We have an announcement regarding mining and workers service through the Flits app. We have been informed by one of our third-party providers that some of our hardware (miners) have been broken down and will need to be repaired. Furthermore, we have been informed that it will take approx. one week to find the source of the issue and if the hardware is repairable it will take another one to two weeks for the miners to be fixed. In the meantime, we would like to inform our users who have invested in this service that rewards can be very low due to these issues until the issue has been resolved.
Because this is not the first time we have been struggling with faulty hardware with one or more third-party organizations, we have decided to remove the mining function as it is currently structured inside the app completely. We as Flits do no longer want to be dependent on third-party providers, as it is impossible for us to guarantee the quality and consistency of this feature inside the app. We have already closed down the purchase of new workers inside the app, but with V5.0 mining will not be returning in its current form.
We have come to the conclusion that the current way mining is organized does not fit with the vision of the Flits app. We are and want to be a decentralized wallet where all funds are in full control of the users themselves. Therefore, we will be removing the mining function in its current form from the Flits app.
It is almost certain that mining will be re-offered inside the new app, but with direct third-party integration. So Flits will no longer be managing the operation themselves, and users are in direct contact with the organization (s) offering the mining. Meaning Flits is no longer the middle man, providing users with more control.
So to wrap things up:
- ROI from the mining operation will be temporarily reduced due to miner downtime and until the hardware is fixed; if this is not possible, Flits will not re-invest in new hardware to replace the defective hardware;
- Selling and buying workers inside the app will no longer be supported when V5.0 of the Flits app goes live;
- We are currently in advanced discussions with a party to offer mining directly in the app without Flits being the middle man. There is no set timeline for this integration, but we will keep the community and users informed.