BTC mining continues to be unprofitable if Bitcoin stays below $8000
Hashflare, a so-called “cloud mining” service that allowed speculators to effectively rent processing power on the Bitcoin network, announced Friday that it had shut down its Bitcoin mining hardware and canceled related contracts. The company says the cancellations are in accordance with its terms of service, but many users are also reporting that the company has placed strict new controls on withdrawals, fueling longstanding allegations that the operation is not above board.
The shutdown was announced in an email to customers and on Hashflare’s 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. Hashflare claims that it has worked to lower its costs, but that the price decline nonetheless means that “BTC mining continues to be unprofitable.”
http://fortune.com/2018/07/21/hashflare-shuts-down-bitcoin-mining/
@goldmine2018 Is the Mining paused Till they are profitable again?
They are making it “unprofitable!” It is profitable, they just want to kill contracts so they can keep all the BTC they mine, since all the contracts bought their equipment
Bitcoin currently trades essentially below the break-even cost of mining a bitcoin (~$8500 is break-even ).In some cases the miners simply turn off the machines until the price comes back.