Hashflare, one of the largest bitcoin mining companies, said on Friday it is disabling its SHA-256 hardware and also discontinuing support for mining services on the active SHA-256 contracts.
The move comes as Hashflare continues to struggle with generating revenues, the company said, putting the blame on market fluctuations.
In an email to active customers, the company added: For over a month our users encountered a situation when the payouts were lower than the maintenance fees, resulting in zero accruals to the balance.
As of 18.07.2018, the payouts were lower than maintenance for 28 consecutive days.
We expect that the cryptocurrency market situation will stabilize in the nearest future and we will be able to offer our users new advantageous solutions.
HashFlare, a cryptocurrency cloud mining services, has shut down its Bitcoin mining service. Bitcoin Mining Payouts Lower than Maintenance Fees In a statement on the company’s Facebook page, HashFlare announced its decision to terminate its BTC mining operation.
Hashflare, one of the most prominent cloud mining service, recently made an announcement that it would begin to turn off their SHA-256 miners starting on July 20th, as a result of rapidly declining profits.
HashFlare Has Blocked Small User Withdrawals HashFlare appears to be holding funds hostage via a combination of inefficient mining and an increased user withdrawal threshold. Those who purchase HashFlare mining contracts have seen the funds and mined crypto coins locked up.
At the moment, users of HashFlare’s cloud mining services are worried that the company may be preparing to pull an exit scam. This is because the daily payouts are now below the maintenance fee, so users are not making any returns on their investments anymore.
HashFlare Introduction The HashFlare was set up in 2014 and it offering cloud mining solutions since the outset of 2015. The technology behind is driven by the HashCoin staff which is handling blockchain techniques as well as hardware since 2013.
The threat of quantum computing has long loomed over classical cryptography which provides the security behind most current blockchain networks. Search giant Google recently claimed it has reached a milestone in quantum computing which could have serious implications for cryptocurrency.
Mining operations that process SHA-256 coins like BTC and BCH saw revenues slashed due to the bear market lows at the end of 2018. Revenues continued to fall into the new year, but over the last few weeks, network hashrates have been climbing again.
An analysis of the role of the nonce in the Bitcoin proof of work mining process, alongside the SHA-256 algorithm and the difficulty adjustment.
The post What Is a Nonce? A No-Nonsense Dive into Proof of Work appeared first on CoinCentral.
In the world of cryptocurrency mining, profitability is often very difficult to achieve. Not just because it is so difficult to find anything profitable to mine, but also because of the falling prices.
BITTECH starts selling a new range of cryptocurrency mining hardware powered by 10 nm semiconductor chips (10 nm BT0010a and BT0010La mining chips). It is to be recalled that BITTECH introduced its first ASIC miner as early as mid-May, 2018.