Hashflare is a cloud cryptocurrency mining service. This system manages a set amount of computing power on a user's computer and rewards them with a share of the transaction they help facilitate.
At the moment, Hashflare allows mining Litecoin, Ethereum, Zcash and Dash. Bitcoin mining was previously available, but now Hashflare is stopping access to this service as they do not receive profit from it.
RTT News reported:
“Hashflare, a cloud mining platform, suddenly closed the Bitcoin mining service and terminated all existing Bitcoin contracts, citing low profits. In a corresponding post on Facebook, company representatives noted that BTC mining is unprofitable and also said that will turn off SHA devices on July 18. On July 21, the company stopped providing Bitcoin mining services.”
This situation has arisen as a result of negative trends in the Bitcoin market over the past few months. Because of this, the company was spending more on maintenance of mining equipment than it was making profit.
According to HashFlare:
“We have put a lot of effort into solving the problem, we have looked at many technical solutions that could help reduce costs. However, due to the general instability of the market, we cannot influence the situation in any way.”.
Many people have signed up for HashFlare services a year in advance. This means that they they are losing money because they cannot use the remaining subscription time. Of course, this problem can be solved with a refund, but the HashFlare staff promises to find a more elegant solution as soon as the market stabilizes.
It does not sound very promising. If HashFlare expects the end of the era of volatility in the cryptocurrency market, it may take a very long time to compensate for the losses of customers. Overall, this could be the beginning of the end for HashFlare and other mining pools, as this industry. becomes less and less profitable every day.
According to cryptodaily.co.uk
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