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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