The popularity of Bitcoin reached an unprecedented high in the last quarter of 2017. Everyone wanted to own it, but unfortunately, the supply of this valuable cryptocurrency was inadequate. Consequently, miners made vast sums of cash churning out Bitcoin because the demand for it was high. 

Currently, people use GPU or ASIC to mine this cryptocurrency, but other companies are also taking note of this industry. For example, Genesis Mining and HashFlare have decided to enter this lucrative market. HashFlare, in particular, has an exciting offer for its clients. This cloud mining company will give you a fixed amount of mining capacity in exchange for a one-off payment. Here are some fascinating details on how you can mine on HashFlare.

The Kind of Hardware that You Need

You do not need any device to access HashFlare because it is a cloud mining service. The only items that you require are a desktop, smartphone, or tablet. You will use these devices to access the HashFlare website. Remember, working on this site is as effortless as operating a Google or Facebook account.

The Costs Associated with HashFlare

Nothing in this life including the mining of Bitcoin is free. That is also true when it comes to HashFlare. However, that does not mean that it has to be expensive. You can start with mining with payments that are as low as $1.50 or as high as $15,000. Unfortunately, other companies require the use of specialized hardware to mine Bitcoin. Many of them ask for Antminer, which costs $9. These limitations do not exist on HashFlare. Start today with $1.50 and work your way up the ladder.

How It Works

You will receive mined coins every day if you work with HashFlare. Remember, HashFlare is a cloud mining service, and that means you do not have to do anything because the site can mine coins for you. Please note a few things about this service. The first one is that there exists a daily fee for the mining of Bitcoin. Usually, this cost is 20% of whatever you will see on your dashboard. Additionally, the numbers will not change as quickly as you would want if your hashpower were less than $10. Ideally, you should have a hashpower that is beyond that threshold so that the site can mine coins for you at a fast rate.

Withdrawing Your Coins

You can receive the fruits of your investment by following these steps. Click on settings. It appears on the left sidebar on your dashboard. Then key in your wallet address for Bitcoin. Wait for about two weeks for the site to perform some security checks and then click the withdrawal button. You can find it by clicking Dashboard. It will appear as 'Withdraw.'

Mining Pools and an Affiliate Program

HashFlare has three pools BW, BTC-China, and Slush. The company spreads your hashpower across these three pools automatically. However, you can customize your settings so that you are in a single pool. Finally, get Hashflare promo code and save 10% with an affiliate program where you also receive 10% of the purchases an individual makes on the site if you referred that person to this company. 

Reinvesting Mined Coins

The ideal way of increasing your Hashpower to generate coins at a faster rate is by buying it with additional money. Alternatively, you can reinvest the coins you already have in your account. In the same way, entrepreneurs reinvest their profits instead of withdrawing it so that they can make more money than they did when they started their respective business.