HashFlare Offers Clients No Alternatives for Suspended Bitcoin Cloud Mining Contracts

2018-7-23 21:00

Cryptocurrency companies active in the world of cloud mining always face an uphill struggle. It is evident things are not looking all that great as of right now. HashFlare, one of the bigger cloud mining providers as of right now, has confirmed that it will not resume Bitcoin mining for the time being.

HashFlare Calls It Quits, for Now

The profitability of Bitcoin mining extends to both regular companies and cloud mining providers. Whenever this profitability drops below a certain threshold, something needs to change. As long as the Bitcoin price does not recover any of its lost value, cloud mining will be unprofitable.

HashFlare acknowledges that things are not headed in the right direction. The company has struggled to meet investors’ expectations as the threshold for payments has been lower than the maintenance fees for the mining equipment. This has been the case for 28 days in a row, and it’s forced the company to make a very unpopular decision.

As of this week, HashFlare has halted all SHA-256 mining hardware and the associated contracts. This means anyone who has invested in this particular cloud mining company will not be getting their money back in the near future. Although the contracts have been suspended for now, they may be resumed in the future. HashFlare says it’s hopeful the cryptocurrency market stabilizes in the coming weeks.

This decision comes at a very peculiar time. The Bitcoin price has seen a remarkable uptrend over the past week, and that momentum is not necessarily being taken into account by HashFlare at this stage. Deciding to end Bitcoin cloud mining payouts shortly after a bull run will rub a lot of people the wrong way, for obvious reasons.

Reaction to the decision by HashFlare has been anything but positive. Since there are no plans to refund clients at this stage, and no desire by the company to reallocate their contracts to other cryptocurrencies, HashFlare has a lot to answer for. It could have certainly handled its business a lot better in this regard, as it decided not to pursue alternative options in case something like this happened.

This further confirms how fragile the cryptocurrency cloud mining industry really is. It’s heavily dependent on the goodwill of service providers, as well as the price of the Bitcoin or altcoins being mined. There is never a good reason to buy cloud mining contracts over buying cryptocurrency directly, and this development is another reminder of that.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Цена в час новости $ 6.03991 (-67.51%)

mining cloud hashflare right bitcoin offers one

Источник: nulltx.com

mining cloud → Результатов: 29


5 Best Free Cryptocurrency Cloud Mining Sites in 2024 – Daily Passive Income

When choosing the best free cloud mining platform, users need to consider factors such as security, credibility, fees, mining algorithm support, and user experience. The following are 5 well-recognized cloud mining platforms that enjoy a good reputation in the market and provide users with stable and reliable services: ARKMining BeMine […]

2024-3-19 20:06


Warning! Gbitcoins, AMGCrypto, HappyMiner Join Long List of Cloud Mining Scams

Cloud mining and other crypto mining scams are some of the most prolific crypto fraud types operating today. New entries GBitcoins, HappyMiner and AMGCrypto are only the most recent in a long list. In this article, BNC profiles several of them—many of which are still actively defrauding people today–and offers an easy-to-use guide for how to spot crypto cloud mining frauds.

2023-5-15 14:01


Nicehash vs Minergate: Cloud Mining Duel [2023]

Overall interest in mining Bitcoin and similar cryptocurrencies has taken a bit of a hit as of late, due to miner profitability falling through the floor along with the Bitcoin price. One area that seems to be most affected is cloud mining; profit margins here are lower by default (due to third party fees involved) […] The post Nicehash vs Minergate: Cloud Mining Duel [2023] appeared first on CaptainAltcoin.

2022-10-9 23:42


Фото:

Gate.io Offers Up To 315% ARR After Launching Set Of Cloud Mining Products To Its Over 8M Users

One of the world’s leading cryptocurrency trading platforms, Gate.io recently released a kit of Cloud Mining products to its over 8 million users. The most recent phase, the 6th since the product was launched, saw Cloud Mining products provide a staggering 315% annualized rate of return (ARR), despite initially offering a rate of 124.47%. Following […]

2021-11-18 19:17


Фото:

Secure Passive Income With The USDminer Cloud Mining Platform

Mining cryptocurrencies, such as Bitcoin and Ethereum, is a lucrative activity. However, the costs of acquiring and maintaining high-end computing machines may overwhelm crypto enthusiasts. Cloud mining solves this challenge by offering crypto users a chance to mine cryptocurrencies at a fraction of the cost of running their mining stations. Notably, cloud mining offers users […]

2021-10-6 16:56


Nicehash vs Minergate: Cloud Mining Duel [2021]

Overall interest in mining Bitcoin and similar cryptocurrencies has taken a bit of a hit as of late, due to miner profitability falling through the floor along with the Bitcoin price. One area that seems to be most affected is cloud mining; profit margins here are lower by default (due to third party fees involved) […] The post Nicehash vs Minergate: Cloud Mining Duel [2021] appeared first on CaptainAltcoin.

2021-4-20 15:40


Фото:

Eobot – A Crypto Exchange and Cost Effective Cloud Mining Solution

Mining Bitcoin and other Proof of Work (PoW) cryptocurrencies has traditionally required users to invest in expensive mining hardware, called ASICs, to mine new coins. Instead, some operators are using cloud mining solutions, which require little to no hardware to maintain, produce no heat and require virtually zero electricity for the user – with the cloud […] Eobot – A Crypto Exchange and Cost Effective Cloud Mining Solution was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.

2019-5-8 11:22


Фото:

MivHash a renewable energy cloud mining service is becoming the strongest contender in the cloud mining industry

The Massive Progress Of Mivhash Mivhash has started with a concept of renewable energy for cloud mining and for this purpose they use renewable energy that is low in cost. This is the reason why you can invest your Cryptocurrency with Mivhash without having to worry about the high prices for buying hardware that eventually […] The post MivHash a renewable energy cloud mining service is becoming the strongest contender in the cloud mining industry appeared first on ZyCrypto.

2019-3-29 16:42


Фото:

Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates!

Nuvoo, the largest crypto ecosystem mining company in Canada, is now taking giant strides towards emerging as the world’s leading platform for convenient and profitable cryptocurrency mining. The post Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates! appeared first on CoinSpeaker.

2018-10-19 12:25


Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates!

Nuvoo, the largest crypto ecosystem mining company in Canada, is now taking giant strides towards emerging as the world’s leading platform for convenient and profitable cryptocurrency mining. The company has just released a new bitcoin contract that will completely change the game for the industry, with a month-to-month concept based on a 24-month payment for […] The post Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates! appeared first on Ethereum World News.

2018-10-19 02:10


Фото:

Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates!

Nuvoo, the largest crypto ecosystem mining company in Canada, is now taking giant strides towards emerging as the world’s leading platform for convenient and profitable cryptocurrency mining. The company has just released a new bitcoin contract that will completely change the game for the industry, with a month-to-month concept based on a 24-month payment for […] The post Canadian Cloud Mining Powerhouse Nuvoo Revolutionizes Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates! appeared first on NullTX.

2018-10-17 00:25


Фото:

Cloud Mining Company Nuvoo transforms the Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates!

Nuvoo, the largest crypto ecosystem mining company in Canada, is now taking giant strides towards emerging as the world’s leading platform for convenient and profitable cryptocurrency mining. The company has just released a new bitcoin contract that will completely change the game for the industry, with a month-to-month concept based on a 24-month payment for […] The post Cloud Mining Company Nuvoo transforms the Cloud Mining Industry with a Month-to-Month Contract and 50% Cheaper Rates! appeared first on ZyCrypto.

2018-10-17 22:17


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru