**CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App***

[Maidak]

Hi,

I've been using the site for weeks and was never able to answer these questions myself, if someone can help:

Q1 - Block Finding Rate: I know 5 PHs is quite a lot and allows you to find blocks quickly, but man it's like tick-tock clock! One block every 7 minutes, not 5 not 10, not 15, not 3 minutes, 7 minutes you can set your watch on it. From my experience in solo mining (on altcoins), I sometimes find a block in 30 minutes, then another one 2 minutes after then another one 5 hours after. It almost looks like you can find the block immediately and the netowrk will only try to make it more difficult for you.

Yes, you are misinterpreting the Ghash.IO stats. Make sure you scroll down to see the blocks and not the shifts.

Q2 - Price Fixing, or call it Quibids: This is not an accusation, this is a question to understand. When you first went into business, you had a number of GHs. Let's assume you were very happy to sell all your GHs, 100% of them, and then start looking at them working for other people while you don't make any money from them, just charge 4% to cover the cost of electricity and upgrade the hardware for the people to make more money while you continue to watch.

Maintenance fee is charged when a block is mined. If you do not own GHS - you will not be charged with a maintenance fee

Apart from the issue of ownership and whom the machines are mining for, why can't you show clearly where you are on the buy/see graph. Say you still have 1000 GHs unsold working for you, and you want to sell that, what is your market position, where are you on the sell chart, is there an order to sell 1000 GHs for say 0.65 BTC/GHs?

You can see exactly where you are in the orders table. Your order is shown in blue font.

[Icon]

also on that chart on the top right has under buy, shows how much gh/s that they still have left for sell, that they still own.

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[benjamin07]

Ok thanks, Q1 and Q2 closed

Q3 - Power Consumption
They have 43,300 GHs total listed under the hardware redeem, if that consumes 600kW total, then half of it will be for the miners, the rest HVAC and general lighting and power. That puts their power consumption at 5 to 6W /GHs, is that typical for the miners they use?


Q4 - BTC/USD
At $0.15/kWh, their 600kW will require $64,800 in electricity bill, without tax and without the ++ (network chargers, meter charges, carbon tax etc).

Since they accept only bitcoins for their operations, they must be one of the largest sources of bitcoin selling entities on the market. Also, there is a price for the BTC which will force them to close, because they can make only so much bitcoins per month, and those bitcoins must cover the bill. If the value of the BTC falls (sorry, replace if with when because all markets go up and down), they will have to sell more BTCs to cover the costs, which will drive the value of the BTC even further down.

This is unlike the other models:
1) If I have my own pool with say 2THs, it'll cost me around $500/month all in all give or take. This is recoverable from the fees.
2) Other cloud mining services charge in $, which means that there is no risk on the BTC from being dumped in quantities due to the model of operation.

So you have the following:
1. You buy GHs and their value in BTC and in $ diminish over time.
2. You buy GHs and their revenue in BTC diminish over time.
3. You participate in this business model and you help drive the value of the BTC down.

In straightforward terms, is it correct to assume that CEX.io is good for only opportunistic people who have nothing to do but buy and sell and make profit from the margins, which is only viable if you have a large capital, otherwise waste of time as it is hardly likely there is sudden shift in prices unless that shift is in favor of CEX.io; so at best keep 0.0001 GHs and use GHash.io as pool and always keep all mined balance near zero?

[dyask]

In straightforward terms, is it correct to assume that CEX.io is good for only opportunistic people who have nothing to do but buy and sell and make profit from the margins, which is only viable if you have a large capital, otherwise waste of time as it is hardly likely there is sudden shift in prices unless that shift is in favor of CEX.io; so at best keep 0.0001 GHs and use GHash.io as pool and always keep all mined balance near zero?

Huh?   No, there are hundreds, maybe thousands using CEX.io probably in a variety of ways.   It is a marketplace, you have to figure out what works for you if anything there does.    I personally built a bot that does some trading there and it works for me.    I make some bitcoin most days and my bitcoin balance is increasing.   Right now I'm not doing it to make fiat currency.     

If you trying to figure out how to set up your own hardware, this isn't the right place to be asking those questions as there are forums for that.   Bitcoin is extremely high risk no matter what route you go. 

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also its worth mentioning, cex.io charges miners who rent their gh/s a set USD not BTC rate per gh/s, the only thing that will go up down is the amount in btc miners will have to pay in fees to reach that set USD rate.

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[dyask]

Ok thanks, Q1 and Q2 closed

Q3 - Power Consumption
They have 43,300 GHs total listed under the hardware redeem, if that consumes 600kW total, then half of it will be for the miners, the rest HVAC and general lighting and power. That puts their power consumption at 5 to 6W /GHs, is that typical for the miners they use?

