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blakicious

How to start cloud mining

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We will use two sites in this example:

 

Go to https://www.cryptocompare.com/mining/calculator/ and select desired cryptocurrency. In the following example I chose ETH:

  • Go to HashFlare and login.
  • Select your scripting algorithm, for this example I chose ETHASH and then you choose the amount of hashrate you wish to purchase: https://hashflare.io/panel/upgrade?target=ether#ether.
  • Go to Ether mining calculator https://www.cryptocompare.com/mining/calculator/eth and enter values:
    • hashrate you chose to purchase
    • power consumption is 0 (since it's cloud mining)
    • cost per KWh is 0 (since it's cloud mining)
    • pool fee is 0 (since HashFlare stated "Ethereum contracts are not subject to any fees.")
  • Since the mining contract lasts 1 year you should compare your initial expenses for mining contract from HashFlare and approximate income calculated on CryptoCompare (keep in mind that this income is calculated based on the current ETH price and it may fluctuate in the 1 year period)
  • If you're satisfied with your profitability you can click "Proceed" on the HashFlare's site to purchase the mining contract.
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