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MiningRigRentals.com Review

Miningrigrentals Review

Miningrigrentals Review
8.2

Cost

7.2/10

Reliability

9.0/10

Support

8.3/10

Pros

  • P2P rigs can be rented from miners
  • Free pool selection
  • Tutorials available

Cons

  • High fees
  • No fancy design
  • Need to understand the basics of mining to participate

About MiningRigRentals

Address

New York City

Coins:

bitcoin, litecoin, ethereum

The idea behind Mining Rig Rentals is to create a faster, smarter and more powerful way to rent or lease cryptocurrency mining rigs. The motivations behind renting a rig can be different for newbies to cryptocurrency and expert miners who want to try out new equipment or algorithms. MiningRigRentals.com is offering a one-stop solution to anyone.

About Mining Rig Rentals

Mining Rig Rentals service has been developed from the ground up by miners for the mining community. The domain of  MiningRigRentals.com was registered in February 2014. The site have been active since April that year. The owners describe themselves as “the eHarmony of the mining community” and list their address as New York City on their Twitter page. However aside from this, there is no public information about who’s behind the company.

On the other side, by now Mining Rig Rentals has been up and running for more than 3 years, which makes it seem to be a legitimate, trusted service provider on the market.

 

Services Provided

MiningRigRentals.com provides a unique marketplace for cryptocurrency rig renters and rig owners. They call their service similar to an escrow service, making the transactions as smooth as it can be between the two counterparties. Mining Rig Rentals also act as a 3rd party mediator of transactional funds should there be a discrepancy between what you paid for and what you received.

Services For Rig Rentals

There are several different reasons, why users can decide on renting a rig. Newbies to the cryptocurrency mining world can learn by hands-on experience the various hardware and mining algorithms.More experienced miners can try out new mining equipment before investing in hardware or can test new algorithms when a new altcoin hit the market.

In order to start, you need to choose the algorithm of the coin you wish to mine and filter the results. Now you can review mining rigs that are listed for rental. Mining Rig Rentals provides renters with tools such as our average hashrate graph and an elaborate rating system. Once you’ve selected the rig you wish to rent, you can follow the onscreen instructions to make the exact payment. Input the exact number of hours you would like to rent the mining rig. Proceed by clicking “Rent.” The next page will allow you to enter up to five total pools. In the first pool #1 spot, enter the pool you wish to immediately begin mining at. Pool #2 and #3 are backup pools should your proceeding pools of choice fail or become unavailable. This is an excellent way to ensure you get up and mining immediately on a coin launch. Finish the rental process by clicking on “Instant Pay.” Once there is confirmation, the mining rig will automatically switch to the pool of your choice.

One important thing to note that you cannot switch algorithms after a rental period has started. The mining rig you rented is configured by its owner to mine a specific algorithm. You’re welcome to contact the owner of the rig directly but Mining Rig Rental will be unable to switch your payment amounts and totals once processed.

Benefits For Rig Owners

Cryptocurrency mining rig owners can benefit from the potential new revenue through renting out their right with Mining Rig Rentals. If you’ve found success mining, simply figure out what it would be worth to you to allow someone else to rent your mining rig. Price your rig accordingly and earn income by renting out your hardware.

When someone rents out your mining rig, they only have the ability to direct your hashing power to a pool of their choice. You will always control your hardware and mining configuration files. MiningRigRentals.com adds an additional layer of protection through the specialized bouncer connection.

All payouts are held up to 12 hours after the rental completes. The designated timeframe is to allow for dispute resolution should it be required. After 12 hours your payout will be ready for disbursement. A manual payout button is located on the “Balance” page. Your payout address should be set on the Settings page along with Autopayout thresholds.

Fees and Pricing Schedule

Mining Rig Rental charges both sides of the deals. There is a 2% fee charged to renters on rental transactions. This fee is typically not refunded unless the rig completely malfunctions. MiningRigRental.com has also an additional fee of 3% and is charged on each transaction.

When signing up for a mining rig, several aspects need to be considered, such as rental performance index, hashrate, profitability, minimum and maximum rentable hours. The minimum rental period varies from 3 hours to 1 week. The maximum rental hours can go up to one month.

Some of the most popular mining rigs have the following rental prices.

  • Antminer S9 for Bitcoin mining producing 12.5 Th/s hashrate with 100% rental performance index in the past cost 0.00019499 BTC Price/TH/Day.
  • Antminer L3 for Scrypt mining including Litecoin 98.85% rental performance index and 1.20GH/s hash rate costs 00000374 BTC Price/MH/Day.
  • X11 custom rigs start from 0.00004900 BTC/GH/Day.

