Newbie question about CEX.io

[gracesfall]

Hi everyone...I hope that my painfully newbie question isn't out of place here, but I'm not sure
where to ask.

I signed up for a CEX.io account yesterday and bought my first ghz today (YAY!). So now my
question is this - how does my buying ghz result in my earning BTC? Does it pay out like stock
dividends and if so, how often?

Thanks in advance for not mocking the confused little new girl

Cynthia

[Rannasha]

Hi everyone...I hope that my painfully newbie question isn't out of place here, but I'm not sure
where to ask.

I signed up for a CEX.io account yesterday and bought my first ghz today (YAY!). So now my
question is this - how does my buying ghz result in my earning BTC? Does it pay out like stock
dividends and if so, how often?

Thanks in advance for not mocking the confused little new girl

Cynthia

It pays out when a block is found by the ghash.io pool, which is fairly often since it's a large pool.

[gracesfall]

So on average, does that work out to daily, a couple times a day, weekly? I get that it isn't
guaranteed. I'm just trying to get a ballpark feel for what to look for.

Thanks for the quick response!

[Rannasha]

So on average, does that work out to daily, a couple times a day, weekly? I get that it isn't
guaranteed. I'm just trying to get a ballpark feel for what to look for.

Thanks for the quick response!

Ghash.io has roughly 20% of the hashpower of the network, so on average 1 in 5 blocks should come from them, which means that you should see 1-2 blocks every hour. I don't know if cex.io credits accounts directly or if it does so in timed batches.

edit: Variance in block-rate by the pool can be large. It can go several hours without a block or find 3 in a 15 minute timespan.

[gracesfall]

Thank you for the detailed explanation. That makes much more sense to me now. I really appreciate it

[chaosknight]

Hi everyone...I hope that my painfully newbie question isn't out of place here, but I'm not sure
where to ask.

I signed up for a CEX.io account yesterday and bought my first ghz today (YAY!). So now my
question is this - how does my buying ghz result in my earning BTC? Does it pay out like stock
dividends and if so, how often?

Thanks in advance for not mocking the confused little new girl

Cynthia

Once you buy, it immediately use the hash to mine on their pool. You get your share every time they found a block..

[gracesfall]

How do I do that? I bought part of a ghz today (I know, it's pittance, but I'm waiting for a transfer from
my bank account to hit my wallet so I can buy a couple of whole ghz), now what do I do with it?

[tnathe]

you should see increases in your bTC ever 5-10 minutes.  Click the link to go to the ghash.io site (where your ghs is working) for a more realtime update.

What do you do with it?  You can let it sit, which will earn you bTC while your ghs' mine for you, or you can sell your ghs when the bid price is higher than what you paid for it.  2 ways to earn income on cex.io which makes it such a nice option.