Bitcoin Forum

Quick question. Im thinking of signing up with CEX.IO, and i've read throw the "show me" thread...

https://bitcointalk.org/index.php?topic=335479.0

How many ghs would you guys imagine it would take to mine 1 bitcoin in lets say....1 week? i've been trying to do the math, but I'm sure its not fully correct.

250 GH/s will mine about 1 BTC in one week.

You can estimate your cex.io mining profit using the calculator : https://www.cex.io/calc

Great, had no idea that calc was there

I checked the calculator.
100 GHS costs 7.45 BTC, but it will only give me 4.57 BTC till Oct-14.
Am I doing it right?

Wow how much does 250 GH/s cost

How long does the GHS last, is it like a one year contract?

With the current difficult increase (20-30% increase every 12-13 days), it is just impossible to give you back your investment.

 Sorry i am very new in this field

CEX.IO i just created account on there.

How can i generate btc with this site?

I just did the maths and if we're looking at the typical 0.07BTC per gh/s it will total up to 17.5BTC which isn't actually too bad if you're getting 1BTC a week out of it and unlike if you were mining on your own you can sell off at any time and get your money back, the problem is though they haven't done up any scrypt hashing yet so once the difficulty reaches a certain point even somebody with 1000gh/s will hardly be making money.

How long is the contract to mine for?

Cex.io is not a fixed contract. You mine for as long as you own the shares.


250 GH/s costs about 17.5 BTC, but it will never mine that much. You can't make a profit paying 0.07 BTC per GH/s.

As long as they're in operation I'd guess so it's basically as long as you hold the hashing power, they don't have limits on them like a lot of mining contracts but you'd have to read the fine print. Also Odolvlobo you're right, it probably wouldn't but the difference is if you don't get a lot or want to quit you aren't left with some very pricey and quite useless mining hardware to get rid of at the end of it so you don't end up screwing yourself with the mistake. It's a very casual way of mining in my view where you don't even need to set anything up so that's a win in my book :D it's a shame though that they don't do low difficulty scrypt coins, I'd be able to make thousands of BTC if I had access to hashpower that I could rent and I'm not kidding just because of the way the altcoins move in price.

In fact, I may have a think about whether or not I could find somebody trustworthy here to set that up with.

doing the math it looks like you would only make a profit mining at .04BTC a GHS

There is also a trap in the cex calculator in the "Difficulty Increase / Month" field.
Difficulty adjustment happens every 2016 blocks (around 13 days), and so your mining revenue will drop around 20% every 13 days.
But for the calculator, it only consider the revenue drops every month, which will over-estimate your revenue.

So, the mining contracts on that site is overpriced, and people buying hashrate are expected to lose?  >:(

Depends entirely on how the market is really, I would always say though Bitcoin mining isn't worth it but at least with this you can recoup any losses fairly easily, I mined for a bit and realised how much I was getting and managed to get back all my money plus what I mined.