This is another BitCoin mining company but rather than being a mining pool like BitClub Network where your investment is used to buy mining equipment and the BitCoin mined is shared out, this is a direct cloud mining company whereby you rent their mining equipment and your payment goes towards the costs of electricity and maintenance. You then get paid daily any BitCoin that your equipment mines. There is a daily fee for the maintenance costs that is taken out of your BitCoin earnings.
This means you get similar access to the same quality resources as the industrial miners. There are no time limits on contracts and they guarantee 100% uptime.
Now, a word of caution here. There are a lot of ‘so called’ mining companies offering this sort of thing with a guaranteed return on investment and most of these are outright scams, and ponzi schemes, so be very careful if you go searching for cloud mining or BitCoin investment schemes online.
The only reason I’ve decided to even consider reviewing Hashing24 is because they are listed as a partner on BitFury’s website, and BitFury can be trusted as they are part of the Blockchain Alliance.
It’s very easy to get started with Hashing24. You simply choose the amount of hash power you want and it immediately gives the price as a one-off payment. You can start with as little as 100 GH/s which at the time of this review costs $19.95.
You can pay with BitCoin, Visa/Mastercard, OK Pay, or Bank Transfer so you can literally get set up in less than 5 minutes, and start mining BitCoin for less than twenty dollars.
The mining starts 24 hours after you purchase the contract and any BitCoin mined can be withdrawn straight to your own Blockchain wallet.
So the point of this review is to see if this mining service is profitable, and by that I mean, whether I get more BitCoin out of it than I invested into it.
I decided to invest 0.1 BitCoin, for 1300 GH/s hashing power. It started mining on 20th June 2017 and so I need to make back more than 0.1 BitCoin to consider this worthwhile.
There is a handy calculator on the website that makes predictions based on current difficulty and it predicts my 1300 GH/s could produce 0.0123861 BTC per month after maintenance costs so, if that is the case, I should be in profit after 10 months and then effectively getting free BitCoin from then onwards.
Here’s my contract:
Hash Power:1.3 TH/s
Start at:20 Jun 2017
Maintenance cost:$ 0.429 per day
One year on and I logged into my account this morning to discover it had ceased mining as the amount I had mined did not cover the maintenance costs.
It actually showed a minus income on 22nd – 24th June at which point it stopped and I was unable to access my mined Bitcoin until I had paid the three days maintenance fee.
So how did it do?
Contract Price: BTC 0.100737
Earned total: BTC 0.06203827
Total Loss: BTC -0.03869873
As you can see that represents a 38% LOSS on investment.
The default screen shows the investment and returns in US dollars which makes it appear to be profitable:
Contract Price: $262.08
Earned total: $417.04
But that profit only represents the increase in the value of BitCoin over the year… had I kept hold of the 0.1 BTC it would be worth $673 now so it still represents a loss of $256 or 38%.
It’s clearly not profitable to mine BitCoin with Hashing 24.