CEX.IO Has anyone used it?

[MTBmanTT]

I found CEX.IO on coinad.com,

Has anyone used their service before? Are they legit? I think its kinda nice you can buy/trade GHs, help add on to your overall hashing power. 

Being that they are over 200th/s, would I expect a lower payout per block vs. if I went with a pool that is in the 90-100THs range?  I am sure that is a dumb question, I am still figuring out how the whole thing works. 

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[easynote]

I want to know the same

[jeffhuys]

Well, they work in conjunction with ghash.io, which I personally know has been online for a long time.
This says nothing, but yeah.

[odolvlobo]

I don't know if it is legitimate or not, but they are selling 1 GH/s for 0.213 BTC, when it is worth less than 0.185 BTC.

[naphto]

Never heard about them; sorry.

[MTBmanTT]

I don't know if it is legitimate or not, but they are selling 1 GH/s for 0.213 BTC, when it is worth less than 0.200 0.185 BTC.

Hi,

Thank you for your reply. 

In regards to GHs to BTC, is there a chart, or a formula I can use to help me determine average/proper value of GH to BTC? 

I'm unsure how you got it that, but sounds useful!

[odolvlobo]

I don't know if it is legitimate or not, but they are selling 1 GH/s for 0.213 BTC, when it is worth less than 0.200 0.185 BTC.

In regards to GHs to BTC, is there a chart, or a formula I can use to help me determine average/proper value of GH to BTC?  

There is no simple way to arrive at a value for a hash rate. In particular, it involves predicting the future difficulty values. The mining calculator at http://mining.thegenesisblock.com/ is pretty good.

A simple way to calculate a rough value (in BTC) is to use this formula: VALUE = H * 7040691 / D / R, where

H = your hash rate in GH/s
D = current difficulty
R = average increase in difficulty each period for the next several months

I estimate R to be about 0.20 (20%), but others believe it is much higher and miners seem to think it is a little lower.

This calculation also doesn't include fees and expenses.

Anyway, if you are going to invest in mining, you need to do a lot of research. Just using this formula is not nearly enough because it is only a rough estimate.

[sneeze]

They are the ones laughing all the way to the exchange. Just like the ones selling 4GHash annual contracts for nearly less than break even....

People needs to be on their toes if offers sounds really good or almost to good to be true. Most likley you won't ROI within a year...  if ever...

[MTBmanTT]

Hello,

Thank you for the explanation, and the link to genesis.

I do agree research is much needed and in order here. From what I gather, unless you have been mining for a while already, it is hard to get back what you put in on the HW alone with everything in place.  Thats main reason for asking about CEX.  I see really my other option is to go in on a few shares via an exchange. 

[balanghai]

But the point of cex.io is to sell shares to upgrade for more sophisticated hardwares. you don't have to mine all throughout the year when you can sell it a little bit higher or breakeven cost + profit from mining..

[odolvlobo]

But the point of cex.io is to sell shares to upgrade for more sophisticated hardwares. you don't have to mine all throughout the year when you can sell it a little bit higher or breakeven cost + profit from mining..

Assuming that the difficulty continues to rise, the value of 1 GH/s will continue to fall, so you will never be able to sell for more or even the same. Basically, because the price of 1 GH/s is more than the amount of BTC it will mine,  you can only lose money (unless you sell to the greater fool).

[jeffersonairplane]

They look legit. And the price is only  0.2178 per 1 ghs. In three months with the difficulty adjustment can I still make profits?

[bitcoindigi]

You're paying to lose coins in my opinion. I wouldn't throw my money in

[wdu]

another way to think of this is that you're getting the benefits of mining without any capital investment

when you think of it that way, you may find the math to be a bit more favorable.

[ajw7989]

Lol if you think there is no money to be made here you are mistaken. If you can buy mine and sell at the right times there is certainly bitcoin to be made. I tested the exchanged with 0.7 BTC and brought it all the way up to 1.7BTC but lost some due to the difficulty rise but still wound up at 1.4BTC essentially doubling my initial investment. Learn to play smart and you can do well. This was all in the matter of a few days.

I also will say I have deposited and withdrawn my bitcoin successfully.

[hulk]

They look legit. And the price is only  0.2178 per 1 ghs. In three months with the difficulty adjustment can I still make profits?

Wait for the price to drop a little, it was almost the same price 2 weeks ago which is weird.

