is anyone paying more in maintenance than making profit in Cex.io?

ranlo

legendary

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Quote from: Aleator on August 07, 2015, 06:05:02 AM

The main advantage was get hash , mine , sell it back , the difference should be + so you make profit.

So even tough its unlikely you could still profit even if the maintanance is more the mining just by selling it for higher price and covering the loses. Tough that never happens because price usually goes lower by time rather then higher , just like used cars.

The odd thing was that for a long time (at least 2 months I'm aware of), prices of shares actually went UP week after week, despite profit dropping over the same period. Cex.io has always been a weird place economically.

Aleator

sr. member

Activity: 616

Merit: 250

The main advantage was get hash , mine , sell it back , the difference should be + so you make profit.

So even tough its unlikely you could still profit even if the maintanance is more the mining just by selling it for higher price and covering the loses. Tough that never happens because price usually goes lower by time rather then higher , just like used cars.

juliogf

newbie

Activity: 4

Merit: 0

Quote from: clownius on February 08, 2015, 02:06:59 PM

Im guessing most GH/s trading is done on hope of a restart? That or the fact crypto traders would trade dead rats if they thought they could pump and dump a little lol

What do you mean "trading is done on hope of a restart?" ?
Thanks

picolo

hero member

Activity: 1022

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Quote from: dcarnelutti on September 02, 2014, 12:16:58 PM

I have 53 ghs with them and now maintenance charges and bigger than profit... anyone having same issue?

Now they are not even mining.

clownius

sr. member

Activity: 448

Merit: 254

Quote from: astronomino on February 08, 2015, 10:30:19 AM

I used to have GHS on CEX about a year ago, but moved to greener pastures. Was looking at them today and realized the GHS price is lower than anything I've seen lately... but then I remembered they have maintenance fees...
So quick math: dustcoin.com says 1 GH/s makes $0.08/month but cex.io/maintenance says fees are $0.105/month for 1GHS.
Is this for real? shouldn't they shut down their inefficient miners at this point as the terms and conditions state? Am I missing something?

Last i heard they had unless users specifically asked to keep mining and agreed to pay any fees not covered by the mining.

There was some talk of restarting if difficulty dropped enough and BTC price rose enough though. Havent seen any discussion on here about that so i doubt its happened at least yet.

Im guessing most GH/s trading is done on hope of a restart? That or the fact crypto traders would trade dead rats if they thought they could pump and dump a little lol

astronomino

newbie

Activity: 15

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I used to have GHS on CEX about a year ago, but moved to greener pastures. Was looking at them today and realized the GHS price is lower than anything I've seen lately... but then I remembered they have maintenance fees...
So quick math: dustcoin.com says 1 GH/s makes $0.08/month but cex.io/maintenance says fees are $0.105/month for 1GHS.
Is this for real? shouldn't they shut down their inefficient miners at this point as the terms and conditions state? Am I missing something?

zdaz14

newbie

Activity: 42

Merit: 0

I don't have enough BTC in cex to withdraw so I went ahead and bought some GH yesterday...I've lost .00000090 so far lol.

Oh well. Not even a penny yet.

snappa4ever

sr. member

Activity: 374

Merit: 250

Quote from: balk on September 21, 2014, 03:21:02 PM

Fees are now 90% , and in the next difficulty rise which is expected to rise 20%, fees also increase that amount, 0.90*1.20= 108% fees , that means,if you hold GHS, you have to PAY!, yes you have to pay for every block solved.

Then CEX.IO ,term of use topic, 11.5 kicks in, "11.5. Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by CEX.IO, taking into account calculations of mining effectiveness."

watch the ghs price fall

In other words once the maintenance costs rise above the amount each GHs mine, the GHs will be turned off. This effectively makes it impossible for the OPs problem to be a reality

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: dcarnelutti on September 02, 2014, 12:16:58 PM

I have 53 ghs with them and now maintenance charges and bigger than profit... anyone having same issue?

That is why I think GAW's Hashlet is better. ROI is there. Not just constant maintenance fees.

Bejkn

full member

Activity: 219

Merit: 100

whether do you ghs too little force?

dcarnelutti

newbie

Activity: 20

Merit: 0

wow ghs price is going down very fast...

balk

newbie

Activity: 75

Merit: 0

Fees are now 90% , and in the next difficulty rise which is expected to rise 20%, fees also increase that amount, 0.90*1.20= 108% fees , that means,if you hold GHS, you have to PAY!, yes you have to pay for every block solved.

