Bearish Bitcoin Forces Genesis Mining to Terminate Low-Tier Contracts

  • Alex Dovbnya
    📰 News

    Due to the prolonging bearish trend and constantly rising mining difficulty, Genesis Mining had to prematurely cancel a portion of contracts that are no longer profitable


Bearish Bitcoin Forces Genesis Mining to Terminate Low-Tier Contracts

Due to the prolonging bearish trend and constantly rising mining difficulty, Genesis Mining, a reputed cloud mining platform, had to prematurely cancel a portion of contracts that are no longer profitable. This announcement came just a month after its major rival HashFlare started dropping customers due to the lack of earnings.   

Now, the unfortunate Genesis Mining clients have two options: either to pay for a non-terminable five-year subscription, or…find another cloud mining service. The Reykjavik-based company also offers its users an incentive, lowering the price of one TerraHash (1/TH) of mining power to just $180.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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