Popular cloud based cryptocurrency mining service, Genesis Mining, is calling it time on lower tier Bitcoin mining contracts after claiming they’ve become a pointless endeavor. In a Genesis Mining blog post (spotted by Cryptovibes), the cloud mining firm stated that it will no longer continue to support its lower tier Bitcoin contracts. With the continued drop in the value of cryptocurrencies since January, mining has become a lot less profitable. “Unfortunately, Bitcoin went into a downward trend around January,” Genesis wrote on its blog. “This trend combined with the heavily rising difficulty around April and May reduced mining outputs even…

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