With the news of hashflare shutting down Bitcoin mining, many people are of the opinion that the platform is a scam. This is however not true as the platform gave it’s reason for shutting down.
In an official statement, Hashflare stated that they would disable their mining hardware and would effectively terminate all SHA-256 based mining contracts.
The company said:
“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”
The company said that for over a month the mining profits were lower than the maintenance fee resulting in no compensation to users who bought their mining contracts. Even though they stated that they tried various technical solutions, the bear market and the instability surrounding the eco-system are allegedly the reasons for the lack of profits for customers.
Hashflare hasn’t mentioned what they would do regarding the funds that were present in user accounts prior to the cancellation of their contracts leading to a lot of outrage and the suspicion of the whole ordeal being an exit scam. Which has been termed a Hashflare scam 2018 .
Many people are however eagerly anticipating a hashflare refund.