Then CEX.IO ,term of use topic, 11.5 kicks in, "11.5. Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by CEX.IO, taking into account calculations of mining effectiveness."

watch the ghs price fall

leannemckim46

sr. member

Activity: 420

Merit: 250

Quote from: Bitsaurus on September 02, 2014, 07:06:51 PM

It's just a matter of time before fees completely erase mining income for those who own cloud hashing.

Some cloud hashing services force you to pay for electricity in advance, making the actual cost of mining a moot point once you have purchased the contract (PBmining is an example of this).

With CEX.io on the other hand they make you pay for the maintenance fees as you go so over time the maintenance fees will make up a larger percentage of the bitcoin they mine. I do believe however that ghash (CEX) has a policy that says the max maintenance fee per day will be the amount of bitcoin the GH/s mines that day

dcarnelutti

newbie

Activity: 20

Merit: 0

well, i sold all the ghs in Cex.io and bougth 149 ghs in hashnest.com.

Sophie.Greek

newbie

Activity: 23

Merit: 0

Could mining just buy some ghs? thats good, I'll took a look.

CliveK

member

Activity: 69

Merit: 10

Though I don't disagree this is also disingenuous towards cloud mining.

Quote from: DrG on September 03, 2014, 04:52:11 AM

Physical hardware has risk of hardware failure and cloud hashing has risk of getting scammed.

Buyer decides which is greater Risk.

Surely you should be saying:

Physical hardware has the risk of hardware failure as well as getting scammed, and cloud hashing has a risk of getting scammed. Finding a reputable vendor means you don't get scammed on either side, so you are just left with hardware failure on the physical side.

DrG

legendary

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Quote from: CliveK on September 03, 2014, 01:18:48 AM

Quote from: Bitsaurus on September 02, 2014, 07:06:51 PM

It's just a matter of time before fees completely erase mining income for those who own cloud hashing.

Not that I disagree with you, but lets be fair to Cloudhashers (is that even a term, if not I HEREBY CLAIM IT

). This has nothing to do with cloud hash, it has to do with difficulty going up and the price of BTC not increasing. I know you agree with me based on your comment on another thread: https://bitcointalk.org/index.php?topic=737629.20

"The home user obviously can't mine if difficulty goes up but the fiat price doesn't - they can't get BTC ROI currently and then they may not even get fiat ROI."

My personal opinion is cloudhashing offers the least risk to any "investor" but this is all dependent on scale and assuming legitimate cloud vendor.

As part of my experiment, I have some GHS at Cex.io and in my experience fees being higher than share reward is an exception, not the rule.

CK

Risk and Reward.

Risk is pretty much money spent on the outlay for the investment when buying cloud hashing. For physical mining it would also include people's time.

Reward should be the same for both assuming both have the same hashrate and we make the assumption that the pools should have negligible effect on the end total of income.

So the only difference in Risk/Reward is the higher or lower Risk.

Physical mining always carries a lower risk since even with miners placed in a colocation center the total outlay would be less than that of any cloud hashing.

Physical hardware has risk of hardware failure and cloud hashing has risk of getting scammed.

Buyer decides which is greater Risk.

CliveK

member

Activity: 69

Merit: 10

Quote from: Bitsaurus on September 02, 2014, 07:06:51 PM

It's just a matter of time before fees completely erase mining income for those who own cloud hashing.

Not that I disagree with you, but lets be fair to Cloudhashers (is that even a term, if not I HEREBY CLAIM IT

). This has nothing to do with cloud hash, it has to do with difficulty going up and the price of BTC not increasing. I know you agree with me based on your comment on another thread: https://bitcointalk.org/index.php?topic=737629.20

"The home user obviously can't mine if difficulty goes up but the fiat price doesn't - they can't get BTC ROI currently and then they may not even get fiat ROI."

My personal opinion is cloudhashing offers the least risk to any "investor" but this is all dependent on scale and assuming legitimate cloud vendor.

As part of my experiment, I have some GHS at Cex.io and in my experience fees being higher than share reward is an exception, not the rule.

CK

Bitsaurus

hero member

Activity: 873

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It's just a matter of time before fees completely erase mining income for those who own cloud hashing.

zdaz14

newbie

Activity: 42

Merit: 0

Quote from: dcarnelutti on September 02, 2014, 12:16:58 PM

I have 53 ghs with them and now maintenance charges and bigger than profit... anyone having same issue?

I sold yesterday at 10GHs. I wasn't losing money but the maintenance charges were taking like 80% of anything I mined...so it just wasn't worth while for me to keep them.

Topic: is anyone paying more in maintenance than making profit in Cex.io? (Read 2488 times)