Hashiny Cloud-Mining App Review - Is It Legit?
Hashiny is one of the biggest cloud-mining apps out there, but are they really any good? Do they payout, and if so is it better than just buying cryptocurrency directly?
To not bury the lead — In our opinion Hashiny is a legit company, as we’ve received payouts from them, however we don’t particularly recommend buying hash-power over cryptocurrency directly, as we believe simply buying cryptocurrency on an exchange such as Voyager and then earning interest on it through a platform such as Celsius will likely outperform or perform nearly identical to buying hashing power on Hashiny.
We may be wrong about our assumption there — so if you want to diversify, or just like the idea of mining rather than buying, then Hashiny seems like a decent legitimate choice for buying hash-power.
Is Hashiny a Scam-Company or Legit?
I’m not sure why so many people have this question — I suppose because of Hashiny’s interface looking quite garbage and not being modern and aesthetic, or because of some of the bad reviews they’ve gotten from reviewers in the past who simply didn’t know what they were doing.
Hashiny doesn’t need to scam, and they haven’t us at least — as we’ve received withdrawals from them. In our opinion they have no reason to scam, as they can simply up-charge the cost of mining and sell it to you, and take no risk while accumulating some cryptocurrency their self with the extra hash-power the machines generate beyond what you pay them for — example being you buying 100TH/s from them and them being able to produce 120TH/s with those funds — they keep the 20TH/s for their self, and give you what you paid for.
We aren’t saying they’re 150% Legit, we just haven’t had any experience saying they aren’t and it wouldn’t make sense for them to be scamming people, as they’d make more being honest in the long-run. Do your own research though, and diversify, just in case they go bankrupt or something occurs with the company/founders. it’s never a good idea to keep all your investments with one company or platform, especially when it comes to cryptocurrency.
Are there any Coupons or Promotions for Hashiny?
Yes — Hashiny offers a referral program that offers new sign-ups 5TH/s of hashing power (or more in some cases) for new sign-ups who sign up through someone’s referral link, you can use ours by clicking here, or you can of course ask a friend or family member that you know uses Hashiny for their code, as they’ll receive a small bonus if you ever buy some hashing power through Hashiny.
When signing up and receiving that bonus you don’t need to buy anything — it’s absolutely free. It’s only worth $2 -> $10 or so, but hey, it’s something and if bitcoin goes up by 20x in the coming years that’ll turn into $40 -> $200, which is dang good for not even having to buy anything or do anything but sign up.
How do you Withdraw from Hashiny?
Simply go to the Hashiny Dashboard in the app and click “withdraw,” enter the amount and the address you’d like to withdraw to and click confirm. Generally Hashiny charges a $5 -> $10 fee in BTC for withdrawals to cover the on-chain processing fees, so keep this in mind before initiating a withdrawal.
It’s generally wise to accumulate a few hundred dollars of rewards before withdrawing to an outside wallet in our opinion — this way you don’t lose much to tx fees.
Is buying Mining from Hashiny a Good Investment?
This is hard to say — as ultimately it depends on what you’re looking for as an investment, and compared to what. Generally mining offers about the same return, or slightly higher than simply buying and holding — while if you use a calculator you may see Hashiny producing you 2x bitcoin over the next few years (mining contract terms).
Tis simply not true — due to others buying mining power and hashrates increasing you’ll generally only get 1.05x -> 1.2x the amount of cryptocurrency you’d get if you bought today.
This means if you trust Hashiny, and are comfortable having little to no liquidity on the investment (as payout will come over 2 years of mining), then it may be slightly better than buying and holding.
Personally we prefer to buy and hold on an interest-bearing platform such as Celsius, as it’s the best of both worlds in our view — around a 1.1x your initial investment after 2 years of hodling, with instant-liquidity if you want to sell it during a bubble or simply need the cash/liquidity for life circumstances.