[2018-07-28]Hashflare Restores Mining Contracts as BTC Recovers From Two-Month

[SlipMart]

Hashflare Resumes Mining Service as Bitcoin Recovers From Two-Month Low

Cloud mining provider HashFlare has announced that it is resuming SHA-256 bitcoin mining service on Saturday.

This is a major reversal from HashFlare’s decision to halt Bitcoin mining and terminate all contracts last week. The company claimed mining had been unprofitable for 28 consecutive days at the time contracts were terminated on 20 July.

The company made the announcement via its Facebook page on Friday, saying it has found a solution that will allow them to resume the bitcoin mining service.

“Throughout the last week our team has been focused on finding the optimal solution, that would allow us to resume mining SHA-256, and we are happy to announce that as a result of diligent work, such a solution has been reached. Tomorrow, 28.07.2018, at 00:00 (UTC), SHA-256 mining service will be resumed. All SHA-256 contracts will continue to operate on the same terms.”

This news will be welcomed by HashFlare customers, who were outraged over the shutdown. Some claimed to have purchased contracts during the 28-day period during which mining was unprofitable, and said HashFlare shouldn’t have been selling mining contracts right before terminating all of them. Other customers had been mining for months, constantly re-investing their profits, so lost everything when the contracts were terminated. One customer went as far as issuing a death threat to HashFlare’s operator.

Bitcoin’s price has risen significantly since HashFlare terminated its service. BTC is currently trading over $8,000 as at the time of writing. A combination of needing to placate customers and rising Bitcoin prices could have led to HashFlare’s decision to restore Bitcoin mining contracts...

See More: https://news.bitzamp.com/hashflare-resumes-mining-service-as-bitcoin-recovers/

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[InvoKing]

Boycott it for the bitcoin sake. Hashflare and the other cloudmining services whether it is scammy or not are a pure failure. In the best case you have to wait months/+1 year to grab your ROI back, it is shameful!

[IconFirm]

Boycott it for the bitcoin sake. Hashflare and the other cloudmining services whether it is scammy or not are a pure failure. In the best case you have to wait months/+1 year to grab your ROI back, it is shameful!

Agreed. Especially seeing as Hashflare are actually Hashcoins, who are well known for their scams - Hashcoins entire thread was moved to the scam section some time ago where Hashflare should also be, along with every other cloudmining ponzi ripoff scam.

I wonder how much they paid the gutter junk outlet bitzamp to advertise this. Shame on them. Again.

[richardsNY]

I wonder how much they paid the gutter junk outlet bitzamp to advertise this. Shame on them. Again.

Eh, $0? These news outlets are only out to generate volume in form of clicks and whatnot, so they'll cover this subject for the sake of having an article to publish. Currently the difficulty signals a +12% increase in less than 17 hours so it will be interesting to see how they cope with that even though they aren't mining, but they have to pretend they are. It basically means that we'll see them pull off the same scummy trick. Good thing (if true) is that I read on social media that some people managed to charge back thier initial investment amount through their credit card....

[BitHodler]

In the best case you have to wait months/+1 year to grab your ROI back, it is shameful!

99% of the people don't reach that stage. The main reason is that the minimum withdrawal is so high, that people have no other option than to reinvest their earnings in an attempt to put it to work.

What these people don't realize is that reinvesting earnings means that they have to start from scratch again with earning back their initial investment. It's an endless cycle that can only end by having your contract terminated.

From what I have seen HF users are happy to see them back, but they also understand that it is temporary. Those who earned enough to withdraw will probably never ever be able to withdraw again.

Everything people get out of that service from now is a win.

[Lucius]

Cryptocurrency is magic money and it can be mined at internet, just invest and we will mine coins for you... This is something what attracts most users of such services, do nothing and make a profit - can it be better then that? It seems that there is still a huge number of people who believe in this fairy tales, and most of them never make any profit or they lose everything they invested.

I think this area should be regulated as soon as possible, and cloud mining services should be prohibited - people should be protected from themselves if they do not understand what they are doing.

[veleten]

I don't know who in the right mind would buy a new contract with them after this
but at least they didn't go the direct scam route
the existing customers at least will be able to cut their losses and exit only losing a fraction,not the whole sum
but if bitcoin price plummets to 6000$ area again tomorrow?
and it lasts for over a month,would HF stop operations once again?