NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Cloud-Based Genesis Mining to Drop Lower Tier Bitcoin Contracts

newsbtc
newsbtc
1 year ago
3 mins read
Bitcoin ETF

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

As cryptocurrency mining profitability continues to suffer due to price decline, many cloud-mining services have been forced to cease operations. Today Genesis Mining announced they would be ending one of their bitcoin mining services.

Genesis Mining Drops Lowest Tier Bitcoin Contracts

Leading cloud-based cryptocurrency mining service Genesis Mining announced this morning via an official blog post that the firm would no longer be supporting its lowest tier Bitcoin mining contracts. The firm cited a combination of Bitcoin’s downtrend and a difficulty increase around “April and May” that “reduced mining outputs.”

Genesis Mining’s contracts include a clause that says if the cloud-mining contract returns less than it costs for Genesis to operate the service, the contact will move into a 60-day default “grace period.” During the grace period, if cryptocurrency prices don’t improve to the point of profitability, the contract will be terminated.

Genesis Offering Users Upgrades to Five-Year Term Packages

Genesis won’t be closing their doors entirely. The firm instead is offering users affected by the cessation of their lowest tier Bitcoin contracts a discounted upgrade to their new “Radiant” plans. Radiant tiers range from $285 for 1 TH/s to as much as $6,875 for 25 TH/s.

The discounted upgrade only applies to the cheapest Radiant “Gold” tier, bringing the total cost of the normally $285 plan, to a more affordable $180. However, the new Radiant contracts require a five-year term, which could deter signups given the uncertainty in the crypto market looking ahead five months, let alone five years.

Other Cloud-Mining Services Share the Same Fate

It’s not just Genesis feeling the sting from the cryptocurrency bear market of 2018. Competitor HashFlare announced in July that they would be ending their SHA-256 Bitcoin mining contracts.

Days later, HashFlare announced via their Facebook that the services will be resumed and contracts would operate on the previous terms. However, the ability to sign up for new contracts remains disabled on their website at the time of this writing.

Could Mining Be the Key to Identifying Bitcoin’s Bottom?

Cryptocurrency mining is a business. Businesses need to remain profitable or risk closure or bankruptcy. With falling cryptocurrency prices – many reaching one-year lows – even hardware miners are at risk of profitability dropping below their operating expenses. Arthur Hayes, BitMex CEO, believes that Bitcoin’s “bottom” will be highly correlated to when Bitcoin miners begin to shut off their ASIC miners to stop operating losses.

Hayes points to the 2014-2015 bear market as an example, stating that “high profile miners went under.” The outspoken CEO, who previously called for Bitcoin to reach $50K by year’s end, says that a crypto-mining colleague estimated that $5,000 is the price at which miners would begin altering operations, and $3,000 to $4,000, miners may have to cease operations altogether.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

microstrategy-version-avalanche-investissement-entreprise-us

Un “MicroStrategy” version Avalanche ? 700 M$ d’AVAX achetés par une entreprise US

Une société américaine va lever 550 M$ pour acheter de l’AVAX et viser plus de 700 M$ de jetons en...

evanss 3 hours ago
xrp-etf-en-preparation-snorter-token-effet-bull-run

XRP ETF en préparation : Snorter Token profite déjà de l’effet bull run

L’arrivée d’XRP ETF dans plusieurs juridictions et la simplification du cadre américain ont rallumé les moteurs du marché. Le flux...

evanss 3 hours ago
Ethereum

Analyst Predicts Ethereum Price Will Reach $33,000 As ETH Founder Forecasts ‘Google Moment’

The Ethereum price is back in the spotlight as market analysts and ETH’s own founder, Vitalik Buterin, outline bold predictions...

Scott Matherson 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Here’s The Boundary Bitcoin Bulls Must Defend To Save Rally

Keshav Verma 11 minutes ago
Ethereum

Wedge Breakout Or False Alarm? Ethereum Faces Its Biggest Support Test Yet

Godspower Owie 2 hours ago
crypto-com-hack-crypto-accusation-dissimulation

Crypto.com accusé de dissimulation après une brèche de sécurité révélée

evanss 2 hours ago

Premium Sponsors

Press Releases

  • Az altcoin szezon itt van. Ez a három tényező hajthatja a bikapiacot

    Az altcoin szezon itt van. Ez a három tényező hajthatja...

    24 minutes ago
  • Sezon na altcoiny już tu jest. Te trzy czynniki mogą napędzać hossę

    Sezon na altcoiny już tu jest. Te trzy czynniki mogą...

    2 hours ago
  • Sezonul altcoin este aici. Acești trei factori sunt văzuți ca motoare ale raliului

    Sezonul altcoin este aici. Acești trei factori sunt...

    6 hours ago
  • ドージコイン 今後の価格予測:ウォールストリートが注目する「1ドル圏」への道

    ドージコイン...

    8 hours ago
  • Сезонът на алткойните е тук. Три фактора се очаква да задвижат ралито

    Сезонът на алткойните е тук. Три...

    8 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.