RATE Group | Mining startup dumps unprofitable users, blames it on Bitcoin price drop
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Mining startup dumps unprofitable users, blames it on Bitcoin price drop

16 Aug Mining startup dumps unprofitable users, blames it on Bitcoin price drop

Posted at 14:26h in Bitcoin News by

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Popular cloud based cryptocurrency mining service, Genesis Mining, is calling it time on lower tier Bitcoin mining contracts after claiming they’ve become a pointless endeavor.

In a Genesis Mining blog post (spotted by Cryptovibes), the cloud mining firm stated that it will no longer continue to support its lower tier Bitcoin BTC contracts. With the continued drop in the value of cryptocurrencies since January, mining has become a lot less profitable.

“Unfortunately, Bitcoin went into a downward trend around January,” Genesis wrote on its blog. “This trend combined with the heavily rising difficulty around April and May reduced mining outputs even further.”

The announcement stated that, “[a]s 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.”

To anyone that has read the Genesis…

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