Topic: [Not] Good price at CEX.io - page 2. (Read 49095 times)

18 days mining, no trading at all. Pure profit from mining alone.

As I said before, it is EASY to make btc using Cex.io

CEX.io what does it mean?  Customer Expenses Xhale.internal organs


Posted From bitcointalk.org Android App

Their maintenance fee is now at *drumroll* : 10.06% (no further comment needed)

Dont user cex.io.

You will never make money back

Why there is so high prices at CEX.io? As it is easy to use site and I've heard it used to be better (I mean cheap price) in past

I'm just starting out here yes the hashrate is quite high I think it's because of the demand
I would have to see if it is really profitable here they are rated as the number one cloud mining
program on coinjabber

GHs in cex.io, will not profit and not ROI.. caused high price

Alright, so you're saying you're somehow forced to let all miners run on just one 16Amp fuse? I can hardly imagine that, people would permanently blow out their fuses when running a simple 2000W blow dryer with other additional load.

So I certainly hope that's not the standard electrical setup in the UK, as here in Germany I have about 20 fuses (allowing for peak ~2500W each) on separate lines that I can put load onto as I choose.
The only limit I'd run into is that all houses here have a standardized maximum of 30kVA running into the home, but I'd die from heat in the house long before I'd complete such a monster setup o.0

Anyway, remember that the Antminer isn't the most profitable miner in the 1st place even on reasonable prices. But still, even if you got a bad deal straight off EBay and paid taxes/duty and electricity - cex.io would still be a much worse option according to simple math.

If you need Air condition to maintain acceptable temperatures just due to a few miners, something is really wrong with your setup IMHO (after all the UK isn't known for its high ambient temperatures). I guess the room you placed them in is just too small and poorly ventilated. Having the need for AC to run so little hardware is a very, very, very bad option. I remember running upto 29 high-power Systems at my home for other purposes - which definitely hit my absolute limits in Summer - but I still never needed AC due to dispersed location of the hardware.

I think you misunderstood what I said a bit, I'm not a huge fan cex.io but I don't agree with people just quoting the cost price of mining hardware as a comparison to cex.io or anything else.

In the UK a standard ring main takes 16amps the one for the kitchen does 32amp for electric ovens and kettles etcetera...

10 Antminers which wouldn't be crazy it's one of the best options for physical hardware that delivers now I think everyone would agree with that... anyway 10 would take up all the capacity of a ring main in the UK

Running one ant miner 24/7 for a year would be around £4-500 in electricity on a standard home tariff that's not including cooling I'm currently running 4 + other stuff and the air cons working quite hard to maintain the ambient temps in the room + import tax 20% in the UK it all adds up !

It's not as simple as everything else is crap buy hardware

Most of these factors and variables I always included in my calculations, that's self-explanatory. None of the factors (combined) even remotely remedy the price disadvantage offered by cex.io - unless you happen to live in a country with electricity priced 10x higher than yours or import taxes in excess of 40% (i.e. in a country currently engaged in an active trade war)... AND for some reason you'd have to be cut off from buying BTC directly (which you'd be insane not to do with such extremely bad mining prerequisites at hand).

If your house can't handle 400W of power or the noise, then you have entirely different issues and mining should be the least of them. If you have the money to buy & run 10 AntMiners, you won't run AntMiners anyway (you'd have to be batshit crazy or a fool). You'll naturally buy & own a KNC miner or comparable highend gear instead.
Can't handle 1000W load or the noise in your home? - seriously forget BTC alltogether and move to a better home with modern electricity/construction standards first.

Anyway, if you happen to be in such an unlucky position, then you may consider biting into a bad apple rather than having none at all. May be a factor in north korea, but likely not in the rest of the world. Buying BTC directly would be your primary choice anyway.

With the whole Ant miners vs cex.io statement no one ever seems to mention they use 3-400w of power, import tax, effort, noise, heat... If you run more than 10 you're likely to need a new ring main in the UK, and with average electricity prices at 17p per Kwh it does sometimes make sense cloud mining it's not as simple as saying this is crap this is great... mining varies a lot on the country and lots of other variables with physical hardware it doesn't just stop at the cost price of the unit even if you steal the electricity.

