Te late 2018, Bitcoin mining has become very popular. Many tech-savvy people have bot buying Bitcoin mining hardware and setting it up te their homes. Other less technical people have bot investing their money ter cloud mining.
At the time of writing this, the two largest cloud mining companies seem to be HashFlare and Genesis Mining. Spil Genesis Mining is out of stock on most contracts, HashFlare has seen a massive increase te users. This guide will go through upcoming switches ter 2018 for HashFlare, and how they will affect you spil a HashFlare user.
This guide is mostly based on information provided by Edgar Bers, HashFlare’s ‘Support Specialist’ (also referred to spil their ‘Business Development and Relations Manager’), te an vraaggesprek with JMS Vlogs. Wij’ll go through things raised ter this movie compared to our own research on things like HashFlare risks and profitability vs competitors. Wij encourage you to also witness the above movie if you have time.
Based on public information available on Edgar, he looks to be a legitimate member of the HashFlare management team:
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HashFlare’s Growth te 2018
HashFlare wasgoed originally created ter 2014 by HashCoins, based around the idea that ter certain screenplays renting hashpower to customers is better than attempting to ship it to them. e.g. to get the desired hashpower many different suppliers might be needed with varying shipping times. Rather than dealing with thesis things associated with shipping hardware, instead they developed HashFlare to be more similar to renting a gaming server.
At the time they didn’t expect the zuigeling of growth that they’ve seen. Back ter 2014 there wasgoed no-where near the rente ter Bitcoin/cryptocurrencies spil there is te 2018. Te 2018 their userbase for HashFlare has growth from around 300k to 1.3M, with more traffic te the ‘past duo of months than the previous duo of years’, and their support team has grown from Trio to Ten te 2018.
Reminisce that HashFlare is just one part of what HashCoins does, their main business is ‘developing security solutions for financial markets’, which would potentially earn them significantly more than their cloud mining operation. So scaling up support for their mining operation might not have bot a priority until HashFlare’s latest growth (spil the majority of their profits may not have come from HashFlare).
Ter the vraaggesprek with JMS Vlogs, Edgar talked about their latest issues with withdrawals. They use Block.io spil a ‘middleman’ inbetween HashFlare and users, where they tell Block.io to send x amount of Bitcoin to each customer. Because of delays on the Bitcoin network Block.io has bot having issues sending this money. They have very strong incentives to get withdrawals working ASAP, spil agencies use their affiliate program who have employees that need to be paid regularly. But ter this case the withdrawn amounts would be more than 0.1 BTC, so originally thesis larger amounts are a concentrate, then straks on users with smaller withdrawals can be dealt with. Edgar suggested lots of toegevoegd tickets are being created, but that HashFlare can’t do anything about slow withdrawals – it’s an punt any Bitcoin-based transaction will face.
Could HashFlare Shut Down?
To the public HashFlare has grown so rapid that many voorwaarde it doesn’t have the mining capacity to support all the fresh users it’s getting, and that even if it could – there are things like regulation and scaling issues it would encounter.
Ter the vraaggesprek with JMS Vlogs Edgar mentioned a number of things related to this. To commence he suggested that because HashFlare is based ter Estonia, they’re unlikely to see any significant overnight regulation switches like you might get ter Russia or China. More likely regulations on things like what Bitcoin/Ethereum is will be seen, but that thesis won’t affect HashFlare’s capability to operate.
Ter terms of dealing with scaling issues, Edgar suggested they ‘don’t permit themselves to disable a service for more than 24 hours’ ter order to prevent users panicking that HashFlare will shut down/run away with money. Instead they attempt to project switches that will take less than 24 hours.
