Cloud mining Hashflare closed. Money does not return

Illustration from the blog "Cryptocurrency from Arbeiten"

Over the past month, the complexity of mining Bitcoin has greatly increased, so mining on the old equipment does not pay for even the cost of electricity. As a result, one of the largest cloud hosting sites, Hashflare, with a data center in Estonia, has almost collapsed.

At first, Hashflare simply did not pay customers a profit, taking away all the coins that were lined up to pay for hosting. After working for some time with negative returns, the owners of the service chose to close: “On July 18, 2017, we were forced to start turning off SHA equipment, and on July 20, 2017, to stop the mining service under current contracts SHA-256,” the official blog said.

The terms of cloud hosting assume that the client rents equipment for a year. What the equipment is nayamit is his income. The question immediately arises: if it is possible to work in such a way as a plus and make a profit, then why the owners of the equipment themselves do not mine on it for themselves? Why rent a goose that laid golden eggs? In this offer, a trick was originally felt. However, thousands of “investors”, blinded by a thirst for profit, still carried their money to the Estonians, and they even opened a corporate blog on Habrahabr in order to actively spud the audience.
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But now it became clear why the scheme was organized in this way. The owners of the company were simply insured against such a situation, when mining becomes unprofitable. It could be assumed that over time, the complexity of mining will increase, and the cost of cryptocurrency may fall - and in a certain combination of these parameters, mining will go to a minus. Therefore, company owners have chosen such a business model when these risks are passed on to customers. Only clients can go into minus, because all expenses are paid from their money. The company itself either makes a net profit, or closes, which has now happened.


So far no one returns to clients either the money paid for the rental of equipment, or the coin minted, so the whole situation is a bit like a financial pyramid .


Bitcoin complexity and hashrate for 9 months

A few days later, the company commented again on the situation : “Despite the current growth in the BTC / USD exchange rate, over the month of unprofitable mining, the market situation has not changed for the better: the capacity suppliers still do not want to meet the price and reduce prices for the equipment itself and / or its rent, and without a major change in the location of the equipment, a reduction in electricity prices is not possible. ”

The company promised to return customer account balances, even if the amount is less than 0.01 BTC: “We also inform you that in the coming days the withdrawal of funds from the balance will be improved, which will allow verified users to display amounts less than 0.01 BTC”.


“Deceived depositors” are extremely dissatisfied with the behavior of Hashflare: “The most n $% # ets is that they stole clients' money, stole all the equipment, and now have the audacity to offer something (this is about the company’s letter to Facebook, where they hope that the market will stabilize and they will be able to offer their customers new solutions) ”.

The “Project Team” section was promptly removed from the HashFlare website, but users are investigating - and they identify affiliated companies and people who may be behind this “scam”.



The investigation revealed that the HashFlare project is owned by HashCoin , and he, in turn, is owned by Polibiys , which sells its tokens. Sale of tokens ended in June, businessmen managed to raise $ 63 million .

Apparently, the project’s founders are Estonians and Russians. By the way, Polibiys also had a corporate blog on Habrahabr : “As we have already told you, the Polybius project has Swiss and Estonian roots. “By mom,” he inherits the genes of the legendary Swiss banks, by dad - technical expertise, experience and customer base of HashCoins, in particular, cloud mining HashFlare, ”they wrote in their blog.

Now both Hashflare and Polibiys have ceased activity on our site.

“There is no cloud mining, especially since there is no cloud mining operating on Asiki. 99.99999% of all tokens are scam or schoolchildren’s games, ” one of the deceived investors , who invested $ 14,000 in Hashflare and lost everything, makes this conclusion.