Genesis Mining to get rid of loss-making contracts

Posted 17 August, 2018

Genesis Mining, the company that provides cloud mining services, reportedly requires that some of its clients updated mining contracts to a five-year period otherwise it will cease services.

According to the company statement, the contracts that bring daily profit below maintenance fee will be cancelled, and if the users want to save the service, they will have to make a premium subscription.

"As a result, some user contracts are now mining less than the daily maintenance fee requires to be covered, and thus they entered the 60 days grace period, after which open-ended contracts will get terminated," said Genesis Mining.

The company representative stated that mining operations are getting more power-consuming and complicated, and in this situation, they have to revise contract terms. As a result, users will need to pay for 5-year mining contracts without the opportunity of premature closure. Notably, 1 TH/s will now cost $180, as compared to $285 earlier; the maintenance fee is said to be cut to $0.14 per day.

"Unfortunately, Bitcoin went into a downward trend around January. This trend combined with the heavily rising difficulty around April and May reduced mining outputs even further. As a result, some user contracts are now mining less than the daily maintenance fee requires to be covered, and thus they entered the 60 days grace period, after which open-ended contracts will get terminated," the statement reads.

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