HashFlare Restores Bitcoin Mining Contracts

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HashFlare Restores Bitcoin Mining Contracts

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Cloud mining provider HashFlare has announced that it is resuming SHA-256 mining contracts, which can be used to mine Bitcoin, tomorrow on 28 July 2018. This is a major reversal from HashFlare’s decision to halt Bitcoin mining and terminate all contracts on 20 July 2018.

HashFlare says on its Facebook page: “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.”

The company has the right to terminate Bitcoin mining contracts and never resume them if mining is unprofitable for 21 consecutive days, according to its terms of service. HashFlare claimed mining had been unprofitable for 28 consecutive days at the time contracts were terminated on 20 July.

This news will be welcomed by HashFlare customers, who were outraged over the news. 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. It is now over USD 8,000 as of this writing on 27 July 2018. A combination of needing to placate customers and rising Bitcoin prices could have led to HashFlare’s decision to restore Bitcoin mining contracts.

HashFlare charges maintenance fees of USD 0.0035 per 10 GH/s per day, which is a relatively high fee but not unreasonable if it uses older Bitcoin mining rigs. At the current Bitcoin price, mining contracts will probably do slightly better than breaking even and not make much profit in the long run, but at least customers will have the ability to sell their contracts or keep mining in expectation of a major Bitcoin rally.

At this time, HashFlare is not selling any more new SHA-256, Scrypt, ZCash, or X11 mining contracts. The only mining contract they have in stock is for Ethereum.


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