Hey Miners! Here’s our general service status update for October 2017! Please take a look to see what happened last month, the current status of our service and the plans for the future!
New Bitcoin Contract Pre-Orders
A new batch of Bitcoin contracts is now live and the mining start is set to 28th of February 2018! You may have noticed that we’ve had to slightly increase the prices – this is due to the general extraordinary demand and specifically hardware component manufacturers also increasing their pricing significantly. At this point in time it’s extremely difficult to acquire huge quantities of hardware as the production of all components can’t keep up with the present demand.
Despite this market environment we are doing our very best to keep the pricing and time of deployment as low as possible and we’re going to keep all our users updated on the developments!
Bitcoin2X fork called off
Bitcoin2X is a proposal to further increase the blocksize of the Bitcoin protocol to 2MB (Currently residing at 1MB) and with it improving the speed and cost of transactions (Besides the already active Segregated Witness system). The hard fork was scheduled to occur at the block height of 494,784 around November 16th but has been canceled.The suspension was announced in an email written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo.
Note: Back in July we’ve prepared a FAQ for the Bitcoin Cash fork. We’re still assessing the possibility of adding Bcash (BCH) to the mining portfolio and will notify our users on the progress soon.
Customer Service Improvements
Back in September we received a total of 130.000 new tickets, which we could reduce almost entirely and at the same time we made huge progress on the actual service workflows (hiring and training new customer service staff, improving the processing workflows, etc). However, we still got a number of specific cases that haven’t been solved yet and we apologize for the wait times on these. Our IT team will assist you as soon as they can and every hash will be honored.
It is our top priority to assist you in the best quality possible. The Cryptocurrency industry is growing fast and each week there’s an influx of thousands of people experiencing and engaging with all these new technologies that are in development and specifically our mining ecosystem.
We’re all testing this new technology together and we’ll smooth out every bump along the road together! Please don’t hesitate to contact our customer service if you experience any issues with our platform and thank you again for your patience.
Ethereum “Byzantium” Fork Successful
Byzantium is a new mostly under-the-hood update, meaning that end users will notice close to nothing when using their Ether in their day to day transactions. The update delays the “Difficulty Bomb” coded in the Ethereum Blockchain by about 12 to 18 months, which when triggered, exponentially increments the mining difficulty. The adjustment of the difficulty comes with a positive side effect, which is the adjustment of the Block Time to under 15 seconds. This means the average number of blocks mined will double. However, with Byzantium comes a reduction of the block reward, from 5 to 3 ETH. Although this represents a 40% decrease in revenue per block for miners, their overall revenue will not be greatly affected since they will be able to mine twice as fast. At least until the difficulty raises again to it’s value before the hard fork.
Check out the full blog post explaining the update more detailed.
BlockBali Bitcoin Conference & Meet-up
Once again, Blackarrow Conferences surpassed themselves in organizing BlockBali 2017. This is the 7th conference in which we’ve partnered with them, and the conferences keep getting bigger & better. Great awareness building and networking opportunities, with a quality audience! We’ve really enjoyed talking to all the Cryptocurrency and Blockchain enthusiasts and want to again congratulate all our lucky raffle winners!
Zcash: The First Year
It’s been a little bit over a year since Zcash made its debut in the cryptocurrency scene as an interesting alternative to Bitcoin. In an industry where dozens of virtual currencies are born every month, Zcash quickly differenced itself from the rest with its innovative approach to privacy. While Bitcoin prides itself on being an open pseudo anonymous virtual currency, Zcash provides transactional privacy and increased anonymity.
Check out the “One Year of Zcash” article here!
We’ve also relaunched our Zcash contracts and increased the total contract lifetime from one year to two years with reduced pricing! All our contracts, except Bitcoin Open-End, are now in tune with a mining timeframe of two years.
#EvolveWithUs Video Series
In case you haven’t seen, we’ve launched a new video series called #EvolveWithUs! The series features Genesis Mining strategies to stay at the front of mining technology, and the experts on our team that are making all this possible!
You can watch the first two behind-the-scenes interviews of our mining build-out in May 2017 on our Enigma Landingpage.
Every person who chooses to start bitcoin mining with us helps make what we do possible, and we appreciate your patience with us as we work to improve our service while getting you your hard earned coins.
Stay tuned for the next service update for November at the beginning of December!
Sincerely yours,
Your Genesis Mining Team
