I'm sorry for being the one with the short and probably stupid question, but I get so confused seeing all this new terminology. It is possible to rent GH and direct it to another server or only on Cex.io BTC miners?
No problem. Everything you rent with cex.io you cannot redirect to a pool of your choice. Everything is fixed to go only into the ghash.io pool, the exchange interface of cex.io is directly connected with gash.io ...
Sorry, a couple of idiot newbie questions:
1. They claim in the FAQ that they don't buy or sell their own GHs, which is opposite of what I originally understood. So whose GHs are being traded? FalconFly has mentioned using his own GHs in their pool - is it just adding them to the pool or trading them as well?
2. Why the majority of transactions are so miniscule?
3. Why the prices in the orders are always in some weird fraction of a BTC, like 0.04002197 or something, not 0.04. How are those numbers generated?
4. How do I actually place an order - I thought I could click on a Sell order and buy it but it seems to bring up some random numbers into the Buy window. Should I manually type the long string of numbers into it? I've read
https://www.cex.io/guide?start but I'm still confused - it's hard to even copy the numbers because the orders are constantly shifting in the window.
Thanks in advance,
prolom.
1. Well, they keep their purchased hardware in their posession and operate it at their location. To my understanding the part not rented out into cloud mining is mining for their profit. I could not find a part in their FAQs that stated otherwise. Everything you rent is a fraction of their hardware cluster they have setup. What you can do, however, is use the pool ghash.io with your own Hardware pointed to the pool (I'm not sure if you can without being registered customer at cex.io, I would think not as all relevant trade/balance/payout settings for the pool are located in the cex.io exchange website)
2. If you mean the buy/sell orders tickering on the bottom of their page, most of these IMHO are bots trading on the exchange at high frequency. These are often "penny-pickers" who do lots of fully programmed-logic trades at very high speed and are happy with micro-profits they can accumulate.
3. As their prices are not manually set but automatic results of the buy/sell price structure (all manipulation suspicions set aside), they are fully dynamic and fluid across the whole range. Add to that the intensive bot-algos trading via the Website API, you get nothing but fractional numbers that only occasionally cling to psychologial marks=round numbers (the computer programs trading obviously have no issues with that). Since the trading fees are 0, even micro amounts of BTC/GHs etc. can be and are traded there.
4. Buying or selling there works two ways :
- Instant buy/sell : entering what amount you want will give you the exact (current, can change every second) amount you will receive after confirming your order @ current cex.io market prices
(obviously, if you want to sell back rented GHs, you have to own them first, every GHs traded there is only rented GHs from cex.io)
- Trade Order (default) : entering what amount you want to buy/sell at what exact price will create a trade order that will be filled (= completed) as soon as your target price is reached.
Example (perfect world) :
GHs price : 0.0418442BTC/GHs, price trend seems a bit downwards during the last hours
You rather want to buy @ 0.040BTC/GHs if possible (judging the downward price trend), not willing to pay the current price because you hope for a better deal possibly within a very short time
You enter your amount of GHs you want to buy and your target price and place the order
After confirmation, your order appears among the price sorted-buy orders as well as under "Active Orders"
With a bit of luck, after maybe 30 Minutes or an hour (with you being away doing other things) price on cex.io trading went below 0.04BTC/Ghs and your order got "filled" (= executed at your desired price).
Coming back to the screen after some time, you notice that your GHs increased by your desired amount and that you bought it for 0.04BTC/GHs
Should price have unexpectedly risen further, your buy order would just be sitting there. You could either wait longer, hoping it eventually reaches your target price or reconsider and cancel it at anytime.
