At Hashnest cloud mining platform anyone can participate in bitcoin mining without maintaining and investing into mining hardware equipment. The 99.9% uptime is guaranteed by the equipment provided by BitMain Technologies. The plans are starting from 1 GH/s, so clients can choose the amount of investment they wish to spend on cloud mining.
Hashnest is providing cloud mining services since 2014. Their parent company is BitMain Technologies, one of the world’s leading bitcoin mining rig developer and producer firm using ASIC chip technology. They are constructing the Antminer rigs that are used for bitcoin mining across the globe. The headquarter is in Beijing, China, but they also have offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu and Shenzen.
BitMain Technologies, the parent company behind Hashnest has been founded in the first quarter of 2013 by Chinese investors. One of the founders is Wu Jihan, who frequently appears on bitcoin events, representing the company and always open to answer questions raised both online or offline. Before joining the cryptocurrency business, Wu Jian has been an investment manager at a Chinese investment fund.
Naturally the cloud mining equipment at Hashnest consist of mining rigs from the Antminer series, from S3 to S9. Clients can also purchase used Antminers for their own usage.
The website has a photo collection of nicely built cloud mining farm in a warehouse. At least 8-10 racks of miners are place to 6 level high selves that are storing the miners. Looks like they are running cloud mining on a big scale.
The Hashnest cloud mining platform offers it’s client a cheap and efficient way to get involved in bitcoin mining without purchasing the mining equipment. The purchased hashpowers can be traded and transfered over the network provided by BitMain. So the hashpowers can be directly bought from Hashnest or from another customer who wishes to sell it, therefore clients can even find some big bargain opportunities.
The results of the cloud mining activity can be tracked with the BitMain wallet. This wallet is reachable at any time of the day from anywhere with the smart phone application that can be downloaded from the App Store and from Google Play as well.
All Hashnest miners are directed to AntPool by default. This pool is also a member of the BitMain corporation. Users may also choose another pool if they wish to do so.
Hashnest is using PACMiC, which stands for Payout Accelerate Cloud Mining Contract. Using PACMiC has multiple benefits to the clients according to Hashnest. These benefits includes profits without paying electricity fees and rolling payouts based on each block found.
PACMiC is a new cloud mining service that is provided by Hashnest. Based on this, no maintenance fee is paid after the mining activity, as BitMain pay for all electricity and other costs associated with mining. On the other side, the all of the mining revenue is used to pay back the PACMiC contract. Until the principal is paid back, the mining is profiting to the buyers, after that the revenue of the mining rigs will belong to BitMain. The profit calculation is based on the following formula:
Unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds)
The mining results are paid out based on PPLNS, pay per last N shares payout method. Under this payout method, the amount of coins received from the cloud mining is depending partially on luck. Generally speaking however the amount of cryptocurrency earned through PPLNS is higher on the long run compared to the traditional Pay Per Share (PPS) payout.
Hashnest also offers used mining equipment for its clients, which can be purchased online. The equipment is shipped from China, so in case of offshore purchases, international shipping costs apply beside a 50 USD handling charge.
In case due to the falling bitcoin price or the increasing mining difficulty the maintenance costs more than 90% of the mining revenues, Hashnest contracts enter into a redemption waiting period until the mining becomes profitable again. During this period no payouts are made.
There is no time limit for the cloud mining contracts signed at Hashnest. The cloud hashing contracts are terminated only in case of the miner redemption or after the redemption period ends.
Fees and Pricing Schedule
Hashnest selling cloud mining contracts from as little as 1 GH/s. However it is difficult to find a pricing schedule on the Hashnest website without registration.
Under Contracts section they offer 6 TH/s mining power for a price of 1 BTC under PACMiC. For clients who wants to sign up for ordinary contracts, Hashnest offer the capacity an Antminer for 1699 USD with a maintenance fee of $0.21/TH/Day.
One PACMiC contract is sold for 1 bitcoin, which consists of 6 TH/s hashing power. The contract becomes active once the full payment is received. The site lists the users nicknames who purchased hashing power last time under the PACMiC contracts. The lowest possible amount to be purchased from the PACMiC is 1 GH/s and users have to wait until other users fill up the contract with their payments before earning revenue starts.
The hashpower can be transacted on the ANTS9 gigahash exchange. This is a unique opportunity offered to the clients, where anyone can buy and sell mining power without a centralized body. Hashnest charges 0.15% transaction fee on each trade, that is payable by the seller of the hashpower. For the buyers, the hashpower transaction is completely free. Therefore new clients can directly turn to the ANTS9 exchange to buy mining power at Hashnest.
At Hashnest, under the PACMiC contracts the maintenance fees are paid to BitMain until the principal is repaid. They use a fixed price for electricity and a maintenance fee of 0.075 USD / kWh. The electricity usage is calculated for each mining rig based on the usage represented on BitMain’s platform. The fee is deducted daily at the same time as revenue payouts, based on the official bitcoin exchange rate provided by CoinDesk.
Hashnest User Experience
The Hashnest.com website is professionally built and provides the necessary information for signing up for cloud mining services. Their helpdesk is directed to BitMain professional Service Desk and is always open to respond to any issues raised.
The Hashnest cloud mining contract has a unique feature that can be difficult to understand for those who are new to the cryptocurrency world. The website has a FAQ and tries to answer most of the possible questions that can be raised but it is clear that these are not written for the new joiners, but more for those who are deep down in the the crypto-world.
The cloud mining service offered by Hashnest is brought to the clients with the well-known brand, the BitMain mining rigs. The mining contracts are designed for the experienced bitcoin miners due to its complex nature. But once the terms of service are understood, Hashnest cloud mining can be a great opportunity for bitcoin mining without hardware equipment but still earning decent revenues upfront, soon after registration.
- 20-120 or more individual payouts per day
- No withdrawal penalties, just standard network fees
- You can buy and resell hash power on an open market, a game-changing innovation
- Buying more hash immediately increases your payout on the next block, no waiting for 24-48 hours
- Total transparency on how your income is calculated
- You can redeem your hash for hardware
- Difficult to use, sometimes off-putting website full of typos
- Website can be slow to load, deposits sometimes unusually slow to confirm
- Sometimes market prices for hashpower can get ridiculously overheated
- S9 hash must be bought with Bitcoin, L3 with Litecoin
- No Fiat/Credit cards accepted, crypto only
- As this site is based in China, if the Chinese government suddenly wants to make Bitcoin illegal, this site will disappear in seconds along with your investment. It’s unlikely, but it’s a non-zero chance.
- Some people really don’t like Bitmain as a company and accuse them of shady practices and favoritism to Chinese Bitcoin mines, take this with a grain of salt though as most is just conjecture
Legitimacy Convenience Pricing Security Customer Support