One of the biggest cryptocurrency cloud-mining companies Genesis Mining informed its investor about contracts to end soon because mining has become unprofitable.
In a letter it is stated that miners around the globe are struggling to stay in the game including Genesis Mining also,
“All this time we kept our eyes on the market and followed your comments regarding heavily declining mining reward. We were of course very uneasy about seeing our customer not getting what they expected.”
And explains situation,
“Unfortunately, Bitcoin went into a downward tren 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.”
Currently the only option to keep your contracts live is to upgrade current Bitcoin mining account to Radiant contract term with a premium discount.
Read also: Kayamori: “Cryptocurrencies are Evolving Everyday and There’s a lot of Changes Taking Shape”
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