BTC Fall, Higher Hashrate Force Genesis Mining to Cancel Unprofitable Contracts
Cryptovest
Published Aug 17, 2018 01:33AM ET
Updated Aug 17, 2018 02:41AM ET
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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Written By: Cryptovest
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