Various mining rigs are offered for less known algorithms – everyone can truly find something for sure they are looking for.

User Experience

Mining Rig Rentals platform is easy to use and very intuitive. Although the design is not that fancy, the website has all the relevant information needed to start renting rigs. There are a lot of information available about getting started and signing up. They also offer video tutorials to make sure you get around the platform and services easily.

Although the platform has been running for more than three years now, there hasn’t been any complaints from their user base about the services provided. According to the platform, there are 300 available SHA256 rigs, 548 Scrypt based rigs and 220 X11 rigs are waiting for you to be rented out.

Mining Rig Rentals also offers an appealing referral system. Commissions are paid out after each transaction fully completes with 0.1% of the total transaction. This applies to both renters and rig owners that are referred to MRR using your referral link. If you refer a renter and a rig owner and the renter leases the rig owner’s rig then you will receive a total of 0.2% commission for that transaction. There is no ceiling on your earnings potential. You will continue to earn 0.1% on every transaction the referred account fully completes.

Overall Conclusion

Mining Rig Rentals is offering a unique solution on the cryptocurrency mining market where miners can offer their equipment to rent and users can engage into lease agreements. The platform offers more than 30 different mining algorithms and associated rigs to choose from. Although they are charging both side of the transactions when renting out a rig, the idea behind Mining Rig Rentals is indeed great who would like to try out cryptocurrency mining in general or just a new equipment before investing into hardware.

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  • Now that the cards are on the table...


    First off let me say that I am in no way shape or form a professional in law, accounting, or taxation by any means. Any decisions made based off of my suggestions are solely and entirely your own, and I shall not be held liable.

    Now that we all have taken a loss from Hashflare, there are several things to consider before taking any form of action.

    1. Filling out the profile information with anything other than accurate details is FRAUD. Think about things very carefully before you do it. Most of us are in different countries other than where Hashflare is alleged to be (UK) and where Hashcoins is alleged to be (Estonia). Doing so could lead to serious repercussions on grand scheme of things, like on an international level.

    2. Filing for a chargeback alone is risky business. Consult with your bank/creditor before filing. One caveat you should consider is that IF you took anything from your account on Hashflare, this too would be an act of FRAUD.

    3. There are plenty of users thinking class action lawsuit. If you decide to go this route, keep in mind that you will be exposed. Hashflare is going to air it all out. They aren’t going to keep your privacy in mind at all. IF you chose to act on statements 1 or 2, and attempt to collect on a class action, then you are committing FRAUD and could be exposing yourself.

    4. If you withdrawal anything from Hashflare whatsoever, then you cannot claim that you were scammed. Not exactly. Did they prematurely cancel A LOT of contracts? Absolutely! Was it in accordance with the TOS? Unfortunately. But, are the TOS even legally sound? I’m not a lawyer. That’s for the legal system and community to decide (assuming there’s a jury trial). Did they do everything in their power to prevent it? Probably not. Could they have done other things to prevent it? Sure, but again, only the legal system and public can make a decision as to what they did was justified or not. We don’t know everything behind the scenes. This is mainly because of how secretive they have been. Fortunately for us, this is actually a good thing. Anything they have done that was illegal could reflect back to each of us IF we were aware of what they were doing and continued to conduct business with them.

    5. When Hashflare exposes its list of PII, because they will. They know everything that I’m suggesting. This is going to put all of us on the crypto radar. Wallets paid with, wallets paid to, they probably won’t hold back. Everyone should know, this is going to lead to a lot of financial issues in regards to taxation. If you have done anything illicit with those wallets before or after, it’s going to be figured out in due time. The pseudoanomynity of BTC is fading. They already told is both in the TOS and Privacy Policy they will do it.

    What I am getting at is plain and simple. As I said in my last post, we all played the game. Don’t be stupid. Think very carefully about what you do before you make any rash decisions. Actions have consequences. Consider everything, even the possibilities that I haven’t pointed out. Collectively we still can out smart them, even with the ding dongs that just don’t get it.

    Know your options, research them, and consult with experts in the realms which those options cross into. Plan carefully. Strategy is key. Make sure your actions are sound in every aspect before you execute, and be aware of the possible outcomes of each action.

    I know what I’m going to do. Before I go giving any ideas, I’m going to take my own advice and research my options. I’m going to call in the pros to which each execution pertains to. I’m going to educate myself in every aspect that relates to this topic, so that I can make an informed decision.

