Dude, this has been one crazy cryptocurrency investment year - at least for me. Starting simple buy and hold operations on Coinbase.com, extending to swing trades, crypto lending and now at the end of December 2017 ordering details for 12 GPU mining rig. I thought - that's it, there is no way more I could expose myself to cryptos. Turns out I was wrong, as there are still cloud mining contracts available.

And here comes in another startup from the Baltics - Estonian cloud mining company HashFlare.io (Affiliate link here - if you will click, register and decide to invest, I might earn 10% commission from that)

Please note - I'm not a financial advisor, services mentioned in this article use at your own risk and remember your capital is at risk, you could lose some or all of your money.

I've heard from fellow Georgian investors some good words about this platform, also I've read dozens of negative articles, pointing out that hashflare is a possible scam / ponzi scheme.

Right now I've got ambivalent feelings regarding this platform, but to learn - what is the truth - I decided to test it myself by depositing USD 50.60 and purchasing 0.23 TH/s SHA-256 bitcoin mining contract for the next 365 days.

A couple of weeks ago I had not a single clue what those TH/s, MH/s stands for, but once I was been able to setup my test 1 GPU ehtereum/siacoin mining rig I started to learn more and right now I feel better educated about these terms. See: I'm Making $0.98 Per Day By Mining Ethereum and Siacoin, and I want MORE!

I have learned how to use different online calculators to calculate profit for crypto mining, also I've built few simple Google Spreadsheets for progress tracking. Ahh,  a lot of geek stuff.

How To Track Your CryptoCurrencies Portfolio Automatically Using Google Spreadsheets

Now, by using one of such calculators, I was able to learn that 0.23 TH/s could generate about $15.52/mo. Not bad at all, I could see a positive ROI in about 3 months. Well, that seems at least twice better ROI as from my previous GPU mining rig calculations (positive ROI in 6-8 months)

Bitcoin mining calculator

Bitcoin mining calculator

It should be mentioned that hashflare takes $0.0035/daily maintenance fee for every 10GH/s - which is about $0.08 daily or $2.4/mo for 0.23 TH/s, so instead of $15.52, I should be getting about $13/mo, making ROI in still little less than 4 months. Still pretty awesome!

Another great feature, hashflare offers - reinvest earnings to buy more hash power.

As a strong advocate of dollar cost averaging I decided to see, what if, I would continue to add 0.1TH/s hashing power at a cost of $22/mo and also to reinvest all profit for the next 12 months - until December 2018 and came up with following table:

      Maintance Fee Earnings
Additional Hashpower
     
Month TH/s GH/s Price $ Total Total Net GH/S TH/s Invested ROI (months)
12.2017 0.23 23.00 0.0035 $2.42 $15.52 $13.11 5.96 0.06 $50.60 3.86
1.2018 0.39 38.96 0.0035 $4.09 $25.64 $21.55 9.80 0.10 $72.60 3.37
2.2018 0.59 58.75 0.0035 $6.17 $39.14 $32.97 14.99 0.15 $94.60 2.87
3.2018 0.84 83.74 0.0035 $8.79 $56.01 $47.22 21.46 0.21 $116.60 2.47
4.2018 1.15 115.20 0.0035 $12.10 $77.61 $65.51 29.78 0.30 $138.60 2.12
5.2018 1.55 154.98 0.0035 $16.27 $103.92 $87.65 39.84 0.40 $160.60 1.83
6.2018 2.05 204.82 0.0035 $21.51 $137.66 $116.15 52.80 0.53 $182.60 1.57
7.2018 2.68 267.62 0.0035 $28.10 $180.18 $152.08 69.13 0.69 $204.60 1.35
8.2018 3.47 346.74 0.0035 $36.41 $233.49 $197.08 89.58 0.90 $226.60 1.15
9.2018 4.46 446.33 0.0035 $46.86 $300.97 $254.11 115.50 1.16 $248.60 0.98
10.2018 5.72 571.83 0.0035 $60.04 $385.33 $325.29 147.86 1.48 $270.60 0.83
11.2018 7.30 729.69 0.0035 $76.62 $491.95 $415.33 188.79 1.89 $292.60 0.70
12.2018 9.28 928.48 0.0035 $97.49 $626.24 $528.75 240.34 2.40 $314.60 0.59
                Total $314.60  

Now, this table is just for illustrative purposes and doesn't guarantee anything as bitcoin price might change, mining operations could become more difficult, not to speak if hashflare could run away with investor funds. I'm not trying to make a gloomy outlook, but these are factors you should take in consideration.

Remember, your capital is at risk - you could lose some or all of your money.

Soon after, I finished above table, I got first results from hashflare:

Hashflare.io dashboard

Hashflare.io dashboard

Now it's to early to say, but indeed it looks promising. 

Here you go - another interesting experiment to run for the next 12 months. Make sure to subscribe below for e-mail newsletter or enable push notifications to receive latest updates on how does it goes!

Sign up to hashflare.io cloud mining here. (Affiliate link included) and please note - I'm not a financial advisor, services mentioned in this article use at your own risk and remember your capital is at risk, you could lose some or all of your money.

Get the latest dividend income article in your inbox

Join more than 260 subscribers and get notified once the newest dividend income article is is out.
* indicates required

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit Privacy policy