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Hashshiny Review: Scam Project

Updated: Oct 12

Hashshiny... One of the most controversial cloud mining services that has been operating for a long time, and offers contracts for 2-year Bitcoin mining.


Let's immediately define the concepts. There are two types of scam projects:

  • Those that do not conduct real mining, are built on a ponzi scheme, show high profitability, but disappear when they accumulate enough of your money.

  • Which are possibly mining, but the prices and conditions of mining are so unprofitable when buying that such services can be attributed to Scam projects.

The second type is the Hashshiny "cloud mining" service.

They offer you a calculator where you will see big profitability numbers, but once you buy the contract - face the reality - big maintenance fees.

In the calculator, of course, they are not taken into account.


Free offer 5 TH/s for 5 days upon Registration

This is what they attract to the site, using, among other things, advertising in Google Ads.

Today is April 1st, but I registered on the site back in January and I didn’t have time to write this article, I was constantly postponing it. But in the history of accruals, we can see the following data:

Hashshiny 5 TH/s for free
Hashshiny 5 TH/s for free

This is how my contract for 5 TH/s worked for 5 days after registration. More than 50% of the income went to pay for maintenance. Even then, I decided to buy 0.1 TH/s, so that I collect data until the moment when I want to write a review on them, and this moment has come.

Of course, you cannot withdraw BTC from your balance because the minimum withdrawal requirement is 0.005 BTC.
Hashshiny withdrawal FAQ
Hashshiny withdrawal FAQ

Hashshiny Profitability Calculator

Now let's find out how Hashshiny cheats on their customers.

If we go to FAQ and open the "How much can I earn" tab, we will see a link to the calculator and not a word about the daily maintenance fee.

Hashshiny profit
Hashshiny FAQ

Ok, let's take a look at the calculator. Maybe there we will be warned that more than 50% of the income from the miner's work goes to the maintenance fee?

hashshiny calculator
Hashshiny Calculator #1

And here we see the nice profitability numbers and the comment, "Doesn't include maintenance".

Maybe another calculator will tell you about this?

Hashshiny Calculator #2
Hashshiny Calculator #2
And again, no. So how much is the maintenance fee? Again we go to the FAQ and look for an answer.

Maintenance fee

Hashishiny fees
Oh, finally... it is 0.12 per 1TH/s day

Is this a lot? Yes, this is just a huge amount! For example, on cloud mining service BitDeer (click to review), which has a close relationship with BitMain, mining pools and cooperates with major hashrate providers around the world, 1 TH/s service fee ranges from 0.0418 to 0.0678, depending on the type of miner you have chosen. (BitDeer Registration Link)

Thus, the Hashshiny maintenance fee is 2-3 times higher than on a legal cloud mining service.

Daily Revenue

As it turned out, in Hashshiny, customers are cheated not only by raising the service fee by 2-3 times, but also by charging less satoshi for each TH/s that you bought.

I monitor the work of my BitDeer contracts from my personal account in the f2pool and I can see how much the work of the miners I bought actually brings. Here are the numbers for the past week:

f2pool revenue
F2pool revenue rate for 1 TH/s

Now let's compare with the data from the Hashshiny dashboards.

Hashshiny revenue rate for 1 TH/s
Hashshiny revenue rate for 1 TH/s
It turns out that while real mining brings in 59-62 Satoshi for 100 GH/s, Hashshiny only pays 51-52 Satoshi to its users.

Real Hashshiny Profitability Calculator

Now we will use my calculator to calculate the real "profitability" of the HashShiny contracts.

real hashshiny profitability
Real Hashshiny "Profitability"
In all scenarios of changing the difficulty of the network, except where it does not change at all, you will lose your money.

If the difficulty of the network grows by an average of 4% over a period of 13.5 days, then by 300 days the daily service charge will exceed "income", and your mining plan would be stopped.

fees income
Fees > Income after 300 days in Pessimistic Scenario

In Realistic Scenario ~ 394 days

In Optimistic Scenario ~ 480 days


Conclusion

I can confidently say that Hashshiny is a fraudulent project. This is Scam.

But not a scam that will collect money from users and then disappear. In this fraudulent scheme, users will be robbed for a long time and your letters in support will be answered "You should have read the FAQ more carefully"

I hope you are reading this review before investing in a project like this. Please consider investing in legal, stable and world-famous projects like cloud mining service Bitdeer, which has a close relationship with BitMain, mining pools and cooperates with major hashrate providers around the world.


In addition, registering for Bitdeer in October 2021 Promotion Programm you get:

  • Exclusive Cloud Mining plan for 30days of 50 TH/s cloud mining

  • a 50% discount coupon for further purchases

  • The ability to monitor the operation of cloud mining on the 3d-party mining pool website of your choice (ViaBTC, BTC.com, f2pool)

  • Feeling the security of your investment, since Bitdeer is a highly trusted sharing service platform of digital asset mining machines, news publications about which can be found on such websites as: Bloomberg, Yahoo, Cointelegraph, Forbes, Nasdaq, CNN and even Bitcoin.com

I hope I have saved you from investing in this project. I wish you a profitable investment and the right decisions!

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