RATE Group | Hashflare Shuts Down Bitcoin Mining Service and Cancels Contracts
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Hashflare Shuts Down Bitcoin Mining Service and Cancels Contracts

21 Jul Hashflare Shuts Down Bitcoin Mining Service and Cancels Contracts

Posted at 20:01h in Bitcoin News by

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Hashflare, a so-called “cloud mining” service that allowed speculators to effectively rent processing power on the Bitcoin network, announced Friday that it had shut down its Bitcoin mining hardware and canceled related contracts. The company says the cancellations are in accordance with its terms of service, but many users are also reporting that the company has placed strict new controls on withdrawals, fueling longstanding allegations that the operation is not above board.

The shutdown was announced in an email to customers and on Hashflare’s Facebook page, with the statement primarily blaming “a difficult time for the cryptocurrency market,” including a dramatic decline in the market value of Bitcoin from its bubbly December 2017 peak. Hashflare claims that it has worked to lower its costs, but that the price decline nonetheless means that “BTC mining continues to be unprofitable.”

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