Genesis Mining Offers Customers a Discount to Offset Falling Bitcoin Rewards
The company has recognized customers were not receiving expected rewards and is offering a chance to upgrade their mining contracts to Radiant contract terms with a premium discount.
The declining price of bitcoin has reduced mining outputs, causing some user contracts to mine less than required by the daily user fee, pushing them into the 60-days grace period, after which open-ended contracts terminate.
The company’s Radiant bitcoin mining upgrade price per 1 TH/s has been lowered from $285 to $180. Operating time has been changed from open ended to five years, incurring no termination. In addition, the daily maintenance fee has been cut to $0.14.
To upgrade, customers need to log into their account, click the button for “upgrade to Radiant,” choose the contracts they want to upgrade and add them to their cart.
The Radiant pricing was designed to keep customers’ hashpower operating in the most difficult market conditions.
Market Recovery Expected
Being a hashpower hosting service, Genesis Mining can only impact the infrastructure factor that contributes to mining rewards and cannot impact mining difficulty or bitcoin’s market price, the blog noted.
Genesis Mining believes the market will recover. In the meantime, it wants customers to continue to mine.