I find it amazing that many of the people that seem to hate CEX.io also love to be jerks.   There is a message there, somewhere ...

*plonk*
Another spammer hits the bottom of the ignore trashcan.

You can actually invest a very tiny amount in GHS, but it might not work well.   Right now one GHS is .02375 BTC.   If you want a lot cheaper just to get started in mining you might also look at pbmining where 1 GHS is now .0107 BTC.   That lasts for 5 years, but it can't easily be sold.   That gets paid weekly I think.   

Yep, it doesn't matter and neither do your posts matter.   You aren't interested in truth or dialog that much is clear.   Enjoy your trolling!

*lol*

You call that a definition, I call it delusion. Get a clue yourself - or better get them by the dozen, you seem to need them.
My statement of a shill isn't a definition, it's merely identification by recognition. Since both don't differ in any ways concerning what they do, for me it's a valid term to use in this context.
Cex.io free market....rrrrrright. Clearly it's completely normal their prices far exceed even terribly bad deals in actual hardware, partly even exceeding blatant EBay rip-offs. Being heavily overpriced must be the new requirement to be competitive in a free market then. Completely makes sense (hint : not).

Your entire "discussion" remains pointless, so I'll hand you your first clue for free (uncommon in the BTC world) :
Do what you gotta do, but never expect false statements or lies to stand alone, free to suck in unsuspecting mining newbies into the abyss. You can type another 100 pages of nonsense or live with that fact, your call. The more you repeat your lies and seeds of disinformation, the more opposition you will harvest and the more you will be called out a paid shill that you behave like.
After all, it's wise not to judge people by what they say, but by what they do. In that respect, you definitely already earned a cex.io paycheck (irrelevant whether you're actually enrolled or not).

And since you are acting like a typical, common type of shill, you're uninspired, unflexible and boring. That's the price of following a script given by an agenda, be it for a sold soul, out of stupidity or any other reason as you claim. In the end, it doesn't matter.

Here's a definition for you - manipulation is when the prices don't go your way.   Get a clue, just because you can't deal with a free market doesn't mean that others can't. 

So you just invent definitions to cover yourself.   Well I don't fit either of your definitions. 

I don't advise people to buy there or avoid it.  I just stick to the facts.   The fact is the prices there are driven by the market.   I've both make and lost money there, but there is a lot to be made.  However, it isn't for everyone.   

Another basic fact is if you are assuming the difficulty will increase like last year, in that case there really isn't anything that can make money mining bitcoins if you didn't already order it months ago.   It is simply too late.    However, I for one don't believe the trend can or will continue for another year.   Even if I'm too optimistic, I'm sure it can't last for two years.   I've laid out my reasoning here: https://bitcointalksearch.org/topic/bitcoin-mining-consumption-of-worlds-resources-436307

Your math is based on a over simplified view of the future.   It is possible you will be correct, but that is unlikely.   More likely is the growth of mining will tamper off an the that will profoundly impact what is profitable.   CEX.io is a pioneer in a new wave of cloud mining companies.  They are sprouting up all over the place and in the future it will probably be a primary model for mining.   

Jeez, this thread! I'm sooooooo sick of the beef surrounding people being told an absolute yes or no when they ask if it's profitable to cex. These noobs need answers, not essays, and the BTC community needs them and their investments and efforts for BTC's spread, growth and survival. That's more important than he-said-she-said, no?

Here's some absolutes that I'm sure nobody who can count can disagree with:

If you buy a bunch of GHS and sit on it longterm without doing anything if/when its value drops, it's NOT profitable at all.
If you buy GHS and sell it for more with good timing or a bot, it's OBVIOUSLY PROFITABLE and all the mining on top of that is a nice bonus.
If you mine with hardware and periodically spend the NMC on GHS or BTC, it's MORE profitable than just the hardware's BTC yield.

Also cex GHS can't be compared to hardware unless that hardware has a buyer constantly ready to buy it (or fractions of it) at any second.

Anyway, enough of the "my maths is better than your maths" talk. Allow me to do my usual thing again and bring some real numbers from actual API calls to the party. I'm bored of this thread and this is my last here methinks, but the beefstorm is being justified with maths containing a lot of "if" and it's rapidly becoming preposterous.

