cex.io mining thoughts

[neil_duple1]

Hey guys,

Just wondering what your thoughts were on mining at cex.io? Iv read a lot of negative feedback about it and not much positive.

From my experience, its not the worse.
 Yes the fees are ridiculous, but ive made a profit so far.
From 0.5 btc, ive managed to make 1.9 btc trading, however, that took 3weeks and was a huge amount of effort

[ljudotina]

You asked about mining, than you said you earned by trading. So basicly you answered to yourself. CEX.IO is good for traders, bad for miners. There is no way you can break even mining there, but you can earn nice amount of BTC if you know how to trade....than again you can do it on any other BTC related exchange.

[neil_duple1]

You asked about mining, than you said you earned by trading. So basicly you answered to yourself. CEX.IO is good for traders, bad for miners. There is no way you can break even mining there, but you can earn nice amount of BTC if you know how to trade....than again you can do it on any other BTC related exchange.

Ahh, of course i did.

I guess i waned to know if people found it more profitable to mine than to trade but your right, i answered my own question.

Is this the reason cex gets such negative feedback?

[neil_duple1]

Also, would this be the case for most cloud mining platforms?

I was thinking of investing in nicehash.com but dont see the point if its similar

[DrG]

I'm going to repeat what I said in the other thread because these threads are basically asking the same question - how do I choose the best loser:

If you buy Bitcoin right now with $40k USD you get 64.9BTC instantly which you can sell at any time (what you if need the $ for a cancer diagnosis).

If you spend $40K on cloud mining you will mine less than 64.9BTC in the next year.  Even if you had a 5 year contract you would probably not mine more than 45BTC if even that.

The mining company will have made somewhere between 10 and 25BTC off of you with a 5 year contract if they keep their promise (which they will either keep as profit or use to make their own farm to compete with the hashes they sold you making your hashes worth even less).  If they go bankrupt like bASIC, Hashfast, or many of the other Bitcoin scams then you'll lose something closer to the original 64.9BTC.

So in summation nobody should be mining with cloud mining honestly since it is only lending towards centralization.  If you want to support the network buy a miner and mine knowing you're probably going to be at a loss but will be supporting Bitcoin.  If you want to become richer in fiat, buy and hold... or in the case of the OP buy and trade, but do at an exchange.

There's no reason to trade on a cloud mining platform - you're just adding one more variable - the chance the company might run away.  Of course an exchange might close but which do you think is more likely to happen?

[neil_duple1]

I'm going to repeat what I said in the other thread because these threads are basically asking the same question - how do I choose the best loser:

If you buy Bitcoin right now with $40k USD you get 64.9BTC instantly which you can sell at any time (what you if need the $ for a cancer diagnosis).

If you spend $40K on cloud mining you will mine less than 64.9BTC in the next year.  Even if you had a 5 year contract you would probably not mine more than 45BTC if even that.

The mining company will have made somewhere between 10 and 25BTC off of you with a 5 year contract if they keep their promise (which they will either keep as profit or use to make their own farm to compete with the hashes they sold you making your hashes worth even less).  If they go bankrupt like bASIC, Hashfast, or many of the other Bitcoin scams then you'll lose something closer to the original 64.9BTC.

So in summation nobody should be mining with cloud mining honestly since it is only lending towards centralization.  If you want to support the network buy a miner and mine knowing you're probably going to be at a loss but will be supporting Bitcoin.  If you want to become richer in fiat, buy and hold... or in the case of the OP buy and trade, but do at an exchange.

There's no reason to trade on a cloud mining platform - you're just adding one more variable - the chance the company might run away.  Of course an exchange might close but which do you think is more likely to happen?

Ah, ok. So basicalliy im best withdrawing my btc and keeping hold of it rather than let it whittle away. I get you. Thanks for the advice, ill def keep that in mind!

[Kimowa]

cex.io is overpriced but the concept is good..

[Nerazzura]

Hey guys,

Just wondering what your thoughts were on mining at cex.io? Iv read a lot of negative feedback about it and not much positive.

From my experience, its not the worse.
 Yes the fees are ridiculous, but ive made a profit so far.
From 0.5 btc, ive managed to make 1.9 btc trading, however, that took 3weeks and was a huge amount of effort

it's from trading
and many of us not a good trader like you
seriously, 0.5 BTC -> 1.9 BTC in 3 weeks is good
did you use bot?

[neil_duple1]

Hey guys,

Just wondering what your thoughts were on mining at cex.io? Iv read a lot of negative feedback about it and not much positive.

From my experience, its not the worse.
 Yes the fees are ridiculous, but ive made a profit so far.
From 0.5 btc, ive managed to make 1.9 btc trading, however, that took 3weeks and was a huge amount of effort

it's from trading
and many of us not a good trader like you
seriously, 0.5 BTC -> 1.9 BTC in 3 weeks is good
did you use bot?

No bot, i dont trust them, but i was on the site for most of the day, even at work, for three weeks. Was very tedious and would not recommend!

[jjc326]

Hey guys,

Just wondering what your thoughts were on mining at cex.io? Iv read a lot of negative feedback about it and not much positive.