[frankenmint]

You're paying to lose coins in my opinion. I wouldn't throw my money in

What are your coins doing otherwise?  Its the first way I've seen to get a savings account out of hash power.  No fees for now so sellout for break even or try your luck and select, higher like 10% higher.  Yes playing the hash rate effectively amidst difficulty matters and you risk damaging your holdings possibly if you choose to ignore it for long periods of time so this is not so much a long term plan.  Bonus if you can use coin base to get a lot of has power on lease for essentially 60 dollars in fees but you gain coins!  Cex.io is nice as long as it stays fees free.

[Zeek_W]

I like it. Been using for a few weeks now. I buy a few Gh/s with spare coin, then immediately list it above what I paid and let it mine with a sell order. If it sells, good, if not, it's still mining.

[fattypig]

I found CEX.IO on coinad.com,

Has anyone used their service before? Are they legit? I think its kinda nice you can buy/trade GHs, help add on to your overall hashing power. 

Being that they are over 200th/s, would I expect a lower payout per block vs. if I went with a pool that is in the 90-100THs range?  I am sure that is a dumb question, I am still figuring out how the whole thing works. 

Yes, its legit, have done some trades already.

[cowandtea]

You're paying to lose coins in my opinion. I wouldn't throw my money in

Wrong, a lot people have earned when they purchase at the price of 0.2GH/S weeks ago and they are collection dividend everyday.

[cesmak]

I'm using it, and i think is not so bad.

Gh/s quotes are lowering, today we are at 0,199xx, the pool (GHash.io linked to Cex.io) is near 300TH/s, we are mining from 20 to 30 or more blocks a day, so is going strong.

[fattypig]

I'm using it, and i think is not so bad.

Gh/s quotes are lowering, today we are at 0,199xx, the pool (GHash.io linked to Cex.io) is near 300TH/s, we are mining from 20 to 30 or more blocks a day, so is going strong.

i'm waiting for it to go lower around 0.15

[odolvlobo]

You're paying to lose coins in my opinion. I wouldn't throw my money in

Wrong, a lot people have earned when they purchase at the price of 0.2GH/S weeks ago and they are collection dividend everyday.

The fact that the price is higher now even after the difficulty just went up 30% shows that there are a lot of uninformed people buying these shares.

In the end, someone has to lose money -- either you or the person that buys your shares.

[cshelswell]

I've just started using it too. Actually quite like the idea. I've got a real rig that i have to keep an eye on pointed at the pool and some Ghashes that i've bought just working away without me doing anything.

Going to give it a shot and see if it can work for me

[joele]

The difficulty will adjust in 2 days time and its a huge difference, so better to wait the adjustment before buying.

[Zakryze]

The difficulty will adjust in 2 days time and its a huge difference, so better to wait the adjustment before buying.

Agree its always good to wait for the difficulty changes to happen be4 buying in.

[odolvlobo]

The difficulty will adjust in 2 days time and its a huge difference, so better to wait the adjustment before buying.

Agree its always good to wait for the difficulty changes to happen be4 buying in.

The upcoming difficulty change should really have no major impact on the price. We already know that it is going to be about 30%, so there is no reason why the current price hasn't factored that in.

However, there are so many people blindly buying shares, and it will take yet another 30% jump in the difficulty to open their eyes. So, expect a drop after the difficulty rises (which means that you should sell before that happens).

Basically, 1 GH/s will mine less than 0.16 BTC, so if you are paying 0.18 BTC for 1 GH/s, you are throwing away 0.02 BTC.
This assumes that the difficulty will rise about 60% per month, but keep in mind that the difficulty has been going up 75% per month for the last 8 months.

[monbux]

I don't know if it is legitimate or not, but they are selling 1 GH/s for 0.213 BTC, when it is worth less than 0.185 BTC.

Where do you find the market for that?
Keep in mind that you are able to sell these GH/s anytime.

[mogrith]

Looks like ghash.io went down for a short time today. So my hash went down to 0 when they came up my ~6GH/s was boosted to ~14GH/s until my ave rate came back. You can't do that at home!

[odolvlobo]

I don't know if it is legitimate or not, but they are selling 1 GH/s for 0.213 BTC, when it is worth less than 0.185 BTC.

Where do you find the market for that?
Keep in mind that you are able to sell these GH/s anytime.

That was last week. Right now the price is about 0.18 BTC for 1 GH/s, which will mine less than 0.16 BTC.

Yes, you can sell any time, but if you pay too much for 1 GH/s, the only way you can recover your money is to find another sucker that will pay even more. It's kind of like a pyramid scheme.

