When the value of mining cryptocurrency crashed, most mining hosting operations shut their doors and abandoned their clients. But we kept paying out, even when they were taking a loss until, even they, could not afford to operate at a loss, any more. Long after other mining operations had already shut off older equipment we subsidised our members the best we could.
But make no mistake, there were no promises made by the Lifestyle Galaxy company that were not kept. In fact, not only did we support our hosted clients at a loss, but we never ceased our hosting operations.
Lifestyle Galaxy Mining is currently supporting its clients who have hosted their mining equipment at our hosting sites. Some of those miners are not running currently because they would have to operate at a loss. But for those who are operating at a profit, we will continue supporting them into the future because we are here for the long-term.
As we stated in a previous update (see https://lifestylegalaxyupdates.com/purchases-of-new-mining-equipment/) we discontinued the sale of new mining equipment at that time. That has not changed because, even though it hurt us financially, it protected the interest of our clients.
At no point did Lifestyle Galaxy make any financial claims or guarantees, nor did the company advise, in any way, how to structure your mining operation, including but not limited to repurchase percentages or which coins in what amounts to mine. This is known to our attorneys.
We have been working on behalf of our members to sell S9 equipment for them. This has been a very difficult process because this is the same older equipment that certain companies in China were throwing away two years ago. However, it appears that we may have a serious buyer for some of the equipment. We will continue to inform our members in future company updates.
Members may request for us to sell their S9s on their behalf and once we have received their request we will make our best efforts to do so!
Some members have questioned how mining can still not be more profitable when coin prices are at all-time highs. Unfortunately, coin price is only one factor and, in this case, the least impact factor. In order to mine any quantity of coin, you must be able to compete with the latest technology otherwise better-equipped miners get all of the business. And with increased prices, there are simply more, better-equipped miners than ever.
Some might ask how they are getting beaten when their repurchases have been for more modern equipment. The challenge is that the small percentage of higher-tech is getting swallowed up in the noise of so many other similarly or better equipped competition. The small amount of success for these is eaten up in the mining expenses of operation.
Our operations have maintained the highest ethical standards and we have never abandoned our members, but we cannot run at a loss. Ironically, ever so often someone claims that we are making a lot of money on our members mining operations, nothing could be further from the truth. As a matter of fact, we have spent more than we have received at one point subsidizing the mining activity of our members. We have bentover backwards and operated at a loss in the past.
We are still here and will continue to be. And for any individuals who persist in making false public defamatory statements please note that we are vigorously defending ourselves against these types of attacks. Defamation is a criminal offense and we have an International network of attorneys.
Many other mining operations shut down years ago but we will continue to stand the test of time. We are honourable stewards of our company, who have always worked in the interest of our members and we will defend our reputations.