CEX.IO News

Official Statement on Cloud Mining

, November 5, 2015

Dear Users,

Please be informed that despite considerable Bitcoin price growth, it is still not enough for profitable Bitcoin mining, taking into account current difficulty and maintenance cost.

Take a look at the following calculations:

There’s an average number of more or less 3,600 BTC gained from mining each day. The hashrate is currently about 480,000,000 GH/s. Thus, the expected Bitcoins/month with 1 GHS can be calculated this way:

1 GHS/overall network hashrate * Bitcoins generated per day * 31 day

1GHS / 480*10^6 GHS * 3600 BTC per day * 31day = 0.0002325 BTC ~ $ 0.09 per month (at 400 USD/BTC rate)

Meanwhile, 1 GHS maintenance per month is $0.105/month. Thus, mining is not profitable at the moment. Moreover, the estimated next difficulty increase is in about 1 week. Provided the Bitcoin price won’t change much, there is no positive forecast for profitable mining in the nearest time.

Note that the calculation is very approximate and can be negatively changed by pool luck. Moreover, not only the price has to go up, but also flatten out at a certain level, for mining to be truly profitable.

At the moment, owners of cloud-based GHS on CEX.IO are free to choose 2 options:

– let CEX.IO decide the mining behaviour (where we will be monitoring the mining difficulty and Bitcoin price and switch your GHS cloud mining power depending on profitability);
– control cloud mining at their own risk (enable on their CEX.IO Profile > GHash.io tab (https://cex.io/trade/profile#miner) > Turn off Let CEX.IO Decide > Turn on cloud mining).

Please pay attention that you fully undertake the risks when choosing the second option.

Related

CEX.IO News

Stellar Lumens: A New Option for Trading

We are constantly working on launching new opportunities for trading on CEX.IO. This time we are happy to introduce Stellar Lumens (XLM). Since today, you are able to trade the following pairs: XLM/USD; XLM/EUR; XLM/BTC. Deposits and withdrawals of XLM are possible as well. What is Stellar? Stellar is

Feb 02, 2018 | 3 min read
CEX.IO News

CEX.IO Ecosystem February Digest 2023

We made the most of the shortest month by offering ample opportunities to acquire and apply new crypto knowledge. Catch up with our February Ecosystem Digest!

Mar 10, 2023 | 16 min read
CEX.IO News

CEX.IO to List a Number of New DeFi Tokens

CEX.IO is going to enter the Decentralized Finance (DeFi) market and will list several DeFi tokens at once. We’ve also prepared a special offer for market makers. Read for details!

Oct 05, 2020 | 7 min read