The world’s largest cryptocurrency cloud mining platform – Genesis Mining – says that because the cryptocurrency market remains bearish, its Bitcoin contracts are no longer profitable.
The cloud mining provider cites price volatility in the world’s first cryptocurrency which dropped from $20,000 in December 2017 to circa $6,500 currently.
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“Since the end of last year, miners around the globe are struggling to stay in the game,” says Genesis Mining in a blog on its website.
“All this time we kept our eyes on the market and followed your comments regarding the heavily declining mining rewards. We were of course very uneasy about seeing our customers not getting what they expected.
Genesis can’t influence crypto prices
“As a hash power hosting service, we can only influence one out of the three main factors that determine mining rewards, and that is the infrastructure.
“Genesis Mining has always strived to deliver the best deals by deploying the most efficient technology available at the time. The market price of Bitcoin and the mining difficulty are factors we cannot control.”
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The mining firm remembers that “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.”
The crypto market will recover
Genesis says that the idea of offering a discount is to show “we are well aware of the situation”, which it believes will change.
“As strong believers in the industry and its potential, we are certain the market will soon recover. We want to help you to keep mining!”
For further details on how to upgrade and the discounts, please click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.