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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]
  • My KYC verification finally got accepted!


    submitted by /u/yohomie27
    [link] [comments]
  • is anyone else having problems with kyc since over 30 days with high mining power for eth or zcash???


    im waiting now more then 30 days for my verification??have sitting more then 5 eth sitting on hash flare but can only withdraw 0.5 a month.same problem with zcash.they write everytime the same answer when i send an email.i think they will never make my verification till they exit scam .it can't take so long to check one document.this is now the final signal what a scammers they are! i think im not the only one

    submitted by /u/motos84
    [link] [comments]
  • Supporting documents for credit card dispute


    Can you please advise on the supporting documents/evidences for the.dispute with credit card and the points to mention.

    I haven't taken the screenshot of revenue forecasts. Can provide a copy of that?

    Thank you.

    submitted by /u/ninjared28
    [link] [comments]

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