Yesterday, on July 20, 2018, HashFlare (a company that provides cloud mining services) announced it is suspending its activities. Mining of cryptocurrencies under contracts SHA-256 became unprofitable to the company.
HashFlare has been in business since 2013, but this did not save its customers, whose accounts appeared in limbo. If users do not want to loose their savings, they will have to undergo a deep verification in accordance with the rules of Know-Your-Customer (KYC) and AML. Company will establish limits on funds withdrawal from the HashFlare platform accounts for the users who have passed such verification.
The reason for this unpleasant situation was fluctuations in the market and increased complexity of bitcoin mining. At least, such reasons were presented by HashFlare representatives.
This situation does not surprise us at all. We have already published a detailed guide to cloud mining. Follow the link, and many things in this story will become clear.
