July 20 hashcoins datacenter, the company announced the termination of contracts and the disconnection of the equipment for all ongoing contracts with SHA-256. The main reason is the problem with making a profit.
Hashcoins datacenter is a platform of cloud mining, was founded in 2013. Cloud mining is a system in which the user buys a part of the power of the computer equipment that belongs to the service provider. The provider sets up and maintains equipment, and selects the most efficient and reliable pools.
The decision on the cessation of mining was the result of the difficulties the company faced due to fluctuations in the cryptocurrency market. According to the statement hashcoins datacenter, more than a month, the amount of payments on the contracts were lower than payments for services that resulted in zero accruals on balances of users. As of July 18, the payments were lower than the maintenance cost for 28 consecutive days.
“We have made every effort to solve the problem – for example, we considered a variety of technical solutions that would allow us to reduce the costs of maintenance and electricity … Since mining BTC continues to remain unprofitable, we inform that on 18 July 2018, we had to unplug the equipment SHA, and today, 20 July 2018, to terminate the service contract SHA-256.
Hashcoins datacenter yesterday also stated that users must “pass the identity verification process” to ensure compliance with the standards of Know-Your-Customer (KYC) and anti money laundering (AML). Users who have been verified “will be able to raise your limit for the payment of both the daily and monthly”.
Recall that yesterday the company Taiwan Semiconductor Manufacturing Co. (TSMC), a leading manufacturer of microchips, has lowered its projected income due to the slowdown in the smartphone industry and cryptocurrency. TSMC produces chips for giants such as Nvidia Corp., Apple Inc. and Qualcomm Inc.