[Zakryze]

I don't know if it is legitimate or not, but they are selling 1 GH/s for 0.213 BTC, when it is worth less than 0.185 BTC.

Where do you find the market for that?
Keep in mind that you are able to sell these GH/s anytime.

That was last week. Right now the price is about 0.18 BTC for 1 GH/s, which will mine less than 0.16 BTC.

Yes, you can sell any time, but if you pay too much for 1 GH/s, the only way you can recover your money is to find another sucker that will pay even more. It's kind of like a pyramid scheme.

It's  a perpetual ming bond somehow

[Andrey]

You can redeem mining device from them now. No preorders, just pick yourself tested device from those listed on their page

[s1lverbox]

I'm using it, and i think is not so bad.

Gh/s quotes are lowering, today we are at 0,199xx, the pool (GHash.io linked to Cex.io) is near 300TH/s, we are mining from 20 to 30 or more blocks a day, so is going strong.

Last blocks was found with 520TH/s of speed so its fast as hell.

[inform]

I'm using it, and i think is not so bad.

Gh/s quotes are lowering, today we are at 0,199xx, the pool (GHash.io linked to Cex.io) is near 300TH/s, we are mining from 20 to 30 or more blocks a day, so is going strong.

 

What i Know in Practic
Say For You How True

Yeah i this very interest and i my money invest
i am Rusia But this very interesting for me
This Realy Pay Stability

[neurobox]

With difficulty increasing logarithmically, the sooner your bitcoins turn into hashes, the better.

By the time you buy a big old mining rig, finally receive it and successfully set it up (along with the air conditioner), it may have already halved in the revenue it can bring in.

With a platform like CEX, given that you buy in at the right time, you can start making returns right away, and effortlessly reinvest those BTC into more GHS. That lets you focus on life instead of babysitting short-lived hardware.

It also offers a 3% bonus referral program (see sig)

[sedative]

I created an account at cex.io 2 days ago and purchased 2BTC worth of GH at 0.083.  I sold the GH a few hours ago at 0.094 and will probably wait until after the difficulty increase tonight to make a decision on whether to re-invest.

Some people believe that the GH price has already adjusted for the upcoming difficulty change, but I am not so confident.

[neurobox]

I'd just arrived at the same conclusion.. having run the numbers it looks like an eventual valuation of approx 0.088 would be expected, but I'm prepared for some movement either way in the meantime.

[sedative]

I have a 7GH Jalepeno coming from BFL within the next 2 weeks but I paid $400USD for it.  At CEX that same $400USD would have gotten me at least triple that amount of GH.  I just hope by the time I get my Jalapeno that I can sell it for $300USD on ebay.

[HyperBeam]

I think services like CEX.IO usually aren't worth it, since they would make more money by simply running the hardware themselves if it was profitable to buy hashing power there.

[neurobox]

Perhaps, but you have to ask, where do all their rigs come from? It comes down to your funding model. CEX is a unique deferred ownership growth model based on a market platform. These GHS are market-owned and accounted for. Now that they've scaled it up as they have, they can't buy in too deep without harming the market. Sure the GHS depreciates naturally, but so does the real hardware.

If they simply had the capital to buy and run so many rigs in the first place, then sure you might be right, but a plan is a plan, and lower start-up costs are attractive. Also, to offset costs, they're using these crowd-funded rigs to merge-mine.

*I might be wrong about all of this, but it's how it appears from here.

[balanghai]

so far it has been rewarding. You just have to be on the right timing.

[madhatter.]

It looks like a great site. First time seeing site selling hashrate. I will try this in the future.

[Maidak]

I run 37gigs currently I got some faith.

[grothendieck]

I have a cloudhashing contract and it's a scamm. I hope that it's not the same but it looks like more serious..

[s1lverbox]

I have a cloudhashing contract and it's a scamm. I hope that it's not the same but it looks like more serious..

Look here and check how many people asked for refund and how many got it:

https://bitcointalk.org/index.php?topic=173316.msg3412630#msg3412630

[otov4its]

I have a cloudhashing contract and it's a scamm. I hope that it's not the same but it looks like more serious..

Right its naked scamm.
Where there may be a fair price? Only exchange. Your welcome CEX.io

[JessicaSe]

Calculated, the difficulty increment is too much to really ROI..

[sedative]

Calculated, the difficulty increment is too much to really ROI..

At the current price I agree.  Perhaps because this is fairly new people are overlooking this and just want in.  Or could be that I'm just overly pessimistic. 

