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Hashflare Shuts Down Bitcoin Mining Service Citing Weak Profit

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Hashflare, a cloud cryptocurrency mining platform, abruptly shut down bitcoin mining service and canceled all active bitcoin contracts, citing weak profit amid difficult cryptocurrency market.

In a Facebook post, the company noted that BTC mining continues being unprofitable and it started disabling SHA hardware on July 18. On July 20, the company stopped the mining service of active SHA-256 contracts.

According to the firm, the troubled crypto market over the last few months has affected the operation of its service. The payouts were lower than the maintenance fees for over a month, resulting in zero accruals to the balance, it said.

"We have made every possible effort in order to resolve the problem that has arisen - for instance, we have considered a variety of technical solutions, which would have allowed us to lower expenses related to maintenance and electricity. However, due to the general instability of the market, the actions we have taken could not significantly influence the current situation," the company said.

Hashflare noted that the cancellations are in accordance with its terms of service. But, the firm reportedly has not refunded the remaining portion of annual contract fees to its users. Prior to the announcement, the company also implemented new strict controls on withdrawals.

In its post, the company said it would be able to offer new advantageous solutions to users once the crypto market situation stabilizes in the nearest future.

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