After a week of bot building, tweaking and testing Librium, I can now solidly confirm that by rapidly trading tinytinytiny amounts to keep the balances approximately level in a cex account (so that BTC=GHS*price), it's entirely possible to mine during upslides and downslides in GHS value and reap the mining rewards without the combined total balance dropping, using a hardware mining account or a GHS only account. The downside: with half the funds in BTC, the mining one would have done otherwise is halved.

Here's another bunch of stats across two instances of it. The stats from in this screengrab are a fair bit less efficient than it is now I've tweaked the config, but it's still quite clear from the datestamps and uptime that the bots ran during some considerable motion up and down (mostly down) in GHS value, all the while keeping the original balance's BTC value intact and retaining the mining rewards.



It's getting its own announce thread soon. Also yes I'll be slapping my referral link on it, because does anyone really think imma write a bot all week learning extra python as I go so I can enjoy the heady riches of roughly 0.000372 BTC per hour all on my own? It beats selling it, that's fersure.

So is it really still pointful to disagree about if it's possible to profit solely from mining @ cex when i've just theorised and built a whole new approach to effortlessly doing so that works regardless of market shifts in a little under a week?

If you can think of a way, then there is a way.

I have used cex.io and I know what I'm talking about (in case you're wondering), I know exactly how it works.
Being capable of simple math and having some experience in both (mining and math) doesn't make me an expert IMHO, but that's just my opinion... (?)

Paid shill is an expression for both paid spammers and those that simply don't get it (people so convinced or strongly believing in their theories that they never give them up, even if proven wrong by no other than mathematics, empiric knowledge and logic).
I - for my part - am tired of people making false statements AND acting like everyone else was the clown. Truth couldn't be further from that, but this is a public internet forum so this is not really new.
People lie or make mistakes. Mathematics does not share these human shortcomings. Given the choice between those two options, I know where to bet my money on.

(btw, the prices on their exchange are heavily manipulated to the upside and do not reflect free market forces - on the good side, with that knowledge it is actually possible to do profitable trading, if you have the little luck you always need once a while. I nearly doubled a small play-sum of a few Satoshis within about a week, just counting on that invisible magnet pulling prices up after each bigger drop. Since I'm everything but a pro-trader, I couldn't have ever done that on a non-manipulated free exchange, where price trends are much more difficult or near impossible to predict. Just a few days after I left, cex saw some very heavy & rapid price drops; I'm sure those would have easily interrupted my streak.)

I didn't like the prices, and I did go elsewhere. I placed my budget exactly where my mouth is.
Despite the prices are dropping (which they basically always do, since they have to eventually), 13.75$/GHs is an absolute rip-off, nothing more. That's like someone trying to sell above mentioned Antminer S1 for like.... 2500$.

For hobbyist purposes with only tiny budgets (and neglecting losses as a price for the learning experience or fun), cex.io still is okay to experiment with, when actual hardware is out of the question for whatever reason. But still, it must be said this is of course unprofitable.

1) if someone has the money to buy a miner, that person likely also has a place to set it up (like... uhm... at home ?)
2) PSUs don't cost an arm&leg, and since they're luckily not supplied by greedy Bitcoin hardware resellers, ship at very reasonable prices (with a wide selection of brands/models).
3) I already fully included electricity costs in my calculations.
4) It can be near-instantly sold into a market that'll rip them from your hands, see no further than EBay or Amazon 2nd hand prices. Heck, with a reasonable price you can sell it right here in the forum marketplace within hours. Everyone that holds actual mining hardware knows of its price decline, hence the timing of usage vs. time-to-sell is always critical to consider - never been different.

As opposed to cex.io GHs which prices are fixed by their exchange (outside of your influence, including the ever-occuring price decay), at least with real hardware you have something the market wants but that doesn't carry the bad reputation of cex.io. You make the sales price, if it's reasonable, you'll sell within hours. Plus, you hold the actual hardware - big difference, if something goes wrong @ cex.
You do chose your entry point at cex.io, which wlll always be at a seriously unprofitable price. Your only hope is to sell fast before the next price avalanche takes your entire investment even deeper into negative ROI than it already is at day 1.

PS.
In case you're curious, this is how account termination works at cex.io :
(they even give you a nice customer support feedback form when you leave)