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The cloud cryptography service Hashflare announced on July 20 that it would suspend its mining services and close the hardware of current SHA-256 (Bitcoin) contracts, due to the difficulty of generating revenue.
of encrypted mining in the cloud, founded in 2013, and which works with the cloud operating system – in which a user acquires some of the operating power of the hosted hardware , owned by a service provider who sets up specialized equipment, keeps the time of activity and select the most effective and reliable groups – made the decision to stop the service that lent up to present to crypto users, alleging the following:
"BTC mining continues to be unproductive, we inform that on July 18, 2018, we have disabled SHA hardware and today On July 20, we suspended the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Use. "
In the same way, they indicated that the decision was due to for more than one month mining profits were lower than the maintenance rate, which did not have the users who bought their mining contracts, and despite having tried several alternatives, l & # 39; Market downturn and instability surrounding the crypto ecosystem are the reasons for the lack of profits for customers.
For example, we considered various technical solutions, which would have allowed us to reduce maintenance and electricity costs. " was part of the declaration
The closure announced both on his page Facebook and in an email sent to his customers, explains that under the terms of service established " if mining is not profitable for 21 consecutive days, the service will be permanently suspended. "
So far, Hashflare has not specified what will happen User-owned funds, before the cancellation of their contracts, which caused great inconvenience among Internet users and the suspicion that it could be an "exit scam" (Fraudulent fraud) The latter, considering that the hiring was made after the 21 consecutive days of lack of profitability established in his conditions of service.
Given the wave of comments and notable dissatisfaction, HashFlare announced that users must submit to the Identity Check process to ensure compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) standards.
It should be noted that up to now, cloud-based mining services have had a limited success, especially compared to mining groups of common equipment, and even these , raise some concerns about the high concentration of power due to the nature of ASIC equipment.
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