CEX.IO Temporarily Suspends Cloud Mining Services

12.01.2015

Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

According to the 11.5. paragraph of CEX.IO Terms of Use:

“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.”

Thereby, all GHS formerly purchased by CEX.IO users remain their absolute property, with appropriate figures reflected in users’ profile balance. Additionally users will be able to manually enable mining with Gigahashes by their own choice.

“Suspension of CEX.IO cloud mining service is only a forced temporary measure, the result of cloud mining costs exceeding mining profit,” Jeffrey Smith, Chief Information Officer of CEX.IO. “Currently all cloud mining/maintenance costs are directed to the Hardware provider, hence, we are open for negotiations with additional mining hardware providers, who can offer favourable terms. And, as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed.”

Meanwhile, CEX.IO will continue operating as full service exchange platform for trading cryptocurrencies and fiat money.

a_simple_man

ouch
dark_shaddy2010

btc is done :((( maybe ripple become bitcoin2. oh dear
- Slobodan
  
  Crypto that has a solid infrastructure, loads of users and is traded daily in huge amounts = done?
  
  I doubt that Sir.
- roger
  
  Bitcoin is far from done…it will come back up ..
Pingback: Cex.io Menghentikan Layanan Cloud Mining()
Pingback: To Î´Î·Î¼Î¿ÏÎ¹Î»ÎÏ cloud mining ÏÎ¿Ï CEX.io ÏÏÎ±Î¼Î±ÏÎ¬ÎµÎ¹ ÏÎ·Î½ Î»ÎµÎ¹ÏÎ¿ÏÏÎ³Î¯Î± ÏÎ¿Ï | - H ÎÎ»Î»Î·Î½Î¹ÎºÎ® ÎºÎ¿Î¹Î½ÏÏÎ()
daryl ebinum

it doesn’t say when they will resume normal service!!!!!!
- Michael
  
  Yes, it says they will resume when mining becomes profitable.
Pingback: New All Time High In Difficulty Forces Out Cloudmining Service CEX.IO | Qntra.net()
Pingback: 1 – CEX.IO Temporarily Suspends Cloud Mining Services – Exploding Ads()
Toddimus

Could be a good time for another crypto to shine. Paycoin, anyone?
- cryptov2
  
  burstcoin is the answer to the current mining power consumption.
  
  burst uses proof of capacity instead of work. you utilize regular storage hardware (hdds) to store precomputed plotfiles for your account. these are parsed during mining by 1/4096 each block.
  
  so if you plotted 4tb 1gb is read for mining.
  
  the greatest thing is that the algorythm is asic resistant cause its simply cheaper to precompute and reuse the plotfiles.
  
  it supports as first coin ever automated transactions and is nxt based which means it has a integrated asset exchange and marketplace.
  
  the coin is still young (less than 5 month) and the blockreward adjust -5% every 10000 blocks which is about a month.
  
  the network hashrate is estimated in petabyte and currently has a size about 10pb which is constantly growing.
  
  check the bitcointalk announcement thread for details:
  https://bitcointalk.org/index.php?topic=731923.0
  
  @cex.io: have you considered to sell tb instead of gh?
- Horia Cretan
  
  Paycoin another scam. Where’s the $20 floor promised ?
  - Toddimus
    
    Keep with the program. The floor fell through, but GAW is offering a buy back of coins for $20 each.
    I was saying “time for paycoin” in a tounge-in-cheek manner anyways. I know GAW hasn’t followed through with everything they’ve said, but you can’t just call paycoin a scam for that reason. If you were a GAW customer from early on, you’d know what I mean.
John Parker

What happened to redeem hardware?
- helgad
  
  John, due to high shipping costs and low demand we removed this option.
Pingback: Weak Bitcoin Value Forces CEX.IO to Suspend Cloud Mining Services – newsBTC | BCNT()
Pingback: CEX.IO Temporarily Suspends Cloud Mining - BTCVestor()
Nemesismax

“Additionally users will be able to manually enable mining with Gigahashes by their own choice.”

