Hashflare Is Closing Its Bitcoin Mining Services

HashFlare which today offers cryptocurrency cloud mining services on modern, high-efficiency equipment, has closed its Bitcoin mining service. Alongside with it platform as well ceased all concluded BTC mining contracts reasoning on the lack of business profitability in transaction. The price of the top- ranked cryptocurrency Bitcoin was fighting for its place throughout 2018, having decreases by more than 60 percent since the start of the year.

As per HashFlare, paybacks to clients have been decreased and they were lower than service charges for 28 subsequent days. Therefore, the platform had no choice and decided to cease the service. This step of the company was based on a term in the platform’s Terms of Service.

HashFlare, nonetheless, expressed that they were available to continuing the service if and when the cost of Bitcoin balances out. In April, observers at Morgan Stanley expressed that Bitcoin miners would work at a misfortune if BTC cost fell under $8,600. In the middle of May 2018 BTC last exchanged above $8,600. At the current moment, Bitcoin is amidst a small scale resurgence, picking up 17 percent over the recent seven days.

Prior to reporting the end of its Bitcoin mining contract, HashFlare presented new know-your-customer (KYC) and anti-money laundering (AML) protocols that limit the capacity of unconfirmed clients to take back their assets.

Besides Bitcoin, HashFlare also manages cloud mining contracts on other cryptocurrencies like Litecoin and Ethereum. However, till now the company hasn’t declared about any termination of the mining contracts of the mentioned digital coins.