On July 20th, 2018, the seemingly UK based cloud mining company HashFlare cancelled all its SHA-256 Bitcoin mining contracts, leaving countless customers angry and frustrated.

Research turned out the company, whose business address in the UK is actually a mailbox at a Mail Boxes Etc located at 44/46 Morningside road, Suite 3, Edinburgh, EH10 4BF, Scotland, United Kingdom (see for yourself [ Ссылка ] ) is actually based in Estonia, and their business address is: Tartu maantee 43, 10128 Tallinn, Estonia.

To make matters worse, per their TOS, HashFlare will not be issuing refunds or prorated payouts. On their Facebook page and email communications, HashFlare wrote the following:

Dear users!

As you know, the last few months have been a difficult time for the cryptocurrency market, which has also affected the operation of our service.

We have made every possible effort in order to resolve the problem that has arisen ? for instance, we have considered a variety of technical solutions, which would have allowed us to lower expenses related to maintenance and electricity. However, due to the general instability of the market, the actions we have taken could not significantly influence the current situation.

For over a month our users encountered a situation when the payouts were lower than the maintenance fees, resulting in zero accruals to the balance. As of 18.07.2018, the payouts were lower than maintenance for 28 consecutive days.

BTC mining continues being unprofitable, in light of which we would like to inform you that on 18.07.2018 we were forced to start disabling SHA hardware and today, on 20.07.2018, stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service, which are required to be accepted when creating a purchase and are the basis of concluding the contract.

We expect that the cryptocurrency market situation will stabilize in the nearest future and we will be able to offer our users new advantageous solutions.

We will continue to inform you about any changes. Stay tuned for updates!

Respectfully,

HashFlare team

HashFlare scam

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