The process of mining Bitcoins can often prove to be out of reach of many individual miners; the time and resources required to perform the complicated SHA-256 algorithm calculations can often be prohibitive—not to mention that separate hardware is generally required for successful mining. Because of this, the concept of collective mining that uses online cloud computing technology is catching on in the digital currency community—and Hashop is one such company that offers this service. The concept is simple: individual miners sign two-year contracts with Hashop, and in return they get access to the company's mining hardware and servers. The block rewards for successful mining of data blocks in turn go to the miners, such as newly-minted coins and the share of transaction fees in the blocks mined. Contracts with Hashop range from 10 GH/s to 100 GH/s (GH stands for “gigahash,” which represents one billion calculations per second). According to Hashop's website, the higher the GH/s rate of your contract, the higher your potential profit margin will be. Miners who use Hashop are also reimbursed for any downtime their servers may incur.
Hashop was released for public use late in October 2013. Though very little information is available online about its founders or developers, the company itself is registered in the Seychelle Islands, just off the southeast coast of Africa.