Genesis Mining Commit its Clients to Update Contracts for Bitcoin Production


Icelandic hosting company Genesis Mining forcibly updates the user contracts for Bitcoin mining, which is associated with a significant decline in the cryptocurrency market. The statement was published on August 17.

It is reported that after 60 days, the company will stop servicing open contracts, the cost of which is lower than the daily fee. According to representatives of Genesis, Bitcoin’s production has declined significantly, due to a drop in the coin value at the beginning of the year.

The company said that customers can continue to use Genesis services only if they update their Bitcoin contracts for a premium contract for a period of 5 years. Genesis reported:

“…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… The market price of Bitcoin and the mining difficulty are factors we cannot control.”

We remind you that Genesis was founded in 2014. The main complexes of the company were located in Bosnia and China, but later were transferred to Iceland and Canada, due to climatic conditions.

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