Wednesday, February 28, 2018

An Interview With Hashflare's Edgar Bers

Yesterday I came across an interview with Hashflare's head of public relations, Edgar Bers. I thought this would be a good article to draw my readers' attention to as it explains a few things about what Hashflare is exactly and why they do what they do.

One of the big questions that tends to come up is why would an individual sign up with one of these cloud mining services instead of just purchasing the equipment and mining themselves at home.

The answer is basically, "it isn't that simple." There's a lot involved in acquiring, operating, and maintaining a mining rig, and depending on how you make your money (what your talents are, in other words), many times it's better to outsource opportunities that are outside of your skill set:
"If you have a contract with us, it means that you have a certain amount of hashing power which equals to certain amount of cryptocurrency mined per, for example, day. In order for that equipment to mine, we have to provide electricity, the network, we have to get rid of the dust, we have to create the ventilation systems, manage everything. [We have to] wake up at night if something shutdowns overnight, electricity cuts off – maintenance work, technical operations." -- E. Bers
The full article is available here: Mining Bitcoin in the cloud is like renting a money printer and yes, it's bizarre.

Hashflare, the company that Bers is a part of, is the cloud mining service that I use and mention on my blog here often. As of this morning, through reinvestment and a few referral commissions, I have accumulated 1.19 tera hash of mining power, which before the fixed maintenance fee Hashflare charges is returning close to $1 USD per day at the present price of Bitcoin. In terms of what I've personally paid for my mining contracts versus the value of all of the hashing power that I've now accumulated (each contract represent 10 giga hash), the value of my account has grown 37.2% since I opened it near the end of December.

If you would like to explore Hashflare, please follow my referral link. It's free to sign up, and if you decide to purchase hash power it can be done with Bitcoin or by credit card (personally, I prefer to use one of my cash back credit cards for this).

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