Genesis Mining Follows New Contract Cancellation Policy With “Alternative Solutions”
Genesis Mining was founded five years ago as a way for the public to participate in crypto mining, even for a new person in the industry. They have been forced to keep up with the market conditions, which has sometimes meant putting restrictions on their services. Last month, they published an annoucement that they would now be cancelling open-ended Bitcoin contracts for users that remain inactive for 60 days or more. This was not well-received by the community at all.
In response, the company published a blog on their official website titled “Alternative Solutions for Open-Ended Bitcoin Contracts.” To encourage their community, they said, “We’ve been behind the scenes working on a solution and after speaking directly with many of our customers, we have a solution we would like to offer.”
One of the main themes that the company discovered was that the users wanted a way to keep the contracts alive. As a result, anyone that has reached the 60-day inactivity point will be able to pay a nominal fee to keep the grace period open. Basically, users are will pay the daily maintenance fee that they usually pay later for a specific period. Then, the user will not have to pay the daily maintenance fee later, and they will still receive 100% of their expected output.
For greater clarity, Genesis Mining has included a FAQ page on their website to clarify other details. Specifically, the website indicates, “All Open-Ended Bitcoin (SHA-256) Contract Owners are now able to pay the maintenance fees in advance to maintain inactive contracts past the 60-day grace period.”
The company has noticed that miners have taken advantage of their discounted contracts, known as GM Radiant agreement. This is an option for old customers to upgrade at a rate of $180 per TH/s. Still, they understand that there are always going to be customers unhappy with the changes, and they remain proactive. They wrap up the post, saying,
“We realize and accept that it will be impossible to please all customers here, but we want make it clear we are listening to your feedback and working to find solutions to these problems that affect not just Genesis Mining but the entire crypto mining industry.”