Hashflare just Screwed Everyone !
Now according to Hashflare Terms and Conditions if a BTC Mining contract stays unprofitable for more than 21 Days than they can cancel all our BTC Mining Contracts. Now, this is a clause in which almost every Cloud Mining service Operators give out with varying Days as to when they will cancel out contracts.
To be honest I never thought such a Time will come when we would have to worry about our Contracts been canceled but sadly the Bear Market came and we are faced with the Problem. Now Companies like Hashing24 and Genesis Mining came up with their unique solutions to this problem. In Hashing24 they gave us an option to pay our maintenance Fees from our Balance and to be honest it did sting a bit as I had to pay 3 USD per Day to them just to keep my Contracts Alive but it is way better than simply Cancelling out Contracts.
The thing that pisses me, even more is the fact that they only announced the canceling of Bitcoin Mining Contracts about 12 hours ago whereas the deadline of 21 Days without payout has been passed a long time ago.
This seems like they hastily canceled our contracts as they saw Bitcoin Price improving lately. Now to be entirely honest I still had 5 Months left on my BTC Mining Contracts but I did make a hefty amount of Profit as I have been with Hashflare since 2 Years ago(when they had Lifetime Contracts) so I didn't lose anything but there were people who bought BTC Mining Contracts in the last 5-6 Months even when we were telling everyone to not Buy BTC Mining contracts from Hashflare. SOme guys even lost thousands of Dollars.
What about Legal Action?
Now some people on Twitter and Facebook are talking about taking legal actions about this, but to be honest I don't think there would be any result as the Terms and Conditions we signed gave them the right to do just that. But to be honest the least Hashflare could do is to give some sort of Compensation to their users who lost a lot.
Definitely felt like Ponzi 'mining' for sure
Wow it is great
very unfortunate and I am concerned about the problem you are facing now ,,, hope his future there is a better way.
Sorry mate the Post is still incomplete and I am currently writing it. Please take a look at the complete Post in a few Minutes.
You got a 17.82% upvote from @minnowvotes courtesy of @arunava!
This post has received a 3.74 % upvote from @boomerang.
It's a shame about the loss of contracts but I would like to read the complete information when you have it! Similarly thanks for the post
Hashflare looks fake and being told not to join.
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