Mining Sector and Comissions
Published at Jan 18, 2015 11:58:10 PM
A'Hoy Shibes,
As we continue to progress into the age of cryptocurrencies, it becomes more and more important to be aware of current events -- particularly in the mining sector. In recent months, the mining landscape has slowly begun to see the effects of Bitcoin’s declining value.
As the price of Bitcoin continues to drop, mining becomes less profitable. While this problem currently seems to be largely exclusive to SHA-256, Scrypt coins have also been affected. CoIntellect has the benefit of hosting more than 80% of its resources in the cloud.
As you can imagine, Bitcoin’s dropping price has had a negative impact on companies throughout the industry -- including ours. While we aren’t in any danger of closing our doors, we felt it necessary to shed some light on the motivation behind our current position and recent decisions to implement fees.
Commission
Until the price of Bitcoin returns to $320-$325, we will be enforcing the withdrawal commission on Dogecoin. While we continue to collaborate with CryptoPay to reach a service agreement, this commission will apply to all withdrawal methods. The commission will be lifted once an agreement is reached. We realize the inconvenience this poses to some of our users; unfortunately, this is the most practical solution currently available to us. This preventative measure will enable us to maintain liquidity and offer our services.
As mining continues to become more competitive, the future becomes quite challenging. However, it is without doubt that solo-mining will slowly become more of a niche hobby than a practical means to generate revenue. Fortunately, CoIntellect’s rocket ship has enough room to take everyone to the moon. With our lucrative pools and variety of contracts, we empower the solo-miner again and make it fun to generate revenue.
In the words of Shibetoshi Nakamato, turbulence is expected when flying to the moon.
Sincerely,
CoIntellect Staff
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