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. 

[1715287390]

1715287390

[1715287390]

1715287390

[1715287390]

1715287390

[1715287390]

1715287390

[1715287390]

1715287390

[1715287390]

1715287390

[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.