Bitcoin Miners In A Jam After HashFlare Stops Providing Mining Services
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A well-known cloud service for mining cryptocurrencies, HashFlare, has just decided to shut down their Bitcoin-mining services. All BTC-related mining contracts have been terminated as well, citing lack of profitability.
HashFlare terminates Bitcoin mining contracts and services
A new statement from a cloud crypto-mining service, HashFlare, came via Facebook that the company will terminate all Bitcoin mining operations. According to the statement, the price of Bitcoin has made mining services not profitable enough for them to continue.
The statement says they have made every effort to find a solution but nothing has provided satisfying results so far. They have tried various technical solutions to lower expenses but there was no significant influence on the prices of electricity and maintenance.
HashFlare continued that the payouts to their customers have been even lower than maintenance fees for nearly a month. With a situation like that, the only thing that is left for the platform to do is to terminate Bitcoin mining and all related contracts. The move, while relatively sudden and damaging to the company’s customers, is still possible thanks to one of their Terms of Service clauses.
Fortunately, however, the company hopes to resume services once Bitcoin’s price stabilizes.
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