HashFlare vs Genesis Mining (December 2017)

Before you start mining Bitcoin, you have to decide where to buy your hashpower from. You might want to invest a certain amount of money, perhaps $300 or $3000; or you might just want a particular hashrate, say 14TH/s.

Based on what you want, different approaches may be more suitable. This guide compares how expensive hashrate is when buying a Bitcoin miner yourself (e.g. an Antminer S9) to cloud mining companies like HashFlare and Genesis Mining.


This guide will compare the initial costs, if you're interested in the profitability of an Antminer S9 click here, and if interested in cloud mining profitability click here.

Any links on this guide may be affiliate links, so we'll earn some money if you use them.


One thing to keep in mind - when running your own miner you'll have to pay for electricity, which varies between around $0.08/kWh in parts of the US and Asia, right up to $0.30/kWh in parts of Europe. So if you live somewhere with expensive electricity, cloud mining may be more suitable; equally if it's very cheap where you live buying an Antminer may be better.


Bitcoin (SHA-256) Hashrate Cost Comparison

4.7 TH/s

Antminer S7: $440 from supplier, currently $1,205 on Amazon; average $823

HashFlare: $705 for 1 year of mining, $1.65 daily fee

Genesis Mining: $794 for open-ended mining, $1.32 daily fee (OUT OF STOCK)


14 TH/s

Antminer S9: $1310 from supplier, currently $5,497 on Amazon; average $3,404

HashFlare: $2,100 for 1 year of mining, $4.90 daily fee

Genesis Mining: $2,226 for open-ended mining, $3.92 daily fee (OUT OF STOCK)


Litecoin (SCRYPT) Hashrate Cost Comparison

250 MH/s

Antminer L3: $1500 from supplier

HashFlare: $1,875 for 1 year of mining, $1.25 daily fee

Genesis Mining: $3,000 for 2 years of mining, no daily fee (OUT OF STOCK)


504 MH/s

Antminer L3+: $1,586 from supplier, currently $4,450 on Amazon; average $3,018

HashFlare: $3,870 for 1 year of mining, $2.52 daily fee

Genesis Mining: $6,048 for 2 years of mining, no daily fee (OUT OF STOCK)


Since the Antminer D3 came out, profitability for mining Dash has gone down massively - hence the massive cost differences below.

Dash (X11) Hashrate Cost Comparison

19.3 GH/s

Antminer D3: $1,448 from supplier, currently $999 on Amazon; average $1,224

HashFlare: $61,760 for 1 year of mining, no daily fee (OUT OF STOCK)

Genesis Mining: $86,850 for 2 years of mining, no daily fee (OUT OF STOCK)

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