Iceland’s Bitcoin Mining Giant Gets £6 Million Lawsuit

Iceland’s bitcoin mining giant Genesis Mining Iceland EHF has just got a lawsuit from the London-based Digital Capital LTD as we are reading further in the latest bitcoin news today.

The London-based company uses the bitcoin mining giant because it failed to pay the development and maintenance of the software. According to the reports Iceland’s Bitcoin mining giant Genesis Mining Iceland EHF didn’t pay the digital capital LTD for further maintenance and development of the banking card processing software. The lawsuit shows that Genesis was experiencing major financial issues and stopped processing the plaintiff’s invoices for a number of months but this seems to be far from the first problems that the companies encountered along the way.

Digital Capital’s lawsuit filed the lawsuit to the High Court about a week ago and states that Genesis’s failure to launch the project on time is not a responsibility to Digital Capital. Instead, Genesis itself supposedly failed to provide technical specifications that the company required in order to complete the project on time. The company claimed that it assisted Genesis with matters regarding regulatory compliance and Digital Capital eventually build the software for the mining giant to allow the customers to purchase goods on a debit card using various cryptocurrencies.

The response of Genesis was that they stopped providing payments as far back as in November 2018 which created a 2.4 million debt plus the future lost profits until 2022. According to Digital Capital’s calculations which amount to more than 6 million. Genesis argues that they are not obliged to keep following the payment schedule that as established because of the fact that the project missed the agreed date of completion. Without the system maintenance, the company allegedly decided to close the deal. Digital Capital claims that the Iceland-based firms stopped providing payments because of money troubles caused by a crash in the bitcoin price.

Genesis started the crypto mining operations in 201 and it quickly became one of the largest BTC miners in the world. it operates in North America and Europe with almost 2 million users worldwide. The defense of Digital Capital states that Genesis has to terminate the agreement and that it was not under obligation to continue making payments.