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.com 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.
We will start things off with an overview of basic company information. A note for complete beginners: if you find yourself failing to understand any of the information in the following text, feel free to check out our extensive coverage of the mining process itself, in related articles. However, we will explain cloud-based mining in a few sentences, so don’t go away – we’re just getting started.
Hashing24 has been around since 2012, which is a long time in bitcoin terms and something that should give you an initial signal about their quality. However, the website has been up since 2016. As the company says, they are ‘made by professionals’ and work with industry leaders (for example, they have BitFury as their initial mining power supplier). Technically, they are a cloud mining contract provider, which means that they offer a hosting service – they mine bitcoin by using a remote data center. A user such as yourself simply buys CPU power from those data centers, and they mine your coins for you with their own equipment. Why should you consider this option in the first place? For starters, you do not need to know everything about the mining hardware or buy any of those fairly expensive devices. Cloud mining means ‘renting’ hash power – which means no noise or heat from a mining machine, amongst other things.
Hashing24’s publicly listed offices are located in Scotland, Ukraine, and Thailand. It’s registered in the United Kingdom as Newstar LP, and the company listed a general partner firm called Corporate Management LTD. Hashing24 itself is listed as a partner on BitFury’s website. If you are wondering why this is relevant, you should know that BitFury is a trusted supplier, as well as a leading mining hardware and blockchain solutions company. Besides having received venture capital from a couple of big names in the business, it is a member of the Blockchain Alliance, an organization that helps law enforcement with investigations regarding blockchain fraud. This is another cue on the company’s operations being legit. BitFury’s data centers are located in Iceland and Georgia, and provide customers with hashing power as high as 200 Ph/s.
Hashing24 mining can be tested in a demo mode, which gives beginners the option to simulate potential profits before committing to a Bitcoin contract – basically, to gain an understanding of basic concepts involved in cloud mining. Of course, since BTC prices vary greatly, this option cannot project your future profits in any way. After registration, you are eligible for signing up for Bitcoin contracts for a period of three years. In case these contracts are sold out, Hashing24 has got you covered with its auction feature. This means you can bid on hashpower from existing customers. The whole process is fairly simple, and it includes the following steps: registration, choosing a mining contract, making the payment, and after order processing and mining are done, receiving your daily payout. You were probably reading the last sentence thinking about possibilities related to mining contracts, and the following part is all about those, so read on.
Before going into specifics in this Hashing24 review, we would like to point out two important things – the company exclusively works with bitcoin, so those of you who are interested in other cryptocurrencies, such as Ethereum, are going to have to wait for that option for now. Secondly, the company sells you only newly mined coins, which you can verify using any of the block explorers available. Onto the mining plans now.
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.
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.
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.
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.
New bitcoins are created every day and after every mining activity your new coins safely arrive at your account without fail. Hashing24’s minimum withdrawal fee is 0.002 BTC, and there are no specific limitations on when you can make withdrawals – you are free to do so at any time. The withdrawal procedure is simple, and it includes the following steps:
You will know the process was successful by receiving an email with a confirmation link for your withdrawal. You will notice the amount is a bit less than you initially requested, but remember that a bitcoin transaction includes a fee.
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.
We have already covered the reliability of the company’s main partner, BitFury, in this Hashing24 review. Combined with Hashing24 team’s experience in mining cryptocurrencies, this means quality service. Still, regarding customer support, these guys have got you covered. Their webpage FAQ section covers most of your queries and possible issues. If not, you can live chat with the support team or submit a ticket reporting your complaint or question. The company tries its best to keep their customers satisfied, and at all times educated. Although the founder David Martin launched the project four years later (after officially partnering with BitFury as their primary supplier of mining power), the team itself has been active in cloud mining since 2012, and they certainly know a thing or two about the industry.
If you don’t believe us, try it out for yourself – simply open the Hashing24 website, and click on the chat icon in order to communicate directly to a representative – the team is always live and waiting to address any of your concerns.
Some of the advantages Hashing24 offers its users include access to world-class data centers with a network using more than 200 Ph/s hashpower – as we said, in case of any unanticipated downtime, the user is compensated. You have almost immediate access to mined bitcoins, generally within the first 24 hours, and they are automatically deposited to your wallet. If all of this still isn’t enough for you, this Hashing24 review has the company’s key benefits listed below.
– fast and reliable
Simply put, Bitcoin mining can get pretty complex, and any company that can get you brand new bitcoins within the first five minutes of signing up is worth considering.
– accessibility and optimization
We’ve already covered the no-time contracts that make Hashing24 mining stand out on the market. Both legit mining (exclusively new coins!) and unlimited access make the process of mining with the company free of added stress and pressure. Cloud mining itself eliminates the need for maintenance and hardware set up by handling the entire infrastructure department for you and allows you to focus your attention to mining. Compensation in the case of a downtime in the data centers is an added bonus.
– the electric bill and hash power
Bitcoin mining usually involves hardware maintenance and high electricity bills. As a client of Hashing24, you are entitled to industry equivalent electricity price rates, as well as a number of discounts for larger contracts.
Besides giving both newcomers and expert miners access to premium industrial-grade mining equipment and software, the company has a few more hobbies summarized below:
– they are constantly aware of all the other major players in the bitcoin mining world;
– potential new partners are continually considered and vetted in order to explore possibilities of providing even better speeds, capacity, and performance;
– existing partners offer official warranties, meaning they alone are held accountable for any mining issues caused by their equipment (although, they partnered with the most reputable companies, and their top-notch data centers almost never go down);
– constantly looking for and implementing available technological innovations.
The only thing that was talked about as a potential drawback is the fact that Hashing24 does not provide a rate of return per bitcoin. Even though users can always see the maintenance fees and transaction fees, but unlike some other cloud mining sites, there isn’t any information on how much you can expect to make from a contract with Hashing24. Of course, if you want to mine coins other than bitcoin, or live outside areas covered by the company’s services, Hashing24 might not be the best choice for you.
In case any of your questions remained unanswered after reading this Hashing24 review and assuming the most important one being is Hashing24 legit or a scam, we urge you to remember several key points made in the review itself. The first one is simply the fact that this company is backed by BitFury – a member of the Blockchain Alliance, among other things. The second one is more practical in nature, and it concerns the possibility of using a demo version before paying any actual money. All of your bitcoins are newly mined, which you can always verify by external services. Hashing24 is not only scam-free, it is a company that uses partnerships with leading mining partners such as BitFury, as well as its own talented employees, to allow regular users the ability to enjoy a mining infrastructure of industrial grade. Although it is very easy to use and intuitive, there’s always Hashing24’s great customer support if you get stuck. The company does everything for you, and you don’t have to worry about things like maintenance or power outages. In the event that the data center encounters any unexpected downtime, you will be compensated in bitcoin.
In conclusion, Hashing24 offers hashpower coming from real data centers, working with real mining equipment, established in the industry. If you have already made up your mind that cloud mining is the right choice for you, we hope that this review has helped you in deciding on the right mining partner. Start mining bitcoin in minutes with Hashing24 and you will be using the industry’s latest technology. Open your account now!
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