HASHFLARE terminating all BITCOIN MINING CONTRACTS?
...I am one of the lucky guys who invested some money in Hashflare Mining contract SHA-256 one year ago or so and at least recovered the investment but, there must be a lot of people which will never recover theirs.
Seems that Hashflare started to send e-mails to customers announcing the termination of the SHA-256 contracts since they are not any more profitable...
Indeed if you check BITCOIN profitability chart it is a drama:
Will see what happens but if the profitability of BITCOIN does not grew up, it will be very likely to see similar announcements about... and, if so... would not be BITCOIN Blockchain seriously on risk to do not efficiently handle the number of transactions we expect in order to maintain a "healthy" Blockchain?
What is clear is that BITCOIN needs a solution not only at the level of "Market" reversal but also at the technological level, maybe by both ways, developing or improving current mining systems and implementing solutions to get "cheaper" transactions...
good point, in any case there are already other currencies with that technology and bitcoin dominance continues, probably establishing itself as a value
How many people mine it will not affect the value of Bitcoin. The algorithm is written to always produce a new block every 10 minutes, no matter what the computing power is of the network.
If 90% of the miners disappeared overnight, the mining difficulty would drop 90% and the block time would still be 10 minutes. That won't happen of course, because if it did then everyone would turn back on the miners to get the 10x increase in reward.
I have a contract with Hashflare that they have not been paying out for over 30 days. It is only small investment, but this very much smells like an exit scam to me. Most investors believe BTC is moving into a bull phase. No doubt they will keep the miners switched on but just claim all the profits for themselves.
You are fully right my friend, it is a scam exit
Meanwhile EOS did 3097 Tx in a second at zero fees. there is also this news: https://steemit.com/dlike/@vimukthi/dash-stress-test-processes-double-bitcoins-on-chain-transactions-
At least I'm glad BCH is taking some good steps when it comes to staying true to the original goal. People better wake up to the reality soon and start dropping BTC altogether.
Difficulty adjustment would take care of handling the number of transactions, though it may take several days or even weeks to adjust, depending on how many miners cease mining and when the previous adjustment took place.
I have been expecting less efficient mines to start shutting down, a pity because those mines would probably soon become profitable again and the more miners we have, the more decentralised we are.
If Bitcoin does not go up then inefficient mines will certainly die off as ever increasing numbers of miners slowly erode their profit margins by increasing total hash power.
Talk about a shitty way to end the week following a short bull run.
Never heard of this site before but it's on WOT blacklist.
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