Masternode service provider GIN has not been able to make profit in the past months. The company has decided to end its masternode services on August 1st, ending operation after just fifteen months. People who paid in advance for their masternodes will get their deposited GIN back.
When GIN launched its platform, its utility token was worth $6.60, and within its first month value went up peaking at $13.61 in June 2018. After that the token went in downfall. Currently one GIN is only worth $0.05. Because the team behind the project used the utility token as a form of payment for their developers and third party services, it has become difficult to even pay the smallest bills.
There are still over three thousand masternodes on the platform, with a total value of over 3 million dollars. GIN will not stop working, and GINcoin will stay on the market. But the masternode services have come to an end.
People interested in a new platform to run their masternodes, can look at Apollon for example. Or you can learn to become a bit technical, rent a Virtual Private Server (VPS) at Vultr, and setup your own masternode using explanations on Github or the official website of your coin of preference. However, before you invest in masternode, keep these rules in mind!
Originally published at NEDEROB.