All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Some more Bitcoin and crypto currency oriented businesses have announced that they will not be applying for BitLicense and thus will stop offering their services to residents of the state of New York. These companies include the Bitcoin cloud mining service Genesis Mining:
Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be able to purchase hashpower contracts with us.
Then there is also the LocalBitcoins, a service that connects people willing to sell and buy Bitcoins all over the world. Interestingly enough at the same time one of the biggest online Bitcoin wallet providers and payment processor service Coinbase has announced they will be applying for BitLicense. Applying for a BitLicense has two sides, one regarding the process itself that seems to be long and costly endeavor for the companies, and the other is the concern regarding the customer’s privacy and how it will be affected after a company complies with the BitLicense regulations.
The Bitcoin cloud mining provider Genesis Mining has announced a new type of cloud mining contract with a fixed term of 1 year and a lower price per GHS resulting in faster ROI time than their standard Lifetime mining contracts. The new 1 year Master contract is available with a price of $0.29 USD per GHS as opposed to the price of $0.39-0.45 USD per GHS for the Lifetime contracts. The daily maintenance fee for the new contracts remains the same as before at $0.0015 USD per Gigahash. The standard listed 1 year fixed term contract is for 1 THS, but you can actually purchase a contract as low as 250 GHS fo the fixed term, the minimum for Lifetime contracts is 50 GHS.
The idea with the new 1 year term contracts for Bitcoin cloud mining is to provide alternative for users that want a shorter term ROI and are not interested in longer term investments that could end up bringing more profit over the long run. Do note however that there are no guarantees in the mining world, since the daily maintenance fee is fixed in USD the daily profit can vary depending on the current exchange rate of Bitcoin. The increasing difficulty of the Bitcoin network can also be a factor in reducing your profit over time. So always invest carefully in cloud mining contracts and do your math.
And here is a 2.5% discount code for the new 1 Year Master Contract and 5% off for the Lifetime mining contracts, so you can get even better deal for the price per GHS. All you have to do is to enter the promo code CryptoMiningBlog5 when checking out.
The cloud mining provider Genesis Mining has announced their project called Genesis Hive – a web interface that enables you to easily setup, watch, and manage your bitcoin or altcoin mining farm. Think of it as the ultimate control panel to manage your mining rigs in a large scale crypto currency mining operation such as the one the company has been operating. In fact the Genesis Hive has been developed for internal use as the company needed to be able to have an easy to use solution for monitoring and controlling of the hardware in their own mining data centers. The project is designed for large scale mining operation and is not intended for small home miners, so if you are interested you can check more details about the solution and inquire for additional information such as hardware compatibility and pricing.