Genesis Mining to end all unprofitable contracts

18 Aug, 2018
by David Borman
News
Genesis Mining to end all unprofitable contracts

It has been reported by Covesting that Genesis Mining, a company offering cloud mining contracts, will be ending their lowest tier contracts due to sustained lack of profitability. The move comes only weeks after a similar move by another cloud mining company, Hashflare.

Genesis Mining did put a clause into their contracts allowing for termination after 90 days of unprofitable returns. They are now offering customers with such contracts a discount on an upgrade to a higher level account.

Hashflare recently made a similar decision and ended all SHA-256 contracts as they too had returns which dropped below the cost of operating the miners. This is in no small part fueled by the recent slump in the crypto markets.

It is not unlikely that other cloud mining services may soon have to follow suit. On the other hand, if the market should take a turn to the upside, more cloud mining services may pop up as it becomes once again a profitable venture.

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