CEX.io Halts Cloud Mining Service Due to Low Bitcoin Price - page 2.

ensano

newbie

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Quote from: mayax on January 13, 2015, 06:31:37 PM

free power? can you please give an example of free power. do not tell me about solar power because it is not free.
you need an expensive investment for that and it's not working if you live in Sweden or even in Eastern Europe where 6 months is winter.

My rent is all inclusive. I pay x amount per month regardless of the amount of power I use.

I have free power. I've identified 4x 15 amp breakers that I don't use so theoretically I can run 6000 watts at my place with only the upfront cost of the equipment.

Gleb Gamow

vip

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mayax

legendary

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free power? can you please give an example of free power. do not tell me about solar power because it is not free.
you need an expensive investment for that and it's not working if you live in Sweden or even in Eastern Europe where 6 months is winter.

ensano

newbie

Activity: 56

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Quote from: aerobatic on January 13, 2015, 05:24:39 PM

Quote from: johnyj on January 13, 2015, 05:16:24 PM

Approach bitcoin in any centralized way of doing business is very dangerous, soon many large firms will go broke and mining back to the hands of home miners. Home miners are not fiat profit oriented, while large organizations are not

what you said makes no sense. professional miners have lower costs than home miners because they use scale and location to their advantage. if the professionals get priced out because of the low btc price, there is no way that home miners can take up the slack as their costs are significantly higher, and it'd be very unprofitable. home miners aren't a 'charity'. they mine for the reward, not just to power the network. if it was significantly unprofitable, home miners can't afford to do it. (and if they want bitcoins, they would just BUY them, for less cost than mining them).

Lots of home miners have free power and are only running under 1TH as a hobby. There'd still be plenty of power securing the network if the big farms shut down.

Personally I'm hoping for a price of 1-150$. This would see the farms disappear very fast

sandpaper

sr. member

Activity: 373

Merit: 250

Quote from: aerobatic on January 13, 2015, 05:24:39 PM

Quote from: johnyj on January 13, 2015, 05:16:24 PM

Approach bitcoin in any centralized way of doing business is very dangerous, soon many large firms will go broke and mining back to the hands of home miners. Home miners are not fiat profit oriented, while large organizations are not

what you said makes no sense. professional miners have lower costs than home miners because they use scale and location to their advantage. if the professionals get priced out because of the low btc price, there is no way that home miners can take up the slack as their costs are significantly higher, and it'd be very unprofitable. home miners aren't a 'charity'. they mine for the reward, not just to power the network. if it was significantly unprofitable, home miners can't afford to do it. (and if they want bitcoins, they would just BUY them, for less cost than mining them).

Luckily a lot of home miners do it on a small scale but enough to make an impact especially with the turn off of some. I know for awhile I had no electric cost because of a fixed rent and could get away with using inefficient machines. That could still be the case for a lot. Solar / wind powered should also not feel the effects nearly as much if at all. What's it matter if the price goes to $200 when you have 2kw solar dedicated to it (already paid off).

arvindr

full member

Activity: 182

Merit: 100

Quote from: mayax on January 13, 2015, 05:28:42 PM

only few home miners afford hardwares of over 30K.

otherwise, you cannot be on profit. also, you cannot be on profit if you sell the Bitcoin for 200 USD...

http://blockchained.com/profit/index.php

Looks like the price drop would demotivate a majority of people from mining as it won't be profitable at all.

mayax

legendary

Activity: 1470

Merit: 1004

only few home miners afford hardwares of over 30K.

otherwise, you cannot be on profit. also, you cannot be on profit if you sell the Bitcoin for 200 USD...

http://blockchained.com/profit/index.php

aerobatic

hero member

Activity: 702

Merit: 500

Quote from: johnyj on January 13, 2015, 05:16:24 PM

Approach bitcoin in any centralized way of doing business is very dangerous, soon many large firms will go broke and mining back to the hands of home miners. Home miners are not fiat profit oriented, while large organizations are not

what you said makes no sense. professional miners have lower costs than home miners because they use scale and location to their advantage. if the professionals get priced out because of the low btc price, there is no way that home miners can take up the slack as their costs are significantly higher, and it'd be very unprofitable. home miners aren't a 'charity'. they mine for the reward, not just to power the network. if it was significantly unprofitable, home miners can't afford to do it. (and if they want bitcoins, they would just BUY them, for less cost than mining them).

Elwar

legendary

Activity: 3598

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Viva Ut Vivas

Cloud mining....your bitcoins are in the cloud.

Just don't ask for them.

They're on the line.

johnyj

legendary

Activity: 1988

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Beyond Imagination

Approach bitcoin in any centralized way of doing business is very dangerous, soon many large firms will go broke and mining back to the hands of home miners. Home miners are not fiat profit oriented, while large organizations are not

elephantas1

sr. member

Activity: 378

Merit: 250

Quote from: serje on January 13, 2015, 08:06:48 AM

Is it to early to ask if you got cexed?
How much is the GH they sold worth now?

https://www.youtube.com/watch?v=K2ku1A5Ox8U

it fell from 0.0015 to 0.0005 im really happy now that i sold it a few weeks ago when they had problems and now im safe

monotone

newbie

Activity: 8

Merit: 0

Quote from: kpitti on January 13, 2015, 05:30:50 AM

Will be interested to check decrease of total Hash in the network. It`s must be visible.

https://bitcoinwisdom.com/bitcoin/difficulty

Kazimir

legendary

Activity: 1176

Merit: 1011

What I don't understand... Why isn't everybody moving to P2P mining? No trust issues, better for Bitcoin, less dependency on 3rd parties. Win-win?

ikydesu

hero member

Activity: 686

Merit: 500

fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

How about they have ghs in cex.io Huh

Must sell all Huh

One by one cm service down Roll Eyes

newIndia

legendary

Activity: 2226

Merit: 1052

Quote from: mayax on January 13, 2015, 09:06:46 AM

Other miners like cloudhashing.com announced that they will stop minering if the price will fall under 200 usd.

they can't cover their costs with this price.

Cloud Mining services with consistent payment history are now very few. The options are narrowing down.

mayax

legendary

Activity: 1470

Merit: 1004

Other miners like cloudhashing.com announced that they will stop minering if the price will fall under 200 usd.

they can't cover their costs with this price.

n3rvi0zz0

sr. member

Activity: 289

Merit: 250

total Hash Rate: 292,177,963 GH/s

and dropping!!!

serje

legendary

Activity: 1232

Merit: 1002

Is it to early to ask if you got cexed?
How much is the GH they sold worth now?

https://www.youtube.com/watch?v=K2ku1A5Ox8U

wang_yan

sr. member

Activity: 448

Merit: 250

Quote from: flipstyle on January 13, 2015, 07:15:56 AM

Quote from: sandykho47 on January 13, 2015, 07:06:32 AM

If bitcoin price keep falling down
Another cloud mining will halts their services too

I wonder if bitcoin difficult will down this week ?

Possible but not likely. The chinese have tens of millions into dedicated supercomputing farms that I doubt they'll stop their operations just because of dropped price. Then again, I could be wrong.

There're a lot of ant miner shipping tomorrow, so the difficulty still might grow.

Chemistry1988

legendary

Activity: 1120

Merit: 1000

Not a surprising news at all. You should see this coming a week ago, when bitcoin price was going down and mining difficulty was expected to go up 10%.

Topic: CEX.io Halts Cloud Mining Service Due to Low Bitcoin Price - page 2. (Read 2726 times)