I'm not in the mining business. So it was great to learn how it works. Think the trend will continue to shift towards contracts with a specific lifetime.
Then the other option you mentioned is much more dangerous, as the companies could offer tokens issued by themselves, if those loose in value your return would diminish accordingly.
Yes, lifetime contracts are appreciated. Genesis Mining is offering them and sold out...
But I think if new companies can keep up with mining revenues and offering tokens instead of contracts the'll be more succesful.
If the company fails, the tokens are worthless, that's true...