Hashflare, one of the most popular cloud crypto mining companies, announced the suspension of all its Bitcoin (BTC) mining contracts, deactivating its SHA-256 hardware since July 18th and discontinuing support for this service.
The announcement was made by the company on July 20th through a statement published on its Facebook account, which informs users that the measure is being taken due to the difficulties that the company has been faced to generate revenue, due to recent fluctuations in the price of Bitcoin (BTC) in the cryptocurrencies market.
It states that for more than a month users have been receiving lower payments than maintenance fees, reaching zero accumulations in their balances, a situation that has worsened in the last 28 days, as noted.
The statement added that the company has been making efforts to solve the problem by implementing various technical solutions, trying to reduce maintenance and electricity costs. But the results have not been favorable due to the instability of the cryptocurrencies market. However, they added that they aspire to be able to offer new solutions shortly.
Issues in withdrawing fund from Hashflare cloud crypto mining platform
In addition to the Facebook posting, the company also sent an email to active customers explaining the situation and providing some guidance. Once the information was disseminated, the reactions of users were quick to follow. In that sense, according to the comments made by the followers both in the social networks and in the Telegram group, the primary concern is how to withdraw the funds invested in the Hashflare cloud crypto mining platform.
On this basis, they claim that they are only allowed to withdraw minimum 0.01 BTC, in the best of cases. Some customers say that transactions are very slow and others say they have not been able to withdraw. As for the legal terms, users debate about the real possibilities of recovering their funds, fearing they’d lose the funds.
Hashflare cloud crypto mining platform has over three years in the industry and also offers cloud mining services for Ethereum (ETH) and some altcoins, such as Dash (DASH), besides Bitcoin (BTC) mining.
Initially, crypto mining contracts were established for life, but, since 2017, this period was changed to one year. Now, Hashflare suspended all its Bitcoin (BTC) mining contracts.