From my experience, its not the worse.
 Yes the fees are ridiculous, but ive made a profit so far.
From 0.5 btc, ive managed to make 1.9 btc trading, however, that took 3weeks and was a huge amount of effort

it's from trading
and many of us not a good trader like you
seriously, 0.5 BTC -> 1.9 BTC in 3 weeks is good
did you use bot?

No bot, i dont trust them, but i was on the site for most of the day, even at work, for three weeks. Was very tedious and would not recommend!

Congrats on the profit but that is the issue...I guess if you have no life and no family, and don't want any other hobbies, you can be profitable with trading it.  But you didn't even get too much and think about the obsession it took to make that much.  You're better off getting something more "hands off" so you can enjoy your life a little!

[xstr8guy]

Trading on Cex is a losing game. The price historically has plateaus and valleys but no peaks. Short term, you can have positive growth from mining and trading on small price increases. But you'll eventually get caught in a big dip that will not recover to a previous high... just a new lower plateau.

The only way you can beat the odds is if you crystal ball or get extremely lucky.

[DrG]

Hey guys,

Just wondering what your thoughts were on mining at cex.io? Iv read a lot of negative feedback about it and not much positive.

From my experience, its not the worse.
 Yes the fees are ridiculous, but ive made a profit so far.
From 0.5 btc, ive managed to make 1.9 btc trading, however, that took 3weeks and was a huge amount of effort

it's from trading
and many of us not a good trader like you
seriously, 0.5 BTC -> 1.9 BTC in 3 weeks is good
did you use bot?

No bot, i dont trust them, but i was on the site for most of the day, even at work, for three weeks. Was very tedious and would not recommend!

Congrats on the profit but that is the issue...I guess if you have no life and no family, and don't want any other hobbies, you can be profitable with trading it.  But you didn't even get too much and think about the obsession it took to make that much.  You're better off getting something more "hands off" so you can enjoy your life a little!

While numerically he didn't risk that much for most Westerners he did triple his money and that is very much an accomplishment.  I doubt more than 5% of all people trading could accomplish that.  Of course if he tried that with 20BTC he would not be able to replicate that since the swings from his purchase would move the market too much.

I think he got very lucky with some skill - I would suggest he trade on an exchange and skip the CEX.IO middleman.

[philipma1957]

Trading on Cex is a losing game. The price historically has plateaus and valleys but no peaks. Short term, you can have positive growth from mining and trading on small price increases. But you'll eventually get caught in a big dip that will not recover to a previous high... just a new lower plateau.

The only way you can beat the odds is if you crystal ball or get extremely lucky.

trading on cex.io for a profit can be done small scale with endless patience.  Wait for at least a 10 percent rapid drop buy around 1 btc and list it for sale 5% above your buy price.


It works pretty well but  you need to check over and over and over to buy at the drop point of 10% or more.  

You need to have the 1 btc sitting in the account able to buy the hash

 It is a lot of work.

[jjc326]

Hey guys,

Just wondering what your thoughts were on mining at cex.io? Iv read a lot of negative feedback about it and not much positive.

From my experience, its not the worse.
 Yes the fees are ridiculous, but ive made a profit so far.
From 0.5 btc, ive managed to make 1.9 btc trading, however, that took 3weeks and was a huge amount of effort

it's from trading
and many of us not a good trader like you
seriously, 0.5 BTC -> 1.9 BTC in 3 weeks is good
did you use bot?

No bot, i dont trust them, but i was on the site for most of the day, even at work, for three weeks. Was very tedious and would not recommend!

Congrats on the profit but that is the issue...I guess if you have no life and no family, and don't want any other hobbies, you can be profitable with trading it.  But you didn't even get too much and think about the obsession it took to make that much.  You're better off getting something more "hands off" so you can enjoy your life a little!

While numerically he didn't risk that much for most Westerners he did triple his money and that is very much an accomplishment.  I doubt more than 5% of all people trading could accomplish that.  Of course if he tried that with 20BTC he would not be able to replicate that since the swings from his purchase would move the market too much.

I think he got very lucky with some skill - I would suggest he trade on an exchange and skip the CEX.IO middleman.

Good point about how he can kinda fly under the radar with small amounts but it would be tougher to try to make more. Again, this is kind of like poker players I know who can make money but their life is a total grind and it's very time consuming and stressful. Try it on the weekends or something but try not to get obsessed.

[neil_duple1]

Took the advice of most people on here, traded the ghs i had left and withdrew my bitcoins from cex.

Will start research into trading on exchange.

[forsakenpnut]

cex.io isnt good for minning but it is excellent for trading. Easy to make big bucks.

[Swimmer63]

I am not a trader.  But I use Ghash's pool to mine on my own personal equipment.
Buying GHS (cloud mining) is not profitable in and of itself.
But as my btc total builds up from my personal mine, I do buy GHS, just to put the btc to work until I need it.
Yes, the price steadily goes down, but if you get out of it a day or two prior to the difficulty change, then back into it a day or two after, the price is fairly stable.  It's been better for me than having my btc just sit in wallet.

[cloverme]

cex.io isnt good for minning but it is excellent for trading. Easy to make big bucks.

I don't know about that... I don't recall any cex.io traders making stacks commodity trading GHs.

The 5m chart or the 12h chart doesn't look awesome.
https://bitcoinwisdom.com/markets/cexio/ghsbtc