Warning - investing in cloud mining GHS with cex.io will lose money

[Rumble]

is this all based on them not wanting to mine w. the difficulty increase each time? or something else.

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[Ryze]

I dont even consider them as an option, due to the fees I keep hearing about.

When theres services like hashnest why bother.

[ajw7989]

I dont even consider them as an option, due to the fees I keep hearing about.

When theres services like hashnest why bother.

CEX is essentially closed now. Unless bitcoin price picks up to over 300 (not looking good) everyone who invested in CEX can kiss their coin goodbye.

[siameze]

I dont even consider them as an option, due to the fees I keep hearing about.

When theres services like hashnest why bother.

CEX is essentially closed now. Unless bitcoin price picks up to over 300 (not looking good) everyone who invested in CEX can kiss their coin goodbye.

I'm not shedding any tears. I was still holding a few GH/s but I sold out of all cloud mining after the pbmining debacle. So I guess I unwittingly made a good move.

[opossum]

I dont even consider them as an option, due to the fees I keep hearing about.

When theres services like hashnest why bother.

CEX is essentially closed now. Unless bitcoin price picks up to over 300 (not looking good) everyone who invested in CEX can kiss their coin goodbye.

I'm not shedding any tears. I was still holding a few GH/s but I sold out of all cloud mining after the pbmining debacle. So I guess I unwittingly made a good move.

cex has essentially proven they actually control the mining equipment so the risks of holding cex's mining shares are not the same as holding pbmining shares.

I would not be at all surprised if cex eventually resumes cloud mining with new, more efficient equipment as they are going to want to attract customers to their site to use their exchange

[tokeweed]

After seeing the number of orders on Cex.io for GHS above 0.05 BTC I thought I would put together some links to relevant information and tools to estimate the return on investment.

Before you buy any GHS make sure you do the sums to see if it is worthwhile.

Here are my calculations that show that people who are buying GHS with cex.io are set to lose more than they invest.

The going price is about 0.072 BTC per GHS.
According to this calculator that uses the past 4(i think) difficulty rises to predict the increase in difficulty, you are set to lose more than half of your investment.
http://www.coinish.com/calc/#

To use this calculator to calculate the return per GHS,
Set the hash rate to 1000 (1GHS)

Change the currency in the investment section to BTC and enter the price of 1 GHS

Set the power requirements to 1.5 and the power costs to 0.3 as per https://cex.io/maintenance

You will see that considering reduction you stand to loose US$47 from an investment of about US$75

You can play around with the difficulty increase to achieve different results if you believe it is going to slow down.

However, it is hard to imagine it slowing down much if you will soon be able to get 1200GHs for US$7000, about 10 bitcoins, which equates to 0.0083 bitcoins per GHs. Almost 10 times less than the going rate on cex.io
http://bitcoinwisdom.com/bitcoin/calculator

The historical rise in difficulty and the next predicted rise can be found at the link below. The difficulty is set to rise more than 22% next time.
http://bitcoinwisdom.com/bitcoin/difficulty

It is very unlikely that at the current price of GHS that you will break even let alone make a profit.

The over inflated price is probably due to the generous referral system where if you refer someone you get 3% times the amount of GHS they buy. That combined with a lot of people wanting to get in on the mining business makes perfect conditions to exploit Beginners. Consider the advice you receive carefully.

If you have found this useful please consider donating 1Muj6adZViZ6nGWgT3bM3PUbGK3pK4Kx78

What about at current prices?  If CEX starts mining again, would the current price of GHS/BTC (.00077 as of now) be a good time to get in?

If not, then I couldn't wrap my head around how Cloud Hashing is selling contracts at such a high price.  Look...

https://cloudhashing.com/bitcoin-mining-contracts

[siameze]

What about at current prices?  If CEX starts mining again, would the current price of GHS/BTC (.00077 as of now) be a good time to get in?

If not, then I couldn't wrap my head around how Cloud Hashing is selling contracts at such a high price.  Look...

https://cloudhashing.com/bitcoin-mining-contracts

Yeh GH/s are cheap there, I bought a few yesterday since the price is approaching $300 again. I might sit on them and see what happens in the next few weeks with cex.

[+Bitcoin]

Any good places to sell GHS?

[siameze]

Any good places to sell GHS?

What are you selling for?

[+Bitcoin]

Any good places to sell GHS?

What are you selling for?

I don't care actually, but let's say BTC.
I am looking for platforms where you can sell GHS, outside of cex.io of course.

[batt01]

I lost interest in mining a year ago, and I totally forgot about my cex.io account. I have 41ghs there, and it appears there is not way to sell them. Some one please update me on recent cex history.

[avatar_kiyoshi]

Any good places to sell GHS?

You means trade ghs to btc? click on my signature!

I lost interest in mining a year ago, and I totally forgot about my cex.io account. I have 41ghs there, and it appears there is not way to sell them. Some one please update me on recent cex history.

You should go to try contact their support, because they stop their mining activity, but you can still trade ghs/btc there.

[examplens]

I lost interest in mining a year ago, and I totally forgot about my cex.io account. I have 41ghs there, and it appears there is not way to sell them. Some one please update me on recent cex history.

i had ~100 ghs on cex, I forgot about that. I accidentally go to cex (i think april 2015)and see that is stopped mining because god unprofitability. i sell it on cex without the problem and withdraw.

[Cherylstar86]

I lost interest in mining a year ago, and I totally forgot about my cex.io account. I have 41ghs there, and it appears there is not way to sell them. Some one please update me on recent cex history.

i had ~100 ghs on cex, I forgot about that. I accidentally go to cex (i think april 2015)and see that is stopped mining because god unprofitability. i sell it on cex without the problem and withdraw.

Well I see it depends on the market exchanger of that mined coins was still having bigger volume, that's why you could not be certain at all time it's actively trading with the site you usually do transactions. Anyways, mining ideas is not so bad at all but you must think how it really works well with the profit you wanted to, and losing money is not a new story; were always at risk when it comes to profit and for the great success to come you must be informative.