Genesis Mining forces update to bitcoin mining contracts for users

17 Aug, 2018
by Colin Hawkins
News
Genesis Mining forces update to bitcoin mining contracts for users

The hashpower hosting service based out of Iceland known as Genesis Mining is urging some of their customers to upgrade their Bitcoin mining contracts, after this years steady crypto market price decline.

This announcement was made August 17 in a blogpost made by the company.

Genesis claims that the decline in mining in April and May caused a reduction to mining outputs. This all is due to the downfall BTC had this year and in 60 days Genesis will terminate services for those with open ended contracts that mine less than the daily maintenance fee.

After the 60 days, if you wish to continue using the services that Genesis Mining provides you must upgrade to a premium five year contract, as explained by Genesis Mining:

“...as a hashpower hosting service, we can only influence one out of the three main factors that determine mining rewards, and that is the infrastructure… The market price of Bitcoin and the mining difficulty are factors we cannot control.”

Since the infamous price peak of Bitcoin to $20k last year, Bitcoin miners have struggled alongside the decline of BTC, chalking it up to low prices and the increased regulations, putting Bitcoin mining in a very strange state.

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Add a comment

Well, we all know that mining market has changed lately. But as far as I'm concern, Genesis MIning has offered a fair solution. I'm,aware they can't impact on everything that happens in mining market or industry. I have upgraded my contract and so far so good. I havent had any problems, and some miner I have had, their customer service was fast and determined to help me solve. So overall I'm satisfied with GM, will invest with them again.
12 Dec, 2018 - 15:27
None of us can make an impact on the stock market, that is the main thing to be aware of. Genesis Mining did the best they could, based on the new situation. We all got upgrades for a really low price and money keeps coming. For every worry and question their customer service was there for me non- stop. I really am alive, there is no better cloud mining company on the market then GM!
22 Jan, 2019 - 18:24
Agree,
I also think they really did the best they could considering whole situation on mining market. I feel like they ofered a solution so anyone could keep their contract alive in lower prices.
I did that, and untill now I don't have any problems, paymants are regular and on time and contracts are up to date and working just fine.
23 Jan, 2019 - 11:07

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