When will this be applied? After migrating to a new/upgraded hardware provider?
- helgad
  
  Thanks for a nice question, Nemesismax. We are working on this issue to deliver the option as soon as possible. It is a matter of weeks.
USDe

Hello. Can CEX.IO open create USDe cloud mining? USDe is good future.
Pingback: Облачный майнинг CEX.io приостановлен из-за нерентабельности | ForkLog()
AudioDoge

What do I do with my GHS are they now worthless?
- helgad
  
  This is a good question. All users’ GHS remain unaffected in their balance. They can be traded for BTC or other currencies, both crypto and fiat, on CEX.IO Crypto Exchange platform.
  - AudioDoge
    
    I’ve noticed it is still being traded a lot and the price is jumping up and down. So do we just treat GHS as another coin that only exists on this exchange?
    - koka420
      
      Yes, they work only when making profit, Sad.
  - koka420
    
    at a big lost
- Horia Cretan
  
  They are worthless, CEX has treated all users like shareholders in a penny stock scam, dilution, dilution, dilution, only in this case, instead of shares they used Gh/s, and at the end they decided to pull the plug on Gh/s all together without warning. In a penny stock at least you would go to no bid and still be able to claim a Tax loss, here is another story. Gh/s price has gradually dropped in value since CEX has opened the doors, and the loss is only ours to bare. We enabled CEX to purchase powerful machines so they could grow their business, in exchange we constantly gave up our BTC’s for Gh/s that now is worth zero value. Now we have a different problem, if others are still able cash out, withdrawals will take forever. CEX is slowly approaching a Scam status. This could also be a bear trap and they will purchase the Gh/s from us for a very cheap price and commence business as usual, only to sell it back to other unsuspecting victims and then dilute all over again. Wash, Rinse and Repeat.
  - Michael
    
    Any investment represents both an opportunity and a risk. If you are angry over losing your money it’s because you accepted the opportunity but not the risk. And you have only yourself to blame for that mistake.
    
    Anyone who did the slightest bit of due dilligence on the Ghs prospect would very quickly come to the realization that faster, cheaper hardware would predictably and in fact inevitably lead to both lower Ghs prices and lower yield per Ghs due to difficulty increases.
    
    As for this so-called “scam” theory, consider this. GHs is an open market that CEX participates in on equal footing with anyone else. They don’t control the price, the market does. But hey, if you really think there is an opportunity hiding in low GHs prices then why not start building a solid position in GHs and profit once the price goes up? You can do this, you know.
Pingback: Bitcoin Price Crashes Through $250 Mark | Bitcoin Mining Review()
Pingback: Bitcoin Price Crashes Through $250 Mark | 三个硬币()
Pingback: Bitcoin Price Crashes Through $250 Mark - news from Allwebsolutions.net()
Pingback: Bitcoin-Preis fällt unter die 250 Dollar Marke()
Ernie

I was just reading the ‘Bitcoin for beginners’ Page on http://bitcoin.cex.io/, but it left a rather mixed impression, compared with, what is really going on in the Bitcoin Scene. It’s like a lot of hot Air,, now just cooling down on a steady pace, to the point, where it will possibly end, to be, what it probably has been designed for in the first Place, comparable with any other Payment Transaction Service, but sure not as a ‘single-purpose’ speculation tool.

If finally all Those will be gone, just using Bitcoin to get rich quick, Bitcoin can possibly, some day, be useful again. I look forward to this day, then, I possibly decide to participate as well. But for the time beeing, I’ll wait and see, how all those, who tried to misuse Bitcoin, will be swept away… one by one, into the Dust of History.
- Tyler Shouse
  
  Agreed. People trying to get rich quick with NO WORK OR VALUE CREATED AT ALL are what ruined the bitcoin economy and gave bitcoin a bad rep. But even rotten apples sprout apple trees that give limitless fresh apples. Wow I think this way? Because I am a King, not a sheep. So many misinformed people, it is sad. Cheers to you though Ernie.
  - Nemesismax
    
    You can’t paint every people with no income with the same brush. Some of them can’t get a job, some of them can’t work due to some kind of disability or lack of education. I hate common comments like these. Sure there will be people who wants to get their hands on some quick cash, but isn’t it always the case regarding everything which involves money?
    
