HashFlare's cloud-based mining stopped servicing SHA-256 contracts because of their "unprofitability"

HashFlare’s cloud-based mining stopped servicing SHA-256 contracts because of their “unprofitability”

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Service of  cloud mining HashFlare declared on July, 20, that disconnects an equipment for mining of Bitcoin and stops providing service on corresponding contracts for lack benefit.

HashFlare, popular platform of cloudy mining , founded in 2013 year. Cloudy mining is the system, in that user can lease the stake power mining equipment belonging to the cloudy service provider. A cloudy service provider engages in tuning equipment, service and choice of the most effective strategies mining, paying part of the got income tenant users  powers.

A decision about stopping of the activity, according to news of HashFlare, is investigation the business unprofitableness at these market conditions. According to the statement of HashFlare, during the last month sum of payments on contracts were below, than paying for maintenance and maintenance equipment, that resulted in zero extra charges on balances users.

“We add all possible efforts in an order to work out the folded problems – we considered different technical decisions, that would allow to bring down the charges related to service and payment of electric power us. As a booty BTC is still unprofitable, we report that from July, 18 in 2018 year we began disconnecting of equipment on the algorithm of SHA – 256′′.

Yesterday HashFlare declared also, that users must “pass the process the verification personality” for providing observance standards of KYC and AML, asserting that the “tested users will be able every day and monthly to destroy more facilities”.

It is needed to mark that Philippine the  Securities and Exchange Commission (SEC) recently produced an explaining document on contracts on cloudy mining cryptocurrencies, in that, by means the test of Howie, this type contracts is classified as securities.

We will remind, in the end a 2017 year hacker broke up service of purchase and sale calculable powers for mining NiceHash, as a result to $62 million were stolen in Bitcoin.

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