Today we want to celebrate Bitcoin’s 10th Whitepaper Anniversary with a Halloween Special! 10 years ago on October 31st, 2008 the mysterious inventor “Satoshi Nakamoto” released the Bitcoin Whitepaper to a small Cryptography mailing list. Today, we’re still looking back in awe at this groundbreaking creation.
The original Bitcoin paper “Bitcoin: A Peer-to-Peer Electronic Cash System”, – a must read for all Bitcoin enthusiasts by the way – has been the baseline for numerous debates about the intrinsic value and future for all Cryptocurrencies.
… we want to celebrate this day with a special treat!
Our latest Radiant performance breakthrough gives us the opportunity to permanently reduce Bitcoin mining pricing by more than 10%. Of course we don’t want to stop here and will keep you updated on new progress!
To honor today’s 10th Bitcoin Whitepaper Anniversary, we’re also launching a Bitcoin Mining sale (until Saturday 3rd of November, 23:59 UTC) in which you can get an additional 15% off with the Promo Code: “WhitepaperDay”.
We are now offering customers of Open-Ended Bitcoin contracts an alternative to pay 30-Day maintenance upfront, which will allow them to pay their own maintenance costs on a 30-day basis, instead of a minimum 6-month basis. Please find the new option in your account dashboard.
The maintenance fee is not something that Genesis Mining profits from and represents the fixed expenses required to operate the miners. These expenses include electricity, datacenter employees, and general expenses required to maintain the data centers. Because of these ongoing expenses, simply turning off the machines temporary is unfortunately not a feasible option that we can offer you as a customer.
As previously discussed, due to the decline in value and increase in difficulty, we’ve now reached the 60-day grace period for our Open-Ended Bitcoin contracts. Based on customer feedback, we initially offered two alternatives to extend the Open-Ended Bitcoin contracts. First, we offered customers a 50% discount to upgrade to a new contract using our Radiant Technology. Second, we offered customers the ability to advance the maintenance costs themselves for up to 360 days upfront to avoid any contract termination.
We realize this market situation is frustrating to customers and we assure you every message, email, and social media post has been read by our team. We hope the 30-Day option will provide another less costly way for customers to maintain their Open-Ended contracts.
While there is no perfect fix here that will satisfy everyone, we are doing everything we can to find a way to accommodate customers through these challenging times in the market.
Having been in this industry for almost 5 years, we’ve experienced these volatile cycles before and just like everyone else, we feel the pain and stress too. The pace of innovation, scale of potential disruption, and incredible opportunities blockchain can bring to the world make it an industry full of reward, but also full of risk.
While the market may be bearish, we remain as bullish as ever. We believe the future will be decentralized and powered by blockchain. We will continue to invest, innovate, and build blockchain computing solutions to provide the infrastructure for this new decentralized world.
Last month when we announced that due to market conditions, contracts would be cancelled after 60 days of being inactive, many of you were understandably frustrated.
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.
As you are aware, after a breakneck runup in 2017, many users purchased mining contracts in Q4 2017 when the industry was most bullish. Indeed, bitcoin prices went through the roof last year. Since then, the bitcoin market, and cryptocurrency markets broadly, have cooled. This coupled with the difficulty increase resulted in lower returns than expected by users who started mining at peek bitcoin prices.
Over the past few weeks, our sales team has spent their time speaking with customers and our marketing team has spent their time listening on social media and reading all your feedback.
One of the key themes we’ve found, particularly from institutional and long term investors, was to give users the option to keep the contracts active.
Based on our conversations, we are now offering those who have purchased Open-Ended Contracts the option to extend the 60 day grace period by directly paying the daily maintenance fee required to maintain the miners. By doing this option, you are purchasing your daily maintenance fee in advance for a certain period — this means you will immediately start receiving 100% of your mining outputs without the deduction of a daily maintenance fee.
For more detailed information, please refer to the FAQ on the dashboard page. We would like to stress that maintenance fees are not something that Genesis Mining profits from. They represent the fixed costs required to keep the miners running with the primary expense being electricity.
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.
Many of you have decided to take advantage of our discounted GM Radiant contract structure. As a reminder, below are the packages offered. Please note you pay only $180 per TH/s for upgrading to Radiant as an old customer.
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.
Since the end of last year, miners around the globe are struggling to stay in the game. All this time we kept our eyes on the market and followed your comments regarding the heavily declining mining rewards. We were of course very uneasy about seeing our customers not getting what they expected.
However, 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. We’ve always strived to deliver the best deals by deploying the most efficient technology available at the time. The market price of Bitcoin and the mining difficulty are factors we cannot control.
Unfortunately, Bitcoin went into a downward trend around January. This trend combined with the heavily rising difficulty around April and May reduced mining outputs even further. As a result, some user contracts are now mining less than the daily maintenance fee requires to be covered, and thus they entered the 60 days grace period, after which open-ended contracts will get terminated.
As thanks to all our early supporters, we want to give you the opportunity to upgrade your existing Bitcoin Mining contracts to Radiant contract terms with a premium discount.
The pricing of Radiant was constructed for the sole purpose of keeping your hashpower running even in the toughest market conditions.
The idea behind this offer is to show that we are well aware of the situation. As strong believers in the industry and its potential, we are certain the market will soon recover. We want to help you to keep mining!
Key Details of Upgrade:
Price per 1 TH/s for the Radiant Bitcoin Mining Upgrade is $180 instead of $285
Run time gets converted from open-ended to 5 years with no termination