    Consider this like a game of chess... since most people consider the queen the 2nd most important piece on the board, I’m going to call this your (our) money. You, me, every single one of us are the king. Their moves ultimately will be the same, with some variations to each of the cases where people cancel the contracts, and chargebacks, and falsify information. Each one of these is a surrender in some way, shape, or form. Know your pieces, know your plays. If you get a pawn across you can get your queen back, but you can still loose. At the same time, you can loose your queen, and still win. Either way, I’m going to play with style, I’m going to evaluate each move, and strategize. Mark my words...

    As I stated in the beginning, I am not an expert in any matters pertaining to this issue, nor am I qualified to give any advice. I shall not and will not be held liable for any actions that you make based off of my suggestions.

    Second post, soap box dismounted

    submitted by /u/urgodfather
    [link] [comments]
  • [IMPORTANT] The operation of SHA-256 contracts has been suspended at this time


    Email from Hashflare; still doesn't say anything; they are avoiding confirming whether contracts are terminated or suspended.

    Dear users!

    Due to the fact that since the beginning of last month HashFlare LP has been suffering losses related to maintenance of equipment and electricity fees, we had to make the difficult decision of stopping the mining service of SHA-256 contracts.

    This decision was a necessary measure, as otherwise we would be forced to charge our users additional maintenance fees.

    Despite the current increase of the BTC/USD exchange rate, the situation on the market has not improved significantly during the month of unprofitable mining: hardware suppliers are still not able to meet halfway and lower the prices for equipment and/or its rent, and without a radical change in location of equipment, it is not currently feasible to reduce the electricity fees.

    Since shutting down and re-commissioning a large quantity of equipment to different locations is a very expensive and labor-intensive process, before making any decisions about further steps, we anticipate news of a change in the current mining difficulty trend.

    We would also like to inform you that in the coming days the withdrawal functionality will be improved to allow verified users to withdraw amounts less than 0.01 BTC.

    We will keep you informed of any further developments, stay tuned for more news.

    Respectfully,

    HashFlare team

    submitted by /u/ianmd
    [link] [comments]
  • How to withdraw below .01??


    How do I get my .007 BTC out of Hashflare? My contract is expired. I was able to withdraw .01 BTC but now it says .007 is below limit. I submitted a request through the contact from yesterday but do they even respond to anyone anymore?

    submitted by /u/goodguyr3d
    [link] [comments]
  • Hashflare terms and conditions Dec 2017


    I am in a dispute with Hashflare over their changing the terms and conditions of their service from DEC 2017 when I signed up, to June 2018.

    Does anyone out there happen to have a copy of the terms and conditions from Dec 2017 so that I can prove that the terms I signed up for differ from what they have sent to my credit card company?

    any other suggestions are appreciated

    submitted by /u/shlick11
    [link] [comments]
  • Try reopen your dispute with Visa card under condition 13.5


    The terms of sale were misrepresented for a transaction involving the following merchant types such as:

    • Timeshare Reseller
    • Debt Consolidation
    • Credit Repair/Counseling
    • Mortgage Repair/Modification/Counselling
    • Foreclosure Relief Services
    • Technical Services/Support
    • Business Opportunities with income possibility
    • Investment Products when merchant refuses to allow cardholder to withdraw available balance (e.g. binary options)
    • In the Europe Region Trial Periods/One off purchase where the cardholder was not clearly advised of any further billing

    For your convenience, here's a template letter to your bank, feel free to modify and use.

    Dear Madam or Sir,

    I would like to provide documents to support the dispute against HashCoins LP(dba Hashflare, Merchant). I purchased a digital service(bitcoin mining) from the Merchant under the agreement of Terms of Service. Invoices are attached. You may find the Terms of Service at the merchant’s official website at https://hashflare.io/terms/.

    1. HashCoins significantly misrepresented the service on their website and in the Terms of Service on the following grounds.

    1.1 “Fixed” Fees

    On its official website www.hashflare.io (see Attached screenshot), above the "Purchase" section, HashCoins promises to charge “FIXED FEES” and “No hidden fees or commissions.” Maintenance fees are listed as “$0.005/ 1 MH/s / 24h” for SCRYPT cloud mining and “$0.0035 / 10 GH/s / 24h” for SHA-256 at the time of my purchase. All fees are shown in USD currency. HashCoins purposely points out that the fee is in “$” and says it’s fixed. In the Terms of Service, Section 11.1 on Page 9, they continue to show the fees are measured in USD (measure in USD / kWh, highlighted and quoted below):

    F = A * q * S * 720 h, where:

    A - actual hashrate, measured in H/s;

    q - power consumption (power/hashrate), measured in kW / H/s;

    S - electricity cost (average for 2 previous months), measure in USD / kWh;

    720 h - hours in 1 month (accounted as 30 days).

