cex.io vs https://picostocks.com/stocks/view/19

[high110]

these places really count morons to buy their shit..so sick of the greed and scams.  Hope to see this change in the near future but people need to stop allowing themselves to get ripped off ever friggin' minute

You think that's bad....check out how bad it will be in January:

If the cost to mine at home with a cointerra @ 1000 GHS is $30 month (depending on your electricity rate -more/less)...the same cost by mining on CEX.io is...wait for it... $.001/GHS/Hour*GHS*Hour*30days = .001*1000*24*30 = $720 a month...hahaah... with diminishing profits....this model is broken before it comes into play.

[Cluster2k]

Hmm, I have played a bit with cex.io, mined a bit and traded out with a profit (mining and trading).  It seems very tempting to buy mining power seemingly very cheaply (no need to gather together several thousand dollars and wait weeks/months for an order), but shouldn't the price per Ghash keep falling?  Anyone who buys needs to be aware their purchase produces around 30% less bitcoins every 10 days or so. 

Seems like an interesting race to the bottom as everyone tries to mine as much as possible with an eye to sell before difficulty rises again.

[high110]

Yeah...i got out.  Can someone tell me if the fee is in place?

[champsak]

Yeah...i got out.  Can someone tell me if the fee is in place?

No Fees yet.

[high110]

That's good news!  I asked Cex on their official mining page if they plan to implement today.

[champsak]

That's good news!  I asked Cex on their official mining page if they plan to implement today.

The maintenance fee

The fee will be implemented in 1 week, which makes it November 8th 2013.

The maintenance fee is estimated as $0.30 / kW*hour:
$0.17/kW electricity cost + $0.09 data centre upkeep + $0.04 hardware repair/maintenance.

(The power consumption of 1 GHS is 1.5W per hour)

The fee will be billed in BTC per mining share. The estimated fee is 0.000000002695 BTC/share, which makes it ~4% of total mining profit.
The fee will be adjusted according to the BTC/USD exchange rate.

About the hardware maintenance:
We will charge $0.09 for the data centre upkeep + $0.04 for hardware repair/maintenance.

Handling 600+ kW mining equipment is quite challenging. This involves MANY people working at the backend, who:
- Replace dead chips
- Fix PCB issues
- Upgrade electricity links
- Improve mining software to reduce stale shares (we have stopped delivering stale shares for purchased GHS).

[high110]

That's good news!  I asked Cex on their official mining page if they plan to implement today.

The maintenance fee

The fee will be implemented in 1 week, which makes it November 8th 2013.

The maintenance fee is estimated as $0.30 / kW*hour:
$0.17/kW electricity cost + $0.09 data centre upkeep + $0.04 hardware repair/maintenance.

(The power consumption of 1 GHS is 1.5W per hour)

The fee will be billed in BTC per mining share. The estimated fee is 0.000000002695 BTC/share, which makes it ~4% of total mining profit.
The fee will be adjusted according to the BTC/USD exchange rate.

About the hardware maintenance:
We will charge $0.09 for the data centre upkeep + $0.04 for hardware repair/maintenance.

Handling 600+ kW mining equipment is quite challenging. This involves MANY people working at the backend, who:
- Replace dead chips
- Fix PCB issues
- Upgrade electricity links
- Improve mining software to reduce stale shares (we have stopped delivering stale shares for purchased GHS).

Beat me to the update! Nice =)

[Atroxes]

4% seems somewhat reasonable, but it'll be interesting to see what effect this will have on the GH/s price. Coupled with the upcoming difficulty jumps, there should be some pretty heavy drops in prices.

[rocks]

4% seems somewhat reasonable, but it'll be interesting to see what effect this will have on the GH/s price. Coupled with the upcoming difficulty jumps, there should be some pretty heavy drops in prices.

After 2 more difficulty jumps, which is just 14 days from now, that 4% fee will become around a 10% fee. By the start of 2014 that fee will approach 30-40%. At some point data center costs will start to eat up all the expected revenue.

This is the end game for a hosting solution like this. Remember in the GPU era mining was largely a break even activity. Maybe slightly profitable for home setups, but negative if you ran in a professional DC.

[high110]

4% seems somewhat reasonable, but it'll be interesting to see what effect this will have on the GH/s price. Coupled with the upcoming difficulty jumps, there should be some pretty heavy drops in prices.

After 2 more difficulty jumps, which is just 14 days from now, that 4% fee will become around a 10% fee. By the start of 2014 that fee will approach 30-40%. At some point data center costs will start to eat up all the expected revenue.

This is the end game for a hosting solution like this. Remember in the GPU era mining was largely a break even activity. Maybe slightly profitable for home setups, but negative if you ran in a professional DC.

Cex.io mentioned they would adjust the fees with the changing difficulty...I guess we'll have to wait and see...but it's in their best interest to keep it low otherwise people will just leave.

[Dexter770221]

.... they would adjust the fees with the changing difficulty...

It was price BTC/USD not diff...

...
The fee will be billed in BTC per mining share. The estimated fee is 0.000000002695 BTC/share, which makes it ~4% of total mining profit.
The fee will be adjusted according to the BTC/USD exchange rate.
...

[high110]

Cex.io fees explaing -

Check it out here: https://cex.io/maintenance

[gigaset]

cex.io ~ 0.006 btc / ghash
pico   ~ 0.0052 btc / ghash