Cloud-Mining Service Hashflare Disables Bitcoin Mining Contracts, Shuts Down
Hashflare, one of the largest cloud-based mining service, abruptly shuts down Bitcoin mining contracts. In an official statement, Hashflare stated that they would disable their mining hardware and would effectively terminate all SHA-256 based mining contracts. The company said: "BTC mining continues being unprofitable, in light of which we would like to inform you that on 18.07.2018 we were forced to start disabling SHA hardware and today, on 20.07.2018, stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service”. They mentioned that for over a month the mining profits were lower than the maintenance fee resulting in no compensation to users who bought their mining contracts. Even though they stated that they tried various technical solutions, the bear market and the instability surrounding the eco-system are allegedly the reasons for the lack of profits for customers.