Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App*** - page 46. (Read 422328 times)

From 600$ to 800$ for profit mining? Thats too high, it seems that cex.io didn't invested in better miners with low electricity costs.

I had forgotten of this promise lol. I no longer mine there, so don't think I have anything of note besides some GH/s dust and NMC.

So what we know is that mining with Bitcoin price ~$400 is not profitable.

OK.

Will it be profitable if the price of BTC tomorrow rises to $ 600? (or $800)

What is important, is that the maintenance cost per 1 GHS is lower than earnings from Bitcoin mining with 1 GHS. Thus, with increasing mining difficulty and extreme volatility of Bitcoin price, it is hard to predict now, at what price mining will be profitable for sure.

Thank you for feedback!

I have to step in because your calculation is a bit misleading. It is absolutely unimportant what the current hashrate is, the only important number is difficulty.

Your maintenance fee is $.105/GHs/month = $0,0035/GHs/day if we take month having 30 days. That means $3.5/Ths/day.

At rate USD/BTC $450 that means 3.5/450=0,0078 BTC/day.

At current difficulty 62253982449 1 Ths makes on average 0,008078 BTC per day. That's theoretical revenue which can be found here https://bitcoinwisdom.com/bitcoin/difficulty in the right upper corner table or calculated with this formula:
GhS*1000000000*25*24*3600/4294967296/difficulty
So 1 THS at current difficulty will mine 1000*1000000000*25*24*3600/4294967296/62253982449=0,008078 BTC/day

So at $450 the miners should be already profitable.

However this works only if you have statistically important amount of hashrate. With 6 PHs you should mine approximately 2 blocks per day.

Also I have to agree that with next difficulty change the cex miners will probably get into negative ROI again.

These calculations are available live at nextdifficulty.com.

So how high have to be Bitcoin price, to be profitable?

Edit: Maybe in other words: What minimum price can make mining profitable for you?

Dear CEX.IO users,

Please be informed that despite considerable Bitcoin price growth, it is still not enough for profitable Bitcoin mining, taking into account current difficulty and maintenance cost.

Take a look at the following calculations:

There’s an average number of more or less 3,600 BTC gained from mining each day. The hashrate is currently about 480,000,000 GH/s. Thus, the expected Bitcoins/month with 1 GHS can be calculated this way:

1 GHS/overall network hashrate * Bitcoins generated per day * 31 day

1GHS / 480*10^6 GHS * 3600 BTC per day * 31day = 0.0002325 BTC ~ $ 0.09 per month (at 400 USD/BTC rate)

Meanwhile, 1 GHS maintenance per month is $0.105/month. Thus, mining is not profitable at the moment. Moreover, the estimated next difficulty increase is in about 1 week. Provided the Bitcoin price won’t change much, there is no positive forecast for profitable mining in the nearest time.

Note that the calculation is very approximate and can be negatively changed by pool luck. Moreover, not only the price has to go up, but also flatten out at a certain level, for mining to be truly profitable.

At the moment, owners of cloud-based GHS on CEX.IO are free to choose 2 options:

– let CEX.IO decide the mining behaviour (where we will be monitoring the mining difficulty and Bitcoin price and switch your GHS cloud mining power depending on profitability);
– control cloud mining at their own risk (enable on their CEX.IO Profile > GHash.io tab (https://cex.io/trade/profile#miner) > Turn off Let CEX.IO Decide > Turn on cloud mining).

Please pay attention that you fully undertake the risks when choosing the second option.

i'll just leave this here...

With these increasing prices in bitcoin, will Cex.io restart its mining on cloud? Or it closed forever? Waiting for an official answer.

BTC @ 363 and STILL no mining.
WTF cex are you EVER going to restart mining?
if it went to over $1000 today would you still be telling us that it not profitable? ffs

hey cex, what is wrong with your exchange?

all charts show a 0 volume the last ~12 hours and my bot placed hundreds of orders, because he thought the previous orders were filled (so obviously you returned an empty "open_orders" response)
So whats happening?

edit: it seams for some reason the setting of the charts was 1m, that's why the volume was 0. But it does not explain the api error.. i will write to support.

https://i.imgur.com/mny9nuY.png


can u make this page appear more often?

it is more fun than the usual site and as far as I can tell it fixes the negative mining and extortionate fees.

Liking your work 

Thanks for your posts guys.
We'll investigate and get to the bottom of this.

@CEX : Guys now you have a new issue verification. I guess you are reading this and you will be able to help guys on the forum and outside the forum.
 

Either CEX is too hard for some folks or the users are NOT reading the emails form compliance or support or whatever.

lols , I don't think a satellite imagery will be needed but taking pics with some Chinese phone out of focus or a pic while having a candle night dinner or watching porn in a dark room are definitely not accepted.

Its been 4 months or so and had small issues but they helped me out. Especially support team was good.

Agree their verification is tough , in fact very tough but have you experienced the security? Lols I must say,  Mr President might have been given the second priority as special securities were demanded by CEX.


Lets keep the forum clean . To be honest I was asked 3 documents probably not more and for business  account some more details were asked(nothing much tough on this step)

i must admit, as much i would like to be wrong, but verification is a HUGE pain in the a** , pic must be made with some NASA hardware to get approved ?

easy verification my ass, its like applying for a black credit card! sent like 20 documents, they should just admit their lying and take off that false advertisement, because easy or quick verification is very much alive and impossible

I just noticed you introduced a new withdrawal fee for EUR. (0.40€ + 0.05%  instead of just 0.40€)

Why? SEPA is meant to be for free. So 0.40€ is okay to prevent spam withdrawals.
But 0.05% is too much! Why that much? A percentage value is never a good idea.
I'm very disappointed and with this high fee I won't be able to trade that much like I did before (because there will be no profit left).
So please reduce the fee. Maybe to 1€, but not more.

edit:
I just heard from Support, that they will lower the sepa withdrawal fee back to 0.40€ shortly. The 0.05% is caused by a payment processing change.

This made me laugh