Mining with CEX.IO or why do I not believe skeptics

[bitpop]

Looks like the scam is collapsing

[Xian01]

So the reason why I left Cex, is because I don't trust them to add hashpower to the market efficiently in a way that has a minimal effect on the price.

 I just don't trust them. Period

 Was "fun" mining there for a while, but felt like I was mining for a crime syndicate or cartel for some-odd reason

 Not to mention I had genuine issues with not being able to properly sort workers alphabetically, hide old/retired workers, and set payout thresholds. Either way, back to supporting BTCG after ghash.io added that massive block of hash power recently.

 I guess now we know where all the Bitfury chips have been going for the last couple months

 *sigh*

[Francisdoge]

For the most I try, I don't understand how these businesses make money.

You've got the gold buried, and the shovel in your hands. So you rent the shovel ? Wtf ?

[coin123123]

For the most I try, I don't understand how these businesses make money.

You've got the gold buried, and the shovel in your hands. So you rent the shovel ? Wtf ?

You rent shovel for amount of gold it will never find

[TechByPC]

Thought some of you would like to gloat now that Ghash.IO/Cex.IO price is down

As of 201312302325 (Eastern US)

BTC Guild: 0.00251479
Eligius: 0.00245285
EclipseMC: 0.00235689
Ghash.IO: 0.00166406(0.04497477 GHS * 0.037)

[bitpop]

Scum bags are burning in Hell, sadly they took all your money

[kickbit]

So, prices are really gone down.

And I'm not sure I'll break even this time
But there are some good news for those who didn't bought GHashes. They became really cheap.

You can check here: http://mining-profit.com/

Metric: "Simple mining ROI: -38%"
It was about -60%

With current prices GHashes are much more profitable.

[DrG]

So, prices are really gone down.

And I'm not sure I'll break even this time
But there are some good news for those who didn't bought GHashes. They became really cheap.

You can check here: http://mining-profit.com/

Metric: "Simple mining ROI: -38%"
It was about -60%

With current prices GHashes are much more profitable.

So going from losing 60% of your investment to only 38% is considered profitable 

It's less of a loss.

Sheesh, if you guys love trading so much just buy the BTC outright and trade it on BTCe - the chance for success is much higher there since at least you're not starting with a -40% handicap.

[kickbit]

So going from losing 60% of your investment to only 38% is considered profitable 

It's less of a loss.

Sheesh, if you guys love trading so much just buy the BTC outright and trade it on BTCe - the chance for success is much higher there since at least you're not starting with a -40% handicap.

Yep, you're right

But it's a way to multiply bitcoins.
Considering that you sell GHashes -38% ROI is not so bad.

[TechByPC]

Just thought I'd update this again.

As of 201401080920 (Eastern US)

    BTC Guild: 0.00361892
    Eligius: 0.00343944
    EclipseMC: 0.00305889
    Ghash.IO: 0.00299150 (0.07122612 GHS * 0.042)

Each pool had a single USB Block Erupter pointed at it starting December 14. At the time GHS was around 0.0735. I find it interesting that even with the loss in vale of GHS that it is still holding its own against EclipseMC.

[kickbit]

Just thought I'd update this again.

As of 201401080920 (Eastern US)

    BTC Guild: 0.00361892
    Eligius: 0.00343944
    EclipseMC: 0.00305889
    Ghash.IO: 0.00299150 (0.07122612 GHS * 0.042)

Each pool had a single USB Block Erupter pointed at it starting December 14. At the time GHS was around 0.0735. I find it interesting that even with the loss in vale of GHS that it is still holding its own against EclipseMC.

Ehm.. Could you explain more detailed?
I didn't get it.

[MWNinja]

We're offering hosted GH/s at roughly half the price of Cex.io in our group buy.  There are much cheaper options now for obtaining hosted hashing, what Cex.io offers is liquidity so you can quickly dump your GH/s, but is really worth so much of a premium?

[TechByPC]

Ehm.. Could you explain more detailed?
I didn't get it.

Four different miners running, each with a single USB Block Erupter, pointed at 4 different pools to compare the real-world profitability of the pools. The start of the experiment is here http://techbypc.com/2013/12/14/experiment-bitcoin-mining-part-6-beginning-experiment/

[crocko]

So basically if you buy lets say 10 GH from their website you are renting their mining equipment and you are getting same amount of BTC like you would if you bought 10 GH asic and mine for yourself minus fees?? So if you manage to sell your GHS at the same price you bought you have rented those hashes for free. In real life you would not be able to sell your $10K USD asic right away for $10K USD

What 10 GH/s ASIC miner worth $10.000 ??

[crocko]

Which mine is this?  The one offering 1GH per share at 60% of CEX.io?

the 100TH mine (now around 520TH) offers 1GH per share at about 60% the price of CEX.io, can be sold at any time (smaller orderbook though), and equipment is constantly being added.

The bitfury mine. It's over 500TH right now.

Buy shares here for 0.0395 BTC per GH: https://picostocks.com/stocks/view/19

This is the forum post of the mine: https://bitcointalk.org/index.php?topic=140366.0

Seems your Pico-wonder-mine is down... any alternative to obtain cheap GH/s ?

[Morblias]

Seems your Pico-wonder-mine is down... any alternative to obtain cheap GH/s ?

It should be back up now. Was down for the last 4 or 5 days.

PicoStocks will be down till Tuesday. During construction work at the institution where we keep the servers the optical fiber was cut. The construction company has a habit to work on Friday more intensively and of course cause more damage before weekend. Monday is a holiday in Poland and nobody will do anything about this.
The server location is not at a level that would be required for a serious operation. We will try to change this and relocate the servers in the next 2 weeks.

[Dafar]

Tagged for later

Thinking of cloud mining w/ CEX.IO

[FandangledGizmo]

Only if difficulty keeps climbing at this pace, right? That`s something I don`t quite get in general...it`s a pity that simply buying bitcoins is so much more profitable than investing in the infrastructure. I also like having a (small) btc cashflow and supporting the network, it really sucks that you loose big time if you do that instead of simply hoarding the coins.

Supporting the network? You are doing the exact opposite of supporting Bitcoin.

If you look in the mirror each morning and say -

'Everyday I am doing my best to destroy Bitcoin! Everyday I am giving resources to a mining pool that controls more than 10% of the network! One day soon I will be able to look my daughter, my mother and my wife in the eye and tell them that I am personally responsible for them being prostitutes and slaves. Yes, I personally gave money to help buy the equipment the government and central banks used to gain control of the Bitcoin network, crash the price and destroy trust in Bitcoin. I could have just bought Bitcoin or used P2Pool but instead I wanted to be the devil and destroy mankind."

As long as you look at yourself in the mirror each morning and say that, then good luck to you. 

[Macno]

Calm down. I withdrew everything from Cex and I`m sorry they have my 3 GHash now. I thought I was doing something good with cloudmining and the whole 51% thing was not even an issue then. As soon as the 51% thing came up on reddit, I withdrew everything and did not think about them keeping the hardware, sorry.

PS: I have bought BTC and quite a few, thanks. I actually GAVE AWAY more than many people here have (more than 30), just to promote the cause. And I don`t have any equipment to P2PPool-mine. I just felt it is wrong to do better just buying and holding BTC and let the others mine/support the network, that`s why I wanted to cloud-mine, even if the risk of loss sounded pretty big.

[Scriptiee]

so now that is it only 36% we can safely jump back in on the cloud mining bandwagon?