    As for BTC, it’s also a money type, it will be misused by some, will get valued by others. but in the end, money is money no matter what type or shape it’s in.
    
    And we are adventurers. Some of us just likes the adrenalin rush, some of us sees it as a good profit option. In the end, we’re bunch of grown-ups whose playing a game and that’s it.
    
    So please be creative and stop debating things that has already debated over and over again…
  - Baka [D]
    
    So why are you here again? Surely you couldn’t be here to make money with a comment like that, right? RIGHT?!
Pingback: Cex.Io Out Of The Mining Game As Difficulty Surges And Prices Drop - Bitcoin News Room()
Scott Schaefer

the better question is what does this do the overall pool speed that had been cut down by quite a lot in recent weeks
Pingback: Bitcoin Price Crashes Through $250 Mark – CoinDesk | desibitcoin.com()
Pingback: BitBeat: Bitcoin’s Price, Mining Hashrate Reflect Unsynchronized Bubbles - MoneyBeat - WSJ()
Pingback: BitBeat: Bitcoin’s Price, Mining Hashrate Reflect Unsynchronized Bubbles – Wall Street Journal (blog) | Bitcoin Mining!()
Horia Cretan

I would personally love to see us mining sha256 coins on CEX and have an option of mining all sha256, as we already have the Asics, Avalon, Bitmain and Antminer machines, as well as trade the same coins on CEX.

Well,…we are all mining sha256, so why not give people a choice between mining other sha256 coins that are a bit more profitable than BTC at the current USD value,(Curecoin) if people would be able to choose from more sha256 coins rather than scrypt or other algorythms, then Ghs will rise in value on CEX .

CEX could easily take a new turn and become a better exchange than may out there as well as better trusted by the community

The fees inquired could keep CEX at a more relaxed pace.

I would also buy shares in CEX with BTC if your company would chose to do so and issue for the public a piece of the action.
Lawrence Levitt

This sucks big time what about all the GHS we have baught will the value also be nil
Pingback: Bitcoin price is lowest in two years, here are 4 possible reasons why | memeburn()
Pingback: Virtual Mining Bitcoin News » Bitcoin price is lowest in two years, here are 4 possible reasons why()
Pingback: Virtual Mining Bitcoin News » Bitcoin in freefall as virtual currency plunges below $US250()
Pingback: Bitcoin value plummets below $200()
Eraovius

Can’t you allow us to choose a specific kind of mining? For example a specific SHA256 kind of coin.
It can be interesting if you can start any kind of Scrypt mining too
Pingback: Virtual Mining Bitcoin News » Bitcoin value plummets below $200()
Pingback: Bitcoin prices collapse below $200 for first time since 2013 - DailyScene.comDailyScene.com()
Pingback: Bitcoin prices collapse below $200 for first time since 2013 - Time To Fap()
Pingback: Bitcoin crashes below $200 | VentureBeat | Business - Trendingnewsz.com()
Pingback: Virtual Mining Bitcoin News » Bitcoin prices collapse below $200 for first time since 2013()
Pingback: Bitcoin crashes below $200 | Automated Cash Software()
Pingback: Bitcoin crashes below $200 - Reader()
Pingback: Virtual Mining Bitcoin News » Bitcoin Drops Below $200()
Pingback: Bitcoin value plummets below $200 – Wired.co.uk | BCNT()
Pingback: Bitcoin continues downward spiral, plunges below $200 - Fortune()
Pingback: Bitcoin Weekly 2015 January 14: Bitcoin market plummets as value falls below $200 | SiliconANGLE()
Pingback: Bitcoin price plummets as investors flee the currency | World News Online()
Pingback: Bitcoin price plummets as investors flee the currency()
Pingback: Bitcoin price plummets as investors flee the currency - World News Online()
Pingback: Bitcoin price plummets as investors flee the currency - Magng()
Pingback: Bitcoin price plummets as investors flee the currency | News5 Live()
Pingback: Bitcoin price plummets as investors flee the currency | NUTesla | The Informant()
Pingback: Bitcoin crashes below $200 | SomeLearning()
Pingback: Bitcoin price plummets as investors flee the currency - EasyAntZA()
avantartist

