Hashflare, one of the largest cloud mining services, abruptly closes contracts for Bitcoin mining. In an official statement Hashflare says that they will disable its hardware and then will actually cease all mining contracts based on SHA-256. They mentioned that for more than a month, mining profits were lower than the service fee, resulting in no compensation to users who bought their contracts. Despite the fact that they said they had tried different technical solutions, the bear market and the instability surrounding the ecosystem are allegedly the reasons for the lack of profit for customers. The terms of service states that “if mining remains unprofitable for 21 consecutive days, the service is terminated”. Hashflare did not mention what they would do about the funds that were in users’ accounts prior to the cancellation of their contracts. It has led to a lot of resentment and suspicion that all the tests were a scam. Especially considering that they kept selling contracts even after the 21st day of losses. |
