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Last month when we announced that due to market conditions, contracts would be cancelled after 60 days of being inactive, many of you were understandably frustrated.
We’ve been behind the scenes working on a solution and after speaking directly with many of our customers, we have a solution we would like to offer.
As you are aware, after a breakneck runup in 2017, many users purchased mining contracts in Q4 2017 when the industry was most bullish. Indeed, bitcoin prices went through the roof last year. Since then, the bitcoin market, and cryptocurrency markets broadly, have cooled. This coupled with the difficulty increase resulted in lower returns than expected by users who started mining at peek bitcoin prices.
Over the past few weeks, our sales team has spent their time speaking with customers and our marketing team has spent their time listening on social media and reading all your feedback.
One of the key themes we’ve found, particularly from institutional and long term investors, was to give users the option to keep the contracts active.
Based on our conversations, we are now offering those who have purchased Open-Ended Contracts the option to extend the 60 day grace period by directly paying the daily maintenance fee required to maintain the miners. By doing this option, you are purchasing your daily maintenance fee in advance for a certain period — this means you will immediately start receiving 100% of your mining outputs without the deduction of a daily maintenance fee.
For more detailed information, please refer to the FAQ on the dashboard page. We would like to stress that maintenance fees are not something that Genesis Mining profits from. They represent the fixed costs required to keep the miners running with the primary expense being electricity.
All Open-Ended Bitcoin (SHA-256) Contract Owners are now able to pay the maintenance fees in advance to maintain inactive contracts past the 60 day grace period.
Many of you have decided to take advantage of our discounted GM Radiant contract structure. As a reminder, below are the packages offered. Please note you pay only $180 per TH/s for upgrading to Radiant as an old customer.
We realize and accept that it will be impossible to please all customers here but we want make it clear we are listening to your feedback and working to find solutions to these problems that affect not just Genesis Mining but the entire crypto mining industry.
– The Genesis Team
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