[ekiro]

I wish to know the same. I like the idea of buying mining capacity. I have signed up and will give them a try. It seems a bit tricky though given the unpredictable difficulty bumps. And going forward I suspect it to grow exponentially. Kinda like Moore's law.

I think your best bet will be trading your local currency for BTC and capitalize on the gains there.  It's extremely volatile and if you know your stuff you ought to do well.

[Vancityguy]

It's definitely an interesting idea.  Trading a constantly deflating asset seems to have a limited timeframe to make effective however.  If your savvy with the market it's possible you could make some profit and free hash power to boot.  I would be fairly cautious with it however as many are going to get burnt overpaying for hash power that will never return what they paid for it.

[Two9A]

It is an intriguing idea. I only have a tiny amount of BTC, so I bought 80MH on Cex: in addition to the 330MH of my little Block Erupter, I'm positively rolling in satoshis.

It does seem, however, that you can roll your mining output into the purchase of more hashing power on Cex, so I might do that. 0.1GH, here I come...

[Shynume]

Although it looks a bit complicated I'm gonna go ahead and try out CEX  today  Wish me luck!

[odolvlobo]

Although it looks a bit complicated I'm gonna go ahead and try out CEX  today  Wish me luck!

I'm curious about why you are going to try it out. How much do you think you will earn? Can you please show me how you have estimated your return? Do you think that you will earn more than the 0.95 per GH/s that it costs?

[sedative]

It's been hovering around $16-$19 per GH for the last few days which still seems a bit too high for me.

[odolvlobo]

It's been hovering around $16-$19 per GH for the last few days which still seems a bit too high for me.

It is better to think in terms of BTC rather than dollars because mining generates BTC.

Consider this: if BTC dropped in value by 90%, then the price for 1 GH/s would become between $1.60 and $1.90. Wouldn't that be an awesome deal? No, because the revenue (in dollars) from mining would also be cut by 90%.

[sedative]

Is it just me or has ghash.io been working 4 hours and got nothing?

[wrenchmonkey]

Is it just me or has ghash.io been working 4 hours and got nothing?

Are you not familiar with Bitcoin mining? Block 266311 took 5 hours to solve. 266261 took less than a minute. These things fluctuate and average out. Give it time to solve a few blocks.

[OracionSeis]

USELESS! WASTE OF TIME AND MONEY!

[geofflosophy]

CEX.io shares are currently overpriced. The cost is 0.09898 BTC/GH, and 1 GH will never earn that many BTC at current and projected future difficulty levels. I would consider buying at around 0.04 BTC, but it doesn't look like anyone is willing to sell at that level right now. Ultimately there will be a lot of bag holders.

[DiamondCardz]

1GH/s makes about this much:

http://eligius.st/~wizkid057/newstats/userstats.php/1Diamond81T9za2ZDwnY92TpvjXAN9DbWi (3 block eruptors)

It's not really worth buying, unless you can quickly sell for a similar amount.

[Anthony1982]

All these proposals are nothing, it is easy to earn money by using mining equipment themself, but it is more profitable, as they think, to make money by rent of this mining equipment.

[s1lverbox]

1GH/s makes about this much:

http://eligius.st/~wizkid057/newstats/userstats.php/1Diamond81T9za2ZDwnY92TpvjXAN9DbWi (3 block eruptors)

It's not really worth buying, unless you can quickly sell for a similar amount.

Guys, u not buying this for this ammount. U r hiring this to work for u. I did bought 32GH/s and already made 0.40BTC withing 6 days. i know its not super a lot but if i will put hashpower back on market i will get more than most of u who have hardware at home. So YES its more profitable than hardware this days and i have more hope with them than with gear from BFL and others scammers.

[wrenchmonkey]

USELESS! WASTE OF TIME AND MONEY!

...says the guy advertising bitcoin casinos. 

[Renampun]

Did you get scammed by Cex as well? Did they take your funds in hostage so you had to pay big fees for conversion?

Join us in our legal case against Cex:
https://t.me/cryptotribunal_vs_cexio

I thought why did you raise the thread that has been buried for a long time?

in the scam accusations thread, I've seen 4 threads that say CEX.IO is a scam
https://bitcointalk.org/index.php?topic=5104071.0
https://bitcointalk.org/index.php?topic=2174542.0
https://bitcointalk.org/index.php?topic=2756135.0
https://bitcointalk.org/index.php?topic=2797855.0

if your goal is just to remind members of this forum, I appreciate that & thanks you.