Understanding Hashnest: the way it works and functions

In 2014 Hashnest rushed into our life giving an opportunity to trade hashrates and buy mining rigs at swift rates making the process as comfortable as it is possible. In this article we are going to discuss the notion of Hashnest, its peculiarities, strong and weak points and service provided.

What you should know about Hashnest

As it has been mentioned earlier the service has been developed for trading hashrates and buying mining rigs. This service has close ties to one of the leading companies known all over the world – BitMain Technologies which use ASIC chip technology to provide the clients with the service. The firm is located in in Beijing, China and has got business units in such cities as Chengdu, Hong Kong and Qingdao.

Today Hahnest is considered to be one of the biggest cloud mining platforms. These days there are more than 43 000 users are in the system. What attracts users it is its accessibility and reasonable prices. One more thing for you to remember is that Hasnest never stops to be in progress; it monitors new trends on the market and tries to adjust to it, bringing new changes in the system.

Hashnest on Social Media

Coins:

Bitcoin

Address:

BitMain Technologies, Building 25, North Olympic Science & Technology Park,
Haidian District, Beijing, China 100029.

How does the mining cloud look like?

Understanding Hashnest: the way it works and functions

Basically, it consists of mining rigs from the Antminer series, from S3 to S9. Besides, the used series can be bought by their owners. Having a look at the warehouse, from eight to ten racks of miners are located at each line up to six, it really looks like a cloud.

What’s the profit from using Hashnest?

What makes this service peculiar is that it gives an opportunity to users to have access to bitcoin mining with reasonable prices. This way is not expensive; there is no need to purchase mining equipment. Being in the system you can trade, purchase hashpowers over the network provided by BitMain. It opens new horizons so you can sell and buy hashpowers directly, you’ll bargain!

Want to monitor your mining cloud? It’s not a problem. The activity can be seen using the BitMain wallet. It is rather convenient because all you need for it –just you smartphone. The app is available at App Store or Google Play.

One more pleasant bonus, while dealing with Hashnest is that they use PACMiC. Using this contract you’ll benefit because you won’t pay for electricity fees and and rolling payouts based on each block found.

Hashnest also gives an opportunity to buy / sell used mining equipment. The equipment is delivered from China, so there can be additional costs beside a fifty dollars handling charge.

It can happen so that the price of bitcoin can fall or there can be observed an increase, during instable periods the pay outs are not charged.

As soon as you’ve signed a contract with the service there is no time limit for it. It can be terminated if you redeem the miner.

More details about PACMIC

Payout Accelerate Cloud Mining Contract (PACMIC) is a new offer suggested by Hashnest. It has got the following peculiarities:

  • No maintenance fee
  • BitMain pays for all the expenses which are necessary for mining
  • The profit calculation formula: Unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds).

How to pay for the service

You can be provided with 6 TH/s mining power for a price of 1 BTC under PACMiC.If we touch upon ordinary contracts you can be offered an Antminer for 1699 USD with a maintenance fee of $0.21/TH/Day.

As soon as you pay the whole sum of money the contract starts to work. There is a sterling opportunity for those clients to buy/sell hashpower without centralized body.

The use of electricity is calculated for each mining rig in accordance with the usage represented on BitMain’s platform. The fee is charged every day at the same time as return payouts, relying on the official bitcoin exchange rate given by CoinDesk.

Making a conclusion

  • Hashnest has got a well-structured web site with good interface, so one can easily find answers to the questions concerning the way the service is organized and functions.
  • In spite of the fact that there is such section as Frequently Asked Questions, for new users the language and style of the text can be difficult to understand. It should be simplified a little bit.
  • As soon as you understand the nature of the service, you’ll know how to profit, hot to benefit and deal with it. You’ll really enjoy it.

Now let’s compare its strong and weak points.

Strong points

  • The absence of maintenance fees
  • You can buy mining rigs
  • You can trade hashrates

Weak points

  • In most cases the registration with BitMain passport is compulsory
  • From the very beginning as you start working with PACMiC contracts, there can be difficulties in understanding the payouts, they are complex.
  • Supports only bitcoin mining cloud.
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