I’m curious if cex is still mining with the hardware just has stopped sharing with the actual gh’s owners because the fees are too high. The ghash pool isn’t showing any significant drop in hashrate.
- Horia Cretan
  
  Good question, still CEX used to run at 1rd of the total BTC mining power all around the world @ 92Ph/s, now they are mining( or at least showing us) a rate of 42Ph/s, 60% drop in power.
  
  The little ones like us always get smashed at the end, i wonder who backed them to start this exchange ? Rothschilds ?
  
  They became #1 too fast in this game in less than 2 years, while joining a bit late in Bitcoin world.
Pingback: Bitcoin Weekly 2015 January 14: Bitcoin market plummets as value falls below … – SiliconANGLE (blog) | BCNT()
Horia Cretan

I requested an withdrawal of BTC 8 hours ago and i still have not received it.

CEX.IO Mailer 10:46 AM (8 hours ago)

to me

Hey horiacretan,

We have received a request to withdraw 0.07419036 BTC to the wallet 17NzXMMpqvgAkTzfwkYaWSJPKjjGrJas78

Please click the link below to confirm the withdrawal:
https://cex.io/trade/withdraw_confirm?code=475a15a91683941e993c710285483a55740696ef7be2ba7aaa26238bccf2556b

Regards,

CEX.IO
BitCoin Crypto Exchange
- Mirko
  
  I requested an withdrawal of BTC 24 hours ago and blockchain says TRANSACTION NOT FOUND
  Ticket opened
  - Horia Cretan
    
    Keep waiting, they sold our BTC for cash, now they are short on BTC, and have to buy back for USD again so they can make the withdrawals requested by us, reason for the bTC price increasing.
    
    Or they just used the BTC to buy back their Gh/s at a discounted price from us, and hope to make it back with mining all over again.
Pingback: Bitcoin value plummets below $200 | Revealed Tech - Latest Technology News Portal()
Just Sayin

I emailed support but then saw this after… maybe an alert should be added to the Ghash.io worker dashboard?
Baka [D]

…so why does this apply to alt-coins that aren’t bitcoin too…?
griga

if the bitcoin mining is stoped they own a very large amount if hash power thas now is probably stoped so the hashrate should be dropping (the pool owns more than 40% of the hasrate that now they are saying that is suspended).
griga

Since the hasrate didn`t drop it means the power of mining of cex.io or ghash.io is online minig for who.
Pingback: Bitcoin Price Freefall Has Its Startups Suspending Operations | 24h News()
koka420

Hello, What you are doing is so an cool, Bitcoin is to bet the banksters, Not The Minners, Like GAW it’s just about making money, Just as Bad as the Bankster. Very Sad,Small miner loss, big dogs just stop till they make proits, Was led to be leave it was abot peer to peer payment not profit.

Todd Michaud koka420
http://ryankazama121.blogspot.com riyan

how to fix this?
Cloud mining paused due to unprofitable mining.Cloud mining paused due to unprofitable mining. Click here for details.
Pingback: Virtual Mining Bitcoin News » Bitcoin Price Freefall Has Its Startups Suspending Operations()
Pingback: CEX.io Halts Cloud Mining, Ross Ulbricht Trial Begins, & Bitcoin's Price Crashes()
Pingback: Bitcoin in freefall as virtual currency plunges below $US250All About Dogecoins | All About Dogecoins()
Mikep

