Yeast mutation is often cited as the principal problem, however, yeast age is the real question and live to dead cell ratio. Some people buy off on the one, or two use max yeast and discard the yeast after only a couple of uses. Here are the rules:
1. Continue using your yeast as long as it is separate from contaminants.
2. Low pitching rates will increase reproduction and thus increase potentially viable yeast.
3. High pitching rates invariably lead to old yeast that might not produce vigorous fermentation.
4. Once the yeast are old or you have a lot of dead yeast you can wash, which is easy or you can pour a plate and plate a sample. Once the colonies start to appear, look at the yeast under a scope and choose one that looks healthy. Take a loop and pick off some cells from that colony inoculate a vial and start a fermentation viability test. If it works you are good to go for another year or so.
Edit: A friend that worked at Molson once told me (years ago) that they would go 30 brews before clean up.
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