Hi I heard Genesis also has problems, is it true?
Not exactly, Genesis customers have a problem, Genesis is doing fine.
I see that recently they have come up with another genius (for Genesis) scheme whereby customers can avoid their contracts being cancelled (and their investment vanishing) by paying upfront maintenance fees
Quote from: Genesis blog
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.
Hmmm.
So, they charge $0.14 per Th/s maintenance fee.
@ 0.1J/gigahash (S9) and $0.06 electricity (Iceland), that leaves around $0.08 per day "costs" per Th/s outside of actually powering the miner, or around $1.20 a day for an S9.
So what they are saying is that one of their big mining barns, with e.g. 10,000 S9's in it, costs them $12,000 to run per day after allowing for electricity...
That's nearly 4.5 million dollars in "fixed costs" per year to operate.
And they "don't make any profit" out of that.
I wonder how those millions of dollars are allocated?
One thing's for sure, they'll never say...