Hashnest (Hashnest.com) is a cloud-mining operation – there is no way around this fact, and in this case, there does not have to be one: unlike most other similar operations, Hashnest in indeed legitimate. There’s real mining going on here, with actual hardware, and given that the corporate entity behind Hashnest is none other than Bitmain, the producer of Antminer ASICs, that is indeed hardly surprising.
If you are looking for a cloud mining service, this is probably one of the best ones you’ll find, for several reasons. Does this mean you’ll turn a handsome profit with these guys in no time? Not by a long-shot. In fact, in most cases – like pretty much every other cloud-mining operation out there – Hashnest will not be profitable. Why is that? The operation is set up to generate profit for those running it, and this means that users are perpetually in second place when it comes to the distribution of the proceeds.
Of course, this doesn’t mean that it’s absolutely impossible to get this one to produce, but it certainly is no walk in the park.
Bitmain has indeed been known for a while, so there’s not much point in going into details on the website and the corporate background of the operation. The operator is based in Beijing, but it maintains offices in a number of other locations too, such as Amsterdam, Chengdu, Shenzhen, Shanghai and Tel Aviv. The mining pool used for the operation is AntPool, and given that the price of electricity (a major factor in the Bitcoin mining profitability equation) is relatively low in China, it does indeed make perfect economic sense for such an operator to set up shop there.
Why is it then though that it’s so difficult for users to turn a profit through the service?
To gain proper insight into what’s going on at Hashnest, from the perspective of the user, one can always turn to bitcointalk, where there are indeed several threads dealing with the Hashnest user experience. Complaints are of course numerous, and while some of them do take aim at the Hashnest support (or lack thereof), there are apparently some issues with the fundamental business model used too, namely: transparency issues.
According to user feedback, the main problem that destroys most people’s investment is the maintenance fee, which is indeed quite arbitrarily determined by the operator. Of course, there are other obvious factors working against the user too, like the ever-increasing mining difficulty, but the maintenance is apparently where the operation grabs its own profits.
The maintenance/payout ratio changes every day at the site, and thus it becomes impossible to properly gauge the amount of time it will take one to make ROI.
HashNest.com has been around since July 27, 2014. At the time of writing this, it’s quite popular and has an Alexa global rank of 23,804. Most visitors to the site are from Russia, Brazil, the United States, Thailand, Turkey, Spain and South Korea among other countries.
HashNest Review Conclusion
To make a long story short: Hashnest may indeed be run by a reputable Bitcoin-mining organization, and there may indeed be real mining going on, but at the end of the day, very few can profit from this setup. The bane of the cloud-mining industry hangs over this operation too, the same way it does over all its competitors.