CEX.io Halts Cloud Mining Service Due to Low Bitcoin Price

BitmoreCoin

sr. member

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Quote from: Teemo on January 15, 2015, 11:41:12 PM

wow I just read the article on coindesk, that some dumb thing to do.. just because the price of bitcoin.. its logical for them since they dont see profit.

i state dumb because what if people who are new getting into bitcoin, and they want to get into the mining game then see that lol.

Their electricity cost is too high

Teemo

newbie

Activity: 56

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wow I just read the article on coindesk, that some dumb thing to do.. just because the price of bitcoin.. its logical for them since they dont see profit.

i state dumb because what if people who are new getting into bitcoin, and they want to get into the mining game then see that lol.

serje

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Quote from: mayax on January 15, 2015, 10:07:36 PM

Quote from: Talon on January 15, 2015, 08:37:25 PM

If its all based on all low price, do you think all of the clouding sites are going to halt?

almost all of them will stop mining. it will remain the chinesse

and the difficulty will drop and it will be profitable again

mayax

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Quote from: Talon on January 15, 2015, 08:37:25 PM

If its all based on all low price, do you think all of the clouding sites are going to halt?

almost all of them will stop mining. it will remain the chinesse

Talon

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If its all based on all low price, do you think all of the clouding sites are going to halt?

opossum

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Merit: 1000

Quote from: ?? on ??

If they wait until bitcoin price reach $320, they could halts their service for a long time
It's better they to get a new hardware like UMISOO / antminer S4 / something better

Well the reason they are waiting is that it will cost more in electricity to run the miners then they would mine. This would result in a negative EV for mining which does not make sense to do.

Solange

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Quote from: ?? on ??

If they wait until bitcoin price reach $320, they could halts their service for a long time
It's better they to get a new hardware like UMISOO / antminer S4 / something better

I think they were just stating it's not possible for them to continue until it rises to that price. I don't think they intend to either and will be just forced to shut up shop instead. Sad really but I guess that's business.

tokeweed

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Life, Love and Laughter...

Quote from: ?? on ??

If they wait until bitcoin price reach $320, they could halts their service for a long time
It's better they to get a new hardware like UMISOO / antminer S4 / something better

true. and who knows how long it'll be at these prices. 1 year? 2 years? 5??

cyberpinoy

hero member

Activity: 1008

Merit: 502

So where is puppets view of this thread, when a company charges 81% maintenance fees, for who knows how long, what CEX is doing is a slap in the face of the people who invested with them. Unfortunately they are in a contract, a binding one, this is a step that could land thier ass in court FINALLY. because no matter how they would like to change their contract, the people who purchased the cloud a year ago are binded to that contract, not any of the recent updates they have been making as they lie and steal and change thier business structure as they see fit to scam as many bitcoins as they can out of thier users and members. Legally they can not change a contract after it has been sealed and the deal has been made. Whatever your contract says at the time of purchase is what they HAVE to carry out, changing the contracts are illegal. I hope some fancy pants lawyers son takes thier ass to court for everything they got.

CEX is a scam, a legally binding scam that has stolen thousands and thousands of bitcoins from innocent investors, miners and just run of the mill people looking for quality service from a prominent company. They are guilty of false advertising, breach of contract, as well as swindling.

MUFC

hero member

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Merit: 500

It's sad to see the reality of what effect the price drop can have on businesses. I guess this won't be the last company to close due to it. With that in mind is cex a legit cloud mining operation? I'm not familiar with each operator but many are known or seem to be ponzis and they inevitably collapse at some point anyway.

Collymore

newbie

Activity: 22

Merit: 0

Quote from: Kakmakr on January 13, 2015, 04:01:21 AM

So what happens with the people owning Gh's now?

You loose your investment? ^frown^ or are they going to buy up all the remaining GH's at a reduced price? ^Grin^

I wonder what it states in their terms of service about this? If it does state they can do it then I guess people are screwed.

jubalix

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Quote from: Bitcoinpro on January 14, 2015, 09:06:01 AM

surely they understand this is a very temporary downturn in prices,

and due to the very big run up in prices over the years

its only a technical bear market not a real one

a good % of people don't temporary downturn in prices or the converse. Most are sheeple

Bitcoinpro

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surely they understand this is a very temporary downturn in prices,

and due to the very big run up in prices over the years

its only a technical bear market not a real one

n3rvi0zz0

sr. member

Activity: 289

Merit: 250

anyway i hope someone build a stong coin to get the place of bitcoin

the only requirement wherever its your hashrate you will get the same reward, the point of have a cryptocurrency its be anonimous safe and fair

bitcoin long time ago wasnt fair for the miners

jubalix

legendary

Activity: 2618

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miners are going to get schooled in what term they have to consider their investment over. The next generation of miners will be much more carefull in not overdoing it.

tokeweed

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Life, Love and Laughter...

expecting more BTC based companies to close shop in the coming weeks.

n3rvi0zz0

sr. member

Activity: 289

Merit: 250

Bitcoin total hashrate at 07:22 Time +0 293,976,66

Im following the total hashrate of the network, yesterday goes from 330 to 292, today bitmain will start shipping the new miners, i waiting for the big fall the price of the coins goes under 50 usd at least for couple of years, in time the reward of the block still the same (25) bitcoin will lost value because the people drop his coins cheap are the BIG FARMS.

Also the second open fire its the inflation they dont put limit to the manufacturation of miners, (BITMAIN, SPONDOLIES, KNC MINER) they build 50 petahash of miners in 3 months, they burn the network the difficulte raise level nobody can imagine and after that they sell the hardware like new.

like that be sustainanble its a dream.

All the people contribute to kill bitcoin have full wallets of btc already they drop his profits now because if the trains goes from the station they wanna be covered for millions of usd to start another bussiness.

The crypto currencie world are changing, we not are more blind, we know the only one makes profit in the Bitcoin Mining are the Companyes build the hardware.

Angry

Now we need to lost thousands and thousands, because mining became a joke.

ensano

newbie

Activity: 56

Merit: 0

Quote from: mayax on January 13, 2015, 11:32:18 PM

and how much profit do you make now?

Also, I don't know if you're aware but there's a thing called a "bitcoin mining calculator". What it is is essentially a calculator that calculates the potential earnings for bitcoin. You can use it to see if something would be profitable to mine with.

https://bitcoinwisdom.com/bitcoin/difficulty

Try playing around with it with a $0.00 electricity price and 0% pool fee. If you can purchase equipment at $.20/GH then it's a solid investment

ensano

newbie

Activity: 56

Merit: 0

Quote from: mayax on January 13, 2015, 11:32:18 PM

and how much profit do you make now?

I don't mine.

You asked for an example of free power. There it is.

mayax

legendary

Activity: 1470

Merit: 1004

and how much profit do you make now?

Topic: CEX.io Halts Cloud Mining Service Due to Low Bitcoin Price (Read 2695 times)