Is hash flare a scam?

hashflare

#1

Hello I’m new to crypto and would like some advice on hash share and which one to buy?
Is it a scam?
Also is genis mining better than hash flare?
Thank you for any experienced advice :+1:


#2

Moved to the mining section.

Check out this topic.

This person has invested in Hashflare.


#3

Thank u sir very kind of you :+1:


#4

Genesis has been sold out for a long time.


#5

Have u used hash flare ? Is it good or is it a scam ?


#6

I do use hashflare, but only recently. I’d advise starting slowly if you do get in.


#7

What hash do u recommended as a starting point ? Thanks


#8

That really depends on you. I mean, how much do you want to invest? I guess I should do a post about cloud mining. There’s a lot to say.


#9

Not sure what to invest as I’m new but I was thinking maybe $500 and just keep reinvesting the profit. I was just a little worried that I put my money in and then in the near future the company disappears along with my money


#10

I am not a fan of cloud mining at all.

Basically I look at cloud mining like this:

By signing up for cloud mining you are taking on all of the risk. How? You have paid the upfront cost of the equipment for the cloud mining company. So you have put the money up, their responsibility is now to pay you back. They have not guaranteed to you any amount of payback. Your contract is at least a year with the stipulation in your contract that they may cancel your contract due to electrical costs, maintenance fees, or not profitable. Not profitable to whom though? So all of the risk of not obtaining your ROI is on you. For them, you have paid the cost of equipment and they will mine on that equipment until it is not profitable anymore for them. They also hold the assets which hold some value.

Next, most of them want you to pay them in crypto. You are paid back in crypto over time. If there is a fork during this time, you are out that amount.

I touched on this already but it is very important. Read your Terms and Conditions! The biggest lie on the internet is when you click that you have read the terms and conditions and you agree with them. No one reads all that “boring” stuff until it’s too late. Read it and make sure you understand it. Each one that I have read will have clauses for them not to have to pay you. For one reason or another, they don’t have to always pay you and it’s on their terms. If THEY deem it not profitable. This is the shift of risk from them to you.

They make money no matter what. Either through taking their portion of the mining, the equipment, or your violation of the contract.


#11

Thank you definitely some food for thought :ok_hand:t2:


#12

Genesis mining and hashflare both are likely scams. Their business model doesn’t make sense like bitconnects. There’s no real explanation to why they’d run a company like that unless ofcourse it is a scam.


#13

I disagree, there are huge differences between Genesis Mining and BitConneeekkkt!

First, Bitconnect offers a guaranteed return, because of a magical trading bot, which needs your money for some reason.

Genesis mining only provides contracts at a certain price. Some of their contracts do not reach ROI, and others do. This is much more like how things work in the real world. The user has to do their own research. If I was creating a scam, I would show all my contracts being super profitable, just like BEETconnect.

Next, if you read my post about how cloud mining works, you will see that Genesis Mining is most likely using cloud contracts to hedge themselves against a down market and increase the velocity of their capital.

Could they be a scam? We don’t know, but they have been around the longest and many people have toured their mine in Iceland. Here’s one such video.

https://www.youtube.com/watch?v=2Jqf_wZKFCc


#14

If genesis mining were a scam - they would likely not show all their contracts being super profitable to not make it bait lmao. Ofcourse they are mining and buying equipment to do so but once again - it doesn’t make sense why they would waste time, money and stress when they could easily just mine for themselves by taking out a loan/receiving money from investors. They would earn much more money this way and life would be a lot easier for them. There are literally 0 incentives for them to operate in the way that they do right now.

And yes they do operate in a similar way to bitconnect through referral codes thereby allowing for the word to spread easily and business models that do not make sense.


#15

I just started with a new mining company where you lease the equipment for a flat fee for 365 days with 2 percent on your money per day.


#16

Im currently using hashflare. seems ok. been using it for about 2 months…


#17

Which one?..


#18

Mining coin group you use my link if you want too it’s on my YouTube page.
I have video about the company on there. Or shoot me a email.


#19

It’s not profitable anymore. Increasing difficulty is pushing the returns further and further out, and the hash price is going up.

The return is something over 180 days but its u likely you’ll chase the return down before the contract expires with the everincreasing difficulty. Would avoid.

I have both genesis and hashflare contracts.


#20

Plus their pay out rate (.5) is set too high, compared to the other popular Cloud Miners