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RE: [ANALYSIS] Genesis Mining "lifetime" BTC Cloud Mining Contracts
What do you mean with the contract? The fact that they can cancel when it is not profitable anymore?
What do you mean with the contract? The fact that they can cancel when it is not profitable anymore?
They offer multiple contracts that allow you to mine a group of similar coins. Currently, BTC, ETH and XMR contracts are available. ETH is a fixed - 2yr contract, not sure about XMR.
BTC on the other hand is a 'lifelong contract' - many people are fooled by this and dont consider the fineprint. Genesis charges a maintenance fee of $0.00028 per 10GHs - which means if the difficulty rises too quickly and BTC price drops - your earnings may dip below the maintenance fee. If this happens - your contract will essentially be in hibernation until a rise in BTC price or a fall in difficulty result in your mined output being higher than the maintenance fee.
If your contract stays unprofitable for 60days (pl confirm), it will be voided
I must say, I am not very convinced about this business model. Everyone is hyped up about that because we all can see how much people like CryptoNick or BoxMining are making there. But that is just thanks to the referral program. I don't know, I am torn between liking Genesis-Mining and having a bad feeling about it.