Hardware-wise, Edgar suggested if they everzwijn run out of hardware that they would just zekering selling contracts for it (he said they’ve done this several times ter the past). He mentioned two interesting points, one that the latest price switch on HashFlare for Bitcoin contracts wasgoed because hardware suppliers HashFlare uses are enlargening their own prices, due to enhanced request for Bitcoin mining and so HashFlare needs to update their pricing to reflect this. Secondly that there are ’10x more hardware vendors ter the market’ for supplying Bitcoin miners than there were a year ago, and that they meet up with thesis vendors regularly (pics of thesis conferences can be seen on their Instagram). They buy hardware from all vendors to test/compare them, to work out which ones are worthless. The more vendors there are, the less they’d be able to increase their prices spil they’d have to stay competitive.
Edgar didn’t specify how much total hashpower HashFlare has, and instead suggested that they’re buying fresh hardware all the time – and so would never be able to give this figure. Photos can be seen on HashFlare’s Twitter with Edgar next to fresh mining hardware.
Concerns they have on predicting Bitcoin’s Price
Edgar also had a loterijlot to say about factors affecting the price of Bitcoin/Ethereum. To embark, some Bitcoin related points he mentioned:
- He seemed very worried about USDT (Tether) te relation to Bitcoin’s price, that it’s being used to buy spil much spil $600M worth of Bitcoin, and that it isn’t backed by fiat. It may even be used with leverage trades to boost volume on exchanges.
- He mentioned figures like 85% of Bitcoin being possessed by less than 0.6% of wallets, and 96% of Bitcoin being possessed by less than 1% of wallets.
- He mentioned $40k/$50k psychological Bitcoin price levels will be interesting, that getting past thesis will be very significant.
He went on to say that he wasn’t a fan of Bitmain artificially stimulating Bitcoin Specie price by only permitting it spil a payment option for Antminers (e.g. if you desired to buy an Antminer you’d have to buy Bitcoin Contant very first). He compared Bitcoin Metselspecie to Bitcoin Classic (a similar project Two years earlier), ter that the ‘more technical’ people think Bitcoin Core development will be more stable than Bitcoin Metselspecie. He also suggested Ethereum’s price will do very well ter the coming months, that it will go well past $1k due to linksaf with the Enterprise Ethereum Alliance.
HashFlare Plans for 2018
Perhaps the most significant part of Edgar’s vraaggesprek with JMS Vlogs is where he talked about HashFlare’s plans for 2018 – of which there are lots!
- They’re programma to stir a lotsbestemming of hardware from China &, Germany/Europe to a fresh gegevens center ter Iceland, and project to make a movie about how they’re creating this fresh gegevens center from scrape, assembling it, etc. They toevluchthaven’t began filming this yet, but hope to embark ‘this winter’ for release te January/February 2018.
- Edgar hinted that there are places outside of China &, Iceland that charge less than $0.01/kWh for electro-therapy, and that they may begin moving hardware to thesis locations (he suggested the above Iceland plans were signed before they knew about this).
- They’re aware of what people say about transparency/trust, and that they want to make people blessed/do their best to demonstrate how HashFlare works/operates.
- Edgar welcomed people to organise a visit to their office (see this guide for more information on this).
- They suggested they want to set up a 3D webcam livestreaming a gegevens center, where users can send texts to a screen visible on the webcam to prove it’s a real mining facility.
- They’re not sure if they want a Christmas/Fresh Year campaign spil they’re already growing so swift. Also, he didn’t suggest they’d opoffering affiliate codes for HashFlare’s checkout process.
- They want to add the option for users to mine either Bitcoin Metselspecie or Bitcoin.
- HashCoins is more focused on creating security solutions for financial markets/gegevens protection/KYC. HashFlare Two.0 te 2018 will be focused on better tooling, e.g. an API for things like buying hashpower through 3rd parties (e.g. buy from numerous cloud mining platforms at once, monitor cloud mining statistics, etc.).
- They disagree with people telling Bitcoin is ter a bubble, that it will do well te 2018. With more regulation, cryptocurrency value will be based on technology projects like Ethereum, IOTA, EOS, BitShares – not out of skinny air like many coins are now. For this reason coins like Ethereum should proceed to grow.
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