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Hashnest Review -Scam? Will They Cheat You?

Hashnest Review -Scam? Will They Cheat You?

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Estimated reading time: 6 minutes

Hashnest has been around for some time now. What exactly do they do? Well, they mine digital coins in the cloud. We have conducted our own research and discovered that indeed there is some serious cloud mining activities going in this website.

And if that is the case, one may wonder whether or not Hashnest is a good contender for their investments. If you’re that kind of an individual looking to put your coins to task so that they can multiply over time, then we advice you to sign up with these companies first. We are not entirely discrediting Hashnest though because it’s a real company with real cloud mining facilities.

Hashnest Review

So then, the question becomes: Can you make money with Hashnest?

Well, this question prompted us to do some research on this company. We discovered a number of things about it. First, Hashnest is owned by a famous company called Bitmain.

Bitmain specializes in the production of  Antminer ASICs for those who are familiar with the mining industry. This fact about the company Hashnest is so encouraging. Unlike many other mining companies in this niche, this one has a real reputation and company background. That means their credibility is intact.

hashnest website

We’ve also discovered that Hashnest currently has dozens of miners who invest their Bitcoin with them. But does this mean that these miners are making money in the process? Maybe yes maybe not.

There is no guarantee. Even though they are legitimate in their operations, this does not mean that you will immediately become rich with this Bitcoin mining service. As a matter of fact, that might be far from the truth. But why?

Well, our take is that this operation is set up in such a way that only those who run it will make the most money. The interest of their users shall come second when it comes to distribution of what has been mined.

So do not think that since Hashnest is legitimate, they will mine and the first coin which they make will be handed down to you straight away. That’s the wrong perception.

But of course this also does not mean that you won’t make any money with these guys. You will make money of course. But it won’t be a walk in the park. Unlike sites that claim to reward their users with daily profits, this one will not make you money on a daily basis.

When we discuss Hashnest by its background, we can say that the mother company, Bitmain has been known for some time now. Nearly everyone who pursues cloud mining opportunities is aware of Bitmain’s operations. There is no need to go into corporate background of this company because it’s all obvious.

The operator of the site is based out of Beijing, China. However, they are have offices across the world in places like Amsterdam, Tel Aviv, Chengdu, Shenzhen and Shanghai.

Hashnest uses AntPool as their mining pool. Their entire operation is based out of China, and that’s because the cost of electricity there is very low. If you can get to mine Bitcoin while keeping the cost of electricity low, you can go along way into making significant profits out your operation. That’s why most legitimate mining operations will base their data mining centers in countries like China for instance.

It simply makes economic sense for Hashnest to base their operations in such a place.

Why you won’t be making any profits soon with this website

hashnest review

This is a little bit disappointing. People don’t want to hear that they cannot make any money with this site.

We already know that a lot of people are using this company to mine Bitcoin. If you visit a forum like Bitcoin talk, you will come across threads started by people who want to share their experience about Hashnest.

Of course when you go through these comments, you will find a lot of complaints. Most of them site poor customer support. Again, we realize that Hashnest is suffering from fundamental business model issues. This has taken a toll on their business as many users have lately begun to blame their lack of transparency too.

We also get it that most people are complaining of the fact that this company destroys investor’s profits with fees that are charged arbitrarily by the operator.

We cannot assume that the operator is always determined to grab a huge chunk of the profit at all times. It is only reasonable for them to make payouts. Isn’t it.

But you see, in Bitcoin mining business, a lot of factors will always work against the operator. One of them is the ever increasing mining difficulty of Bitcoin. Since many people are interested in Bitcoin, it only makes sense for the mining difficulty of the network to go up.

Of course the part which deals with maintenance is where the operator has to cash in. If they don’t do the math properly, it means they will have their members complaining about the site and its inability to pay profits.

You see, there is something called maintenance payout ratio. This figure keeps changing everyday on this site. Because of this factor, it is nearly impossible to gauge the average return on investment that can be realized with this site.

How about the popularity of Hashnest?

The site is quite popular, although it has not been around for that long. It was setup in December 2014, and has a decent Alexa ranking. That means lots of people are visiting it with the aim of investing in their pool.

Most visitors who come to this site are from countries like the US, Russia, Brazil, South Korea, Spain among other countries.

Can we recommend it?

That’s a difficult question to answer. First of all, you need to realize that this is Bitcoin mining, and profits are generally not guaranteed.

Secondly, when you see users commenting or giving their success testimonials with this site, it only means that they are expressing a personal opinion which is sometimes influenced by statistics and user experience in general.

Perhaps there needs to be a benchmark through which these testimonials can be measured against to find an average rating. If the rating is bigger than 3.5, we can say that it’s a good site. If the rating is below than this figure, then we can say it is not a good site.

Finally, we find it difficult to recommend sites that we haven’t used before. Although Hashnest is a promising site, the fact remains that we haven’t used it. We’d only like to recommend sites that we have a personal experience with.

Our best advice for you

By now, you have learned what you need to learn about Hashnest and their cloud mining business. We are not saying that it’s a scam because even from then look of things, it doesn’t seem to be a scam.

On the other hand, we always think that sites which we have used are the best in this category. We just gave you a link at the start of this article. Just in case you didn’t sign up, please do so here.

We appreciate your time for reading this review. We will continue to update our list of Bitcoin mining sites as they become available.

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