How does mining on Hashflare work – Expanding Crypto
There is a bit of confusion of how mining on Hashflare works and how the contracts work. Te this postbode, wij’ll have a look how to get commenced mining on Hashflare to earn you Bitcoin, or Ethereum.
Very first of all, you need to create an account on Hashflare. The process is fairly plain spil you only need to pack ter the registration form, which is fairly straight forward.
Hashflare registration form
Once you pack ter the form, you are ready to begin purchasing mining contracts.
Purchasing mining contracts
Ter order to purchase contracts, select the contract you wish to purchase, haul the slider to your desired amount and click proceed, where you can select your payment method, which by default, you can pay with:
- Balance – if you have already mined some value, you can then use your credit to purchase extra mining power
- Wire transfer
- Credit card
Hashflare – select amount
After you pay, you will need to permit some time for the purchase to go through. Once verified, You will have your contract and you commenced mining automatically. One thing to keep te mind is that on the instrumentenbord, your hashrate will update spil soon spil your purchase is finish, but your revenue forecast will not update until the next day – this is also true for any extra purchases.
Your contract will last for 1 year. Any further contracts that are purchased will also last for one year.
- 1ths purchased on January 1st 2017, total 1ths
- 2ths purchased on January 20th 2017, total 3ths
- January 2nd 2018, 1ths expires, total 2ths
- January 21st 2018, 2ths expire, total 0ths
You can see all your current contracts ter your History.
Hashflare charges fees on your mining profits. Thesis fees voorkant pool fees, tens unit, maintenance, etc. The fees vary a little by little but are generally 17%. You can always check your fees by looking at what you mined and how much wasgoed deduced for fees ter your history.
Reinvesting is where Hashflare truly excels. You can reinvest what you mine everyday into purchasing more hashing power spil long spil you have more than the ondergrens amount – presently $Two.Two USD.
There is an automatic reinvest feature but it doesn’t seem to work very well, so far, it only reinvested for mij 2x. It is therefore recommended to reinvest by hand each day if you choose to do so. You will commence earning profit from your reinvestment the next day.