Update on Open-Ended Bitcoin Mining
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 37% 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.
– Your Septoin Mining Team