maintenance fee of $0.00033 per GH/s per day will be automatically deducted from the daily payout. More specifically, each host provides you with the 100 GH/s for 19.95 USD, and there are no limits to the number of hosts for you to order. Since the one-time purchase of hashing power is the only one being fined extra, buying more seems more profitable. Basically, the amount of hash power of any of your contracts will depend on the number of mining hosts you subscribe to. Bitcoin transfers to any other website come at no cost, which is pretty rare.
But we will switch this Hashing24 review back to the step-by-step guide, since you now know how to choose and pay for your mining plan. You have done that, so your payment is being received and your order made. The order consists of two parts, the maintenance fee and the one-time payment for power allocation. The first one we have already covered, and it simply ensures daily maintenance of the mining equipment and the supply of power. In essence, the fee should cover basic resources needed for mining bitcoins, such as hosting services, cooling systems, electricity and general maintenance work. After the order is finished, an update is made on your profile and your new contract is added to the system. The one-time payment option still gives you unlimited hash power, as well as including no time restriction. The cost of that one is deducted directly from your mined bitcoins, using the current exchange rate of BTC to USD.
As is the case in any mining operation, there are several factors which play a vital part in your bitcoin earnings, such as the type of blocks that you mine and their difficulty and block rewards, so accurate prediction is still pretty impossible. However, Hashing24 mining payouts are in general based on their network hash rate, so the calculator tab on the company’s website should come in handy. Since there is a finite number of bitcoins to be mined and distributed, the difficulty of mining bitcoins is always increasing with every newly mined coin. This, in turn, affects the payouts for systems such as Hashing24. Another factor to consider is the BTC to USD exchange rate since the maintenance costs are paid in dollars.
Security
Worried about Hashing24 scam happening? Well, don’t be because standard security features such as your personal safety tools, including two-factor authentication (2FA) support, password manager, as well as an inactivity logout system are all in place. The two-step authentication adds another layer of security when you are logged in to Hashing24 website. Regarding the company level security, the website itself is SSL certified, which translates into encrypted communication between the website and your browser and extra protection for the website’s content. In order to ensure your personal features stay on the safe side, Hashing24 mining is also done with an antivirus guard scanner with free weekly backups, as well as a scam killer protection for e-mail ID.
To demonstrate how easy-to-use some of these features are, let’s say you have lost your password. With Hashing24’s password restore mechanism, which basically means clicking the ‘I forgot my password’ button and receiving an e-mail with the necessary instructions, you really don’t need to worry.
On the other hand, let’s say an expense on your account is marked as fake for whatever reason – this constitutes as a serious offense and the company has the authority to stop the transaction process at once, without warning the individual (in this case you) about it. They allow you the time to solve the problem, but if you do not, your account could be deleted, and the transaction stopped permanently.
We feel like we should point out another important aspect of the company’s business conduct, regardless of it being usual in today’s market. Their client’s privacy is of utmost importance, and all of your personal details are kept safe and private, with the exception of a legal body requiring permission to access them. Besides those, no other third party is allowed to get involved with your personal information. In our book, there are absolutely no Hashing24 scams whatsoever.