I notice that the comments of the discussion of 12 Jan, 2015 – CEX.IO Temporarily Suspends Cloud Mining Service have been closed by cex. While the whole world is supporting freedom of speech cex censors it’s discussions.
I guess they do not like open and free discussions good or bad. I
have not noticed any new plans from cex about minning or future of
bitcoins or anything.
Pingback: Bitcoin crashes below $200 | Bitcoin()
Pingback: Selling Pressures from Troubled Miners Rattles Bitcoin Market – Institutional Investor | Bitcoin Mining!()
Pingback: Virtual Mining Bitcoin News » Bitcoin Dips Below $200, a Sign of Things to Come?()
Pingback: CEX.IO приостанавливает услуги облачного майнинга | Bit•Новости()
Pingback: Bitcoin Dips Below $200, a Sign of Things to Come? - VR World()
Pingback: CEX.IO Suspends Bitcoin Cloud Mining Service - Bitcoin and Cryptocoins()
Pingback: Virtual Mining Bitcoin News » Price Slump Tests Bitcoin’s Self-Correcting Economics()
Pingback: Price Slump Tests Bitcoin’s Self-Correcting Economics | Discover the Steps To Financial Freedom that will skyrocket you towards financial success.()
Pingback: Price Slump Tests Bitcoin’s Self-Correcting Economics | I Want to Know How()
Pingback: Price Slump Tests Bitcoin’s Self-Correcting Economics – MIT Technology Review (blog) | BCNT()
Pingback: Bitcoin Economics | Coingregator.com()
Pingback: Price Slump Tests Bitcoin’s Self-Correcting Economics – MIT Technology Review (blog) | Home Business Highlights()
Pingback: Price Slump Tests Bitcoin’s Self-Correcting Economics – MIT Technology Review (blog) | desibitcoin.com()
Pingback: Bitcoin price plummets as investors flee the currency | Breaking News, Top Stories And Latest News Headlines()
Pingback: Bitcoin prices spike after news of first regulated U.S. bitcoin exchange | OpenGhana()
Pingback: Bitcoin prices spike after news of first regulated U.S. bitcoin exchange | Ghana Way()
Pingback: Interview With Helga Danova of Cex.io | CoinChase()
Pingback: B1bl3 NEWS » Cointerra Files for Bankruptcy With Up to 999 Creditors Owed()
Pingback: Cointerra Files for Bankruptcy With Up to 999 Creditors Owed | Bitcoin()
Pingback: Altcoin Today | Cloud Mining Will Profit From Bitcoin Price Rise, Says Genesis CEO()
Pingback: B1bl3 NEWS » CLOUD MINING WILL PROFIT FROM BITCOIN PRICE RISE, SAYS GENESIS CEO()
Pingback: Interview With Helga Danova of Cex.io - BloggLess()
mansoor junejo

Cloud mining paused due to unprofitable mining. Click here for details

what is mean? this message is problem me what i can do ?
pheenix99

What would be the point in manually enabling mining if it’s not profitable. In other words, you’d end up paying them with no returns.
Pingback: Bits & Coins: Bitcoin für Banken kein Tabu mehr | BridgeWard News()
Pingback: Bits & Coins: Bitcoin ist für Banken kein Tabu mehr | BridgeWard News()
Pingback: As bitcoin price slumps, investor interest holds steady - BTC Set Me Free()
Pingback: As bitcoin price slumps, investor interest holds steady()
Pingback: As bitcoin price slumps, investor interest holds steady - Bitcoin News Room()
Rileriscool

When will they be online? Now?
Monk฿TC

Cloud mining has never been profitable…. Idiots! Get some gear and plug it in… Now you are mining. Cloud mining has always been and will continue to always be for suckers… Hahaha… Fools… Go get some spoondoolies and make some real BTC for yourself.

CEX.IO Temporarily Suspends Cloud Mining Services

Video

Recent Posts

Current Bitcoin Price

Buy Bitcoins!

Recent Comments

Bitcoin accepted here: Expedia

Xapo zapowiada nową kartę debetową do płacenia Bitcoinami

Top-5 Rules for Successful Trading

Follow us