Genesis Mining Extends Discount to Customers Due to Falling Bitcoin Rewards

Genesis Mining founded at the end of 2013, is a Bitcoin mining firm, and announced an discount to its customers due to the falling bitcoin mining rewards and to stem the current drop in the market. The company stated on their blog:

“Since the end of last year, miners around the globe are struggling to stay in the game. 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.”

The company is currently offering to its clients a chance to upgrade their mining contracts to Radiant contract terms with a premium discount as a way to offset the fact that clients are not receiving the expected rewards. With the crash of Bitcoin since December 2017, this has reduced mining outputs, which has affected some users to be able to mine the necessary daily requirements. This is causing users to have their open-ended contracts terminated as they are being pushed into the 60-days grace period.

Genesis Mining’s discount is to give user access to the Radiant bitcoin mining upgrade price per 1 TH/s which was $285 and has been reduced to $180. The open ended operating time has been moved to five years, as well as incurring no termination. The daily maintenance fee has also been lowered to $0.14.

The pricing of the Radiant package was laid out to maintain users hashpower operating during the most difficult market conditions. The company expanded on the their blog:

“However, as a hashpower hosting service, we can only influence one out of the three main factors that determine mining rewards, and that is the infrastructure. We’ve 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.”

While Genesis Mining is optimistic that the market will recover, it wants their clients to have the ability to continue to mine.