http://www.coindesk.com/cex-io-halts-cloud-mining-service-due-low-bitcoin-price/Bitcoin mining service CEX.io has announced it will suspend its cloud mining activities.
The company stated in a 12th January blog post that it is no longer profitable, blaming declining revenues amid a dropping bitcoin price. CEX chief information officer Jeffrey Smith told CoinDesk that operations would resume if the price of bitcoin climbs above $320, calling the move “temporary”.
The suspension comes after CEX customers experienced disruptions to their cloud mining service, which the company at the time attributed to third-party complications. Smith said that the two issues are unrelated; that the economic impact of a drop in bitcoin prices cut into its ability to offer its clients profitable mining services.
