Hashflare stops SHA-256 mining services

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Judging by an announcement that Hashflare made in their Facebook account, the cloud mining company has stopped their mining services for bitcoin SHA-256 contract mining. 

“BTC mining continues being unprofitable, in light of which we would like to inform you that on 18.07.2018 we were forced to start disabling SHA hardware and today, on 20.07.2018, stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service, which are required to be accepted when creating a purchase and are the basis of concluding the contract”, reads the announcement. They claim that they have done everything possible to change the situation. They have even tried to lower the maintenance and electricity expenses, but with no results. They say that even by doing so, that wouldn’t significantly change anything.

The last few months have been difficult for crypto markets and mining in general. The mining payouts were lower that the maintenance fees, resulting in zero accruals to the balance.

That raises a few rhetorical questions – what will happen with classic SHA-256 mining? We can’t maintain cryptocurrencies without mining, but mining is not profitable at the moment.

Any suggestions? Will we consider a wide PoS (proof-of-stake) adoption?

Source:

https://goo.gl/9nDE3q