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BTC Fall, Higher Hashrate Force Genesis Mining to Cancel Unprofitable Contracts

Published 08/17/2018, 01:33 AM
Updated 08/17/2018, 02:41 AM
 BTC Fall, Higher Hashrate Force Genesis Mining to Cancel Unprofitable Contracts

Cloud mining services provider Genesis Mining has warned that it will terminate unprofitable cryptocurrency contracts unless clients switch to a five-year subscription plan. The firm cited a combination of declining Bitcoin (BTC) prices and higher mining costs in recent months.

“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,” Genesis Mining said in


This article appeared first on Cryptovest

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