Well-known cloud mining company Genesis Mining encourages some customers to switch to a premium account providing for cooperation in the next five years, warning that otherwise, the service will no longer be available.
According to the report in the blog of a startup, the decision to discontinue the use of indefinite contracts for customers who do not earn enough to cover the commissions due to the continued downturn in the cryptocurrency market. Customers wishing to retain the ability to use the service, should switch to a new premium account.
“Since the end of last year, the miners around the world are fighting for the opportunity to stay in the game” — is listed in the blog.
The team of Genesis Mining says: mining becomes more difficult and energy intensive, which makes it necessary to reconsider the policy of the company. Now all users will have to go for a five-year contract without the option of early termination. On the other hand, the fee for each trillion hashes per second (TH/s) will be reduced from $285 to $180.
“Unfortunately, in January, bitcoin has entered the downward trend. This trend along with the significantly increasing complexity in April and may has reduced revenues from mining even more. As a result, some contracts users now bottom less than that required to cover the daily maintenance fee, and accordingly they fall within the 60-day grace period, after which the action of indefinite contracts will be terminated.
While Genesis Mining is not the first company, who said about the loss of some bitkoenig contracts: in June the Estonian service cloud of mining hashcoins datacenter announced the completion of transactions in mining bitcoin algorithm SHA-256, since “from 18 July 2018 payment was less than the payment for 28 consecutive days.” Subsequently, however, a solution was found and the contracts continued to operate under the same conditions.