Quote from: varthshenon on October 14, 2014, 04:46:11 PM

Quote from: Genesis-Mining on October 14, 2014, 04:19:51 PM

Short Update regarding maintenance fees:

Contractual maintenance fees for lifetime contracts are $0.08 per MH/s and day (scrypt). These fees cover electricity costs, servicing and so on. If BTC prices decline (like in the past month) the amount of BTC deducted from the mining output increases.

To mitigate this effect we decided from day 1 on to reduce the maintenance fee to $0.05 per MH/s and day (no one ever paid more). Genesis Mining will do whatever is possible to protect their valuable customers against adverse market effects and to improve their profit. This reduction of the maintenance fee (by almost 40%!) to $0.05 is permanent!

Happy Mining,
Your Genesis Mining Team

News regarding Project X will follow shortly. Stay tuned

Was it applied to old contract?

Correct.

No one, ever paid more than $0.05 per MH/s and day at any point in time. When we saw that BTC price was not doing well, Marco Streng suggested to not deduct the full amount ($0.08) and to reduce the "maintenance fee" to $0.05.