The cloud mining service knows as Hashflare on , Friday announced that it had shut down its Bitcoin mining hardware and canceled related contracts.
Hashflare says the cancellations are in accordance with its terms of service, although so many users have reported that the company has placed strict new controls on withdrawals, fueling longstanding allegations that the operation is not above board.
The mining service provider confirmed the shutdown via an email sent to customers and on official Facebook page, with the statement primarily blaming “a difficult time for the cryptocurrency market,” including a dramatic decline in the market value of Bitcoin from its bubbly December 2017 peak.
It was claimed that it has worked to lower its costs, but that the price decline nonetheless means that “BTC mining continues to be unprofitable