From
https://support.cex.io/entries/28208413-Official-statement-about-the-maintenance-fee

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)"

[nicksmith]

Pretty sad that Cex pulled all the apps using their API from the android market, and not by working with the developers of course, they filed a fake DMCA claim with Google, they even state in the claim that is was because they did not review the apps and they might not be secure. I thought DMCA was about copyright? Odd they could not click the email address on my app page and talk to me about it vs a DMCA claim with Google.. If your API is not secure, then shut it down no?

[CEX]

Pretty sad that Cex pulled all the apps using their API from the android market, and not by working with the developers of course, they filed a fake DMCA claim with Google, they even state in the claim that is was because they did not review the apps and they might not be secure. I thought DMCA was about copyright? Odd they could not click the email address on my app page and talk to me about it vs a DMCA claim with Google.. If your API is not secure, then shut it down no?

Hey there.
I'm sorry for this situation.
We had cases of users getting hacked because of using faulty software to manage their CEX.IO accounts.
Please send an email to our webmaster so that we can discuss your app and it's potential usage by other CEX.IO Users.

[nicksmith]

Pretty sad that Cex pulled all the apps using their API from the android market, and not by working with the developers of course, they filed a fake DMCA claim with Google, they even state in the claim that is was because they did not review the apps and they might not be secure. I thought DMCA was about copyright? Odd they could not click the email address on my app page and talk to me about it vs a DMCA claim with Google.. If your API is not secure, then shut it down no?

Hey there.
I'm sorry for this situation.
We had cases of users getting hacked because of using faulty software to manage their CEX.IO accounts.
Please send an email to our webmaster so that we can discuss your app and it's potential usage by other CEX.IO Users.

Sure, webmaster@cex.io ?

[CEX]

Pretty sad that Cex pulled all the apps using their API from the android market, and not by working with the developers of course, they filed a fake DMCA claim with Google, they even state in the claim that is was because they did not review the apps and they might not be secure. I thought DMCA was about copyright? Odd they could not click the email address on my app page and talk to me about it vs a DMCA claim with Google.. If your API is not secure, then shut it down no?

Hey there.
I'm sorry for this situation.
We had cases of users getting hacked because of using faulty software to manage their CEX.IO accounts.
Please send an email to our webmaster so that we can discuss your app and it's potential usage by other CEX.IO Users.

Sure, webmaster@cex.io ?

Yes.

[chalidore]

Have Bitcoin withdrawals been disabled or something? I can't seem to withdraw my Bitcoins.

[shmoula]

I have one CEX account with just a small amount of GHashs, so it gains just a few satoshis. Today I checked log and I realized that reward for block 282563 was negative!!! WTF?

[Icon]

That is because there is a fee  charged for each share /payout for renting their gh/s. seems you are not mining enough to cover the fee. However if its over 1 gh/s and you just got it. It will pay the fee and get you out of the negative once 1 block or 2 are found. If under 1 gh/s then its not mining enough to cover the fee.

[batt01]

I have several miners on the pool and got rid of some hardware. Is there any way I can delete the workers from the pool.

[pumawolf]

can u guys put some kind of feature where it sells it at exactly what i want. say if i get it at 36 and it goes up to 37, i want to be able to hang a sell order at 36.1 or what not to protect the investment, i cant be velcrow to the computer 24 hrs a day , this would be a good condom against big dips.  right now it just sells it to the next order, i want it to hang there so i can keep hashing and not be paranoid about the dips n crashes

[JayBee66]

Have Bitcoin withdrawals been disabled or something? I can't seem to withdraw my Bitcoins.

You don't get it. You are supposed to keep your Bitcoins in your account until you have frittered them away through "trading intelligently".

[ladyfox]

Any one know whats the new TOS coming and how come the Ghz price went down so much ?

[Morpheus21]

Hey CEX.IO   
http://www.youtube.com/watch?v=GSv-RC766RI

[cesmak]

Any one know whats the new TOS coming and how come the Ghz price went down so much ?

If you log in in your cex.io account you will se in the upper part of the screen that the tos will be effective on 4th feb.

For price down, i'm expecting it, during the previous difficulty jump of 13 Jan the price hasn't done a retarget, so probably someone with huge power or new power injection directly from cex mantained the price higher, now probably this has stopped and the price has to recover two difficulty jumps so is going down....

(This is my opinion, no proofs about that).

Cheers.

[DutchBrat]

The new TOS takes effect Feb 4th... when you log in it shows a link to the TOS at the top of the screen.

As for the price... difficulty keeps going up, so price must keep going down...