BTC Decline and Increased Hashrate Lead Genesis Mining to Cancel Unprofitable Contracts

Cloud mining service provider Genesis Mining has issued a warning regarding the termination of unprofitable cryptocurrency contracts unless clients opt for a five-year subscription plan. The company attributed this decision to a combination of declining Bitcoin prices and increasing mining costs observed in recent months.

“Unfortunately, Bitcoin entered a downward trend around January. This trend, coupled with significantly rising mining difficulty around April and May, has further reduced mining outputs. Consequently, some user contracts are now generating less than what is required to cover the daily maintenance fee, placing them in a 60-day grace period. After this period, open-ended contracts will be terminated,” stated Genesis Mining.