Cloud mining Hashflare closed. Money does not return

Illustration from the blog “Cryptocurrencies from Arbeiten”

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

At first, Hashflare simply did not pay customers a profit, taking away all the coins that were hiding to pay for hosting. After working for some time with a negative return, the owners prefer to shut down the service, "7/18/2018, we were forced to start off SHA-equipment, 20.07.2018, stop the service of mining under current contracts SHA-256," - said in an official blog post.

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 this way in 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 lays golden eggs? In this offer, a trick was initially felt. However, thousands of “investors”, blinded by a thirst for profit, still carried their money to Estonians, and they even opened a corporate blog on “Habrahabr” in order to actively spud the audience.

But now it became clear why the scheme was organized in this way. The owners of the company simply insured against such a situation, when mining becomes unprofitable. It was possible to assume 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 .


Difficulty and Bitcoin hash rate 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: capacity suppliers still do not want to go forward and reduce prices for the equipment itself and / or its rent, and without a fundamental 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 deleted from the HashFlare website, but users are investigating - and they identify affiliated companies and people who may be behind this “scam”.



An investigation revealed that the HashFlare project is owned by HashCoin , and he, in turn, is owned by Polibiyswhich trades its tokens. The 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 the company HashCoins, in particular - cloud mining HashFlare ”, - they wrote in his 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 .