State of Genesis Bitcoin Mining Contracts
Sadly the Time period for BTC Mining contracts on Genesis Mining is coming to an end. We hardly have about a week of Time before all our Bitcoin Mining contracts are canceled.
What can you do about this?
Now props to Genesis Mining that they did come up with some Ideas so that their Customers don't lose their Bitcoin Mining contracts, but all of them have their pro's and cons. Let me explain them in details.
1. Upgrade to Radiant Technology
According to this users can Upgrade their Active Bitcoin (SHA-256) Mining contracts to their new Radiant Technology which has a reduced daily maintenance fee which will in-turn allow the users to earn some Profit.
The problem with this is that it will cost you an additional 180 USD per 1 TH/s to Upgrade your Contract to Radiant Contracts. Now I believe that is a lot of money to invest for 1 TH/s of Power.
2. Buy a Maintenance Pack
The second option they gave to their customers is to buy a Maintenance pack which will allow the users to keep their contracts while they pay the Maintenance fees Upfront. This does seem a nice Idea but it has its own catches.
As you can see in the above picture, the minimum amount of Days of Maintenance Fees to be purchased is 180 Days/ 6 Months which is very high. Chances are that Bitcoin might recover a lot sooner than when the Maintenance Pack ends. For instance, you have to pay 50 USD per 1 TH/s as Maintenance Fees.
My Conclusion
Genesis Mining did come up with alternative options and I do give props to them but I believe that both of these Solutions results in us the users giving a lot of Money to them which I am kind of worried about. I know some YouTubers who own around 500 TH/s worth of contracts on Genesis Mining, are they going to pay probably 25000 USD in maintenance fees upfront. I really don't think that is going to happen.
Now there could have been a simple solution about this. I feel like instead of asking for 6 Month worth of Maintenance Fees they could have given us an option of paying the Maintenance Fees on a monthly basis. I believe that would have been on the best interest of both parties.
What do you Guys think about this?
I would love to hear some Thoughts
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Great post!
Thanks for tasting the eden!
All User having miningcontravts should pay fpr a maintenance pack. They should buy bitcoin and push it high. Then it would be again profitable and the contracts won't be canceled. If i have understood the contracts it needs only one day and they count again the days till canceling the contracts....
Is cloud mining profitable now a days? I never did it but now thinking to explore it.can you please advice. Thanks in advance for help.
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