    However, they never disclosed that they charge “fees” in BTC (Bitcoin currency) NOT in USD. And since the exchange rate of BTC/USD varies every day, the fees are in fact variable. Without given this information, HashCoins made customers believe that the contract will be profitable for the most of the time using their formula and the profitability will not be affected by the exchange rate. In retrospect, if the maintenance fees were in BTC, their contracts would be extremely unlikely to be profitable and their service is worthless.

    By contrast, other merchants in the industry all fully disclose how they handle the maintenance fee in details. For instance, Genesis cloud mining, who provides a similar service, informs their customers in their ads that “Please note that the fee is fixed in USD but deducted from the daily mining rewards in BTC. Please refer to the Terms of Service for further details.” (See attachment, Genesis cloud mining’s ad. Can be found on their homepage https://www.genesis-mining.com/pricing). Genesis also explained how the conversion works in their Terms of Service.

    1.2 Refuse to allow customers to withdraw available payout

    On the website, HashCoins highlights that their service allows “INSTANT WITHDRAWAL”(see Attached screenshot), and customers can “Choose the amount to withdraw and receive it instantly”. Now HashCoins does not allow customers to withdraw until their profit (after subtracting maintenance fees) reaches a minimum amount, they also require customers to go through a very tedious verification process before they can withdraw, not to mention this minimum amount is impossible to reach for any ordinary customers.

    1.3 Misleading Revenue Forecast

    To make matters worse, HashCoins displayed a misleading “Revenue Forecast” on user’s dashboard (See attached screenshot, HashCoins Revenue Forecast), in which the revenue doesn’t take into account the maintenance fees, instead they indicated that the revenue is the payout. This makes existing customers continue to believe that their digital mining service is profitable.

    1. HashCoins misrepresented its cancellation policy

    Specifically, in Section 5, the cancellation and termination policy specifies that after the mining become unprofitable for 21 consecutive days, HashCoins will and must permanently terminate the contract. As a result, they should return my funds, which was prepaid for 1-year service.

    Boris, One of HashCoins’ support team members, has confirmed with me the cancellation policy in his email on (Correspondence 1).

    On July 24, 2018, after 21 consecutive days of being non-profitable, HashCoins sent me an email about the cancellation (Correspondence 2).

    On July 28, 2018, HashCoins claimed that they would resume the mining service (Correspondence 3) even though mining had not been profitable since then. I have never received payout. HashCoins only uses the “continuation” of service as a way to avoid refund. This is breach of contract.

    At this moment, I simply demand the merchant HashCoins to follow the Terms of Service, and to cancel and refund my prepaid funds. I have been paying Maintenance fees (See the log HashCoins attached) while they offered the service even though the fees was misrepresented in the advertising and Terms of Service, as explained later. There is no reason for HashCoins to continue withholding my prepaid funds.

    Quoted from the Terms of Service (a copy is screenshot is attached):

    1. CONTRACT TERM

    5.1. These Terms of Service are valid indefinitely, even after Account termination.

    5.2. The Contract Term for HashFlare.io Cloud Machines is set to 1 year by default, unless stated otherwise. The Contract is valid while profitable (refer to section 5.5.), until expired or until terminated (refer to section 13), whichever comes first.

    5.3. Contracts with a stated expiry date will end on the date of expiry and the Cloud Machine is stopped.

    5.4. Pre-order Contracts that are not activated immediately on purchase will activate on the stated date.

    5.5. The Mining process continues until said mining is profitable. This means the Mining process will stop if the Maintenance and Electricity Fees will become larger than the Payout. If mining remains unprofitable for 21 consecutive days the Service is permanently terminated (Hashrate type specific). During the consecutive 21 day period, Payouts and Fees will also be temporarily stopped. If during the suspension period, the Contract-related mining factors (such as the exchange rate and mining difficulty) that are outside of HashFlare’s control will change favorably, making mining profitable again, the Service will be unsuspended and contracts reactivated.

    5.6. HashFlare reserves the right to change the launch date, Contract Term of any Contract.

    In sum, HashCoins misrepresented the service and income possibility to customers meanwhile they failed to act in accordance with their terms of service customers agreed on. I find this merchant lacks integrity. I am not surprised to see many people complaining and filing chargebacks against them. You may find testimonies on Twitter, Google, Reddit or/and other social media. I hope the chargeback can be resolved in my favor. Thanks again for your support! 

    submitted by /u/Livinindacar
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