HashFlare Provides Nothing but Struggles for Users to Withdraw Their Funds
After recently terming its operations and cloud mining services, HashFlare also shut down any open Bitcoin contracts due to almost no profits being made. As Bitcoin and other cryptocurrencies suffered throughout this year and in return, cloud mining has taken a heavy hit as well.
HashFlare posted on Facebook, stating that all its operations, including its current contracts with its clientele. As the statement goes, the company said that it has attempted every possible course of action in dealing with the matter including several technical approaches which could have resulted in lower mining and power costs. As a result of the volatile and unpredictable nature of the cryptocurrency market, no alternative was found.
The company has stated that user profits have been on a consecutive low for almost one month and have dropped even lower than the cost of maintenance of the mining equipment and forced HashFlare to shut down.
The company also said that business may pick up again should Bitcoin’s price reach a stable state. Earlier this year, experts stated that BTC miners would be racking in significant losses if the currency drops under $8600 in price. As of now, Bitcoin has seen positive gains throughout last week, breaking past the $7K mark and reinstalling faith among investors.
Prior to the announcement on Facebook, the company implemented KYC and AML protocols limiting users that are unverified from retrieving their assets. This resulted in incredible outrage among its clients due to the inability to withdraw any of their funds. In light of that, several customers have absolutely no access to their funds.
HashFlare offers cloud mining contracts through other leading coins such as LTC and ETH although no statements have been made regarding the contracts of Litecoin and Ethereum being terminated.