Genesis mining becomes unprofitable and demands extra payment
Genesis-mining is one of the major player in BTC cloud mining industry. Long-term contracts, relatively lower(cheaper) maintenance fee, low contract prices are its important different point from its competitors(Hashflare etc).
But, after increasing of BTC difficulty rate and decreasing of prices, maintenance fee can't compensated by daily pay outs.
Couple of weeks ago, Hashflare terminated all contracts.
Nowadays, Genesis mining is in same situation. They sent an e-mail to its customers to update their contracts to premium level. You can see details:
If you plan to invest in cloud mining, you should be really careful and calculate all possibilities(generally, worst scenarios).
Have nice earnings.
Cloud Mining will return to the green in the coming Bull run.
but the problem is grace period. if it doesn't become green in 30/60 days, it will be terminated. Also, if price become much higher, it doesn't effect payout amount because of difficulty and maintenance fee.
I like the BitClub Network model for cloud mining. They take a portion of the daily payouts for each member and use it to buy newer equipment.
https://bitclub.network/dibble1
I am bitclub member too however, their payouts for the investment is a little low. Yes it is for 1000 days however, they have not been delivering on their promises a lot lately. I think it is a legit business and they have been around for 4 years. I respect that but payouts used to be a lot better and the decline in payout for Bitclub Network is a lot higher than Genesis which makes me question that both companies are located in Iceland, why they pay different price for the electricity? Because BCN maintenance fees are higher than Genesis
They have a lot of hash power coming online very shortly so you can expect payouts to increase significantly.
Yes, I have been experiencing payout increase lately. It is just that mining profitability has gone down so much due to increased mining difficulty and decreased BTC price
I agree. Genesis has become another scam after hashflare by requesting update price for their current clients. I'm using another cloud mining company for some time and earn fair payouts without any withdrawal problems.
https://goo.gl/opXo8j
Nowadays is better to keep away from cloud mining platforms. instead of investing there, directly buy coins is better.
Cloud mining is not worth the cost. Following.
sure
Sure. Let's dump more money into something that's not profitable!
:)
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Almost signed up last year for it.. decided in the last moment not to.
i think it is a good decision
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This makes me glad I did not do any cloud mining. I have found a new algorithm to mine with my GPU. #dash #infowars #silvershield #freedom #unbanked #DAO
it is better
Did you mean to form a question? Not sure because now I found something else to beta.
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It's been brewing for a while, but this is the official end of cloud-mining.
Untill the next great pop in btc!!!
wWhile "maintenance fee" is high, it will not be profitable even if BTC price becomes higher