On the 10th September, Genesis Mining lowered their prices and now have extended their contracts to lifetime.
If you had a contract with Genesis Mining before the change then your contract will change to lifetime when your current one ends.
Thanks
Ian
Um, so what will effectively happen when my 1 year contract expires? I keep my Hashpower and only have to pay a daily fee?
Basically your one year contract changes to a lifetime and at that point you then have to pay the lifetime contract termos of a daily fees of 8 cents per 1 MH/s for scrypt or 1 cent per 5 GH/s
If it ends up being that your daily payment is less than the amount they take from you, then your contract ends as you would get nothing each day or even run into a negative.
As you are still on the old contract, then at the moment you don't pay those fees, not until the change over.
Hope that explains a little bit.
Ian
Yes, I keep my hashpower even though I purchased a one year contract. If the daily payment is more than the daily fee, I keep my hashing power(which is awesome).
So, if it is not enough to pay the daily fee, is it then ended or only "paused" till it meets the fee(if ever)?
Genesis should mail its clients/place a faq or something as this info is nowhere to be found.