Ninjastic
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Board Service Discussion (Altcoins)
Re: Genesis Mining New Pricing vs GAW Mining Hashlet Primes Update 10 Sept
by
IanFoxley
on 17/09/2014, 14:20:44 UTC
Quote from: Razkin on September 17, 2014, 02:06:00 PM
Quote from: IanFoxley on September 17, 2014, 01:59:27 PM
Quote from: Razkin on September 17, 2014, 01:48:03 PM
Quote from: IanFoxley on September 04, 2014, 07:54:06 AM
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.



Yes, hopefully they will add it in the FAQ, but at the moment it can be found when you upgrade Hashpower and are about to purchase. It is in the link View Agreement, which then displays all the contract terms, etc

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)?


Yes I can see where you are going with that, to be honest I have no idea, lots of What Ifs I suppose, I am sure if it ever got to that scenario, Genesis Mining would know about that too and would probably come up with something, I suppose at the moment it is something that might be a little while off just now, although not tooo far into the distance, hard to tell really.

Thanks for your post though, made me think a bit.. Smiley