CEX.IO How many ghs to mine 1 btc in 1 week?

[miningair]

A few weeks ago, it was figured that on cex, it would take a person 250 ghs to mine 1 btc in 1 week. Now i'm curious, with the most recent difficulty change, what is that number now?

Same time frame of 1 week, but how many ghs has it increased to?

[jongameson]

You're gonna want about 336 GH/s (unless difficulty increases sometime this week!).  Hope this helps.

[miningair]

A general idea, thanks.

[oursi]

you can find a good tool here :

https://cex.io/calc

[jmiles337]

shuld i buy some gh/s from cex.io? ive been thinking about it recently

[BitCoiner2012]

Perhaps I never properly understood this site, but isn't it a losing long term game to purchase these shares? Or is the concept to purchase some shares, "mine" some coin, then release those shares and hope the mining profit is above that of the devaluation of the shares over the same period of time? Perhaps if difficulty were to experience a decline, but otherwise, is not the trend downward?

[prolom]

I only recently started researching it and from what I gather from the posts on this forum and the cex.io chat is that it is regarded as a daytrading platform rather than a mining platform. So people (and bots) try to buy lower and sell higher. Overall trend is obviously down because they trade in GHs and a GH produces less and less coin as the difficulty increases, so the price falls. The common wisdom over there is that people who keep their GHs for a long term lose money. It looks like the majority of users lose money. It's a weird kind of market because they are trading in hash power of one company and it's partners and there seems to be no way to short sell GHs, plus the price is guaranteed to fall.

However the GH prices over there (at least when the "market" seems to drop) are better than most mining contracts you can find. And most mining contracts are sold by companies that seem to be extremely shady.

For instance on Dec 30th prices dropped to BTC0.035 per GH (~$27) while http://bit-mining.co (that's one company that seems to have at least some references, probably operated by a Canadian college student) sold a yearly contract for BTC0.05 (~$39) and cloudhashing.com (which was recently profiled in NYT) for $1000 for 10 GH yearly, ~BTC0.13 per GH. One mining contract vendor (that happens to be a hardware vendor as well - butterflylabs.com) is preselling $11 (~BTC0.014) per GH contracts but they don't know when those are going to actually start working. March-April if you are optimistic, by which time cex.io rates are very likely to reach that level. At cex.io you can at least sell the GH on an upswing, not be stuck with them for a year as they become worthless. And they are actually fully operational as we speak.

I wish there was a mining contract vendor that sold contracts priced based on the difficulty or something similar to that to take depreciation into account.

So... What's a guy without enough funds to buy a rack of asics to do? Maybe mine Litecoin...

prolom.

[jongameson]

shuld i buy some gh/s from cex.io? ive been thinking about it recently

yes.  it's a waste of money
but it's better than putting your money in litecoin or feathercoin 

[prolom]

Litecoin mining is still profitable on home rigs (try to buy a Radeon R9 280x anywhere) and it's exchange rate against Bitcoin has been stable for a while.

prolom

[BitCoiner2012]

Appreciate the thoughts, prolom.

[carolynwneal25]

thanks for info..i rather use litecoin or feathercoin

[Billyboy402]

You're gonna want about 336 GH/s (unless difficulty increases sometime this week!).  Hope this helps.

336 Gh  at 0.04 bitcoin ( today price) = 13.5 bitcoin  so pretty much  you will make 1 bitcoin every week and should break even in 13 week ) maybe 20 week after the difficulty increase

how is this not a good investment ?? at long the price of bitcoin is $500 now and $500 in 20 week time ?  in 20 week you should still have earnt 13 bitcoin even if the cex.io price is 0.00001 per ghash your still going to break even in 6 months

am i misssing some thing

[fiatsux]

shuld i buy some gh/s from cex.io? ive been thinking about it recently

ive been using it for a few days and i like it, no fee trades. Im getting small payouts several times a day. Its great. I also put some money into cloudhashing and im not impressed so far. use my referral link if you can www.earnbitcoins.ca 

[odolvlobo]

You're gonna want about 336 GH/s (unless difficulty increases sometime this week!).  Hope this helps.

336 Gh  at 0.04 bitcoin ( today price) = 13.5 bitcoin  so pretty much  you will make 1 bitcoin every week and should break even in 13 week ) maybe 20 week after the difficulty increase
how is this not a good investment ?? at long the price of bitcoin is $500 now and $500 in 20 week time ?  in 20 week you should still have earnt 13 bitcoin even if the cex.io price is 0.00001 per ghash your still going to break even in 6 months
am i misssing some thing

You are being careless with the numbers. Let's assume that the difficulty continues to increase as it has by 20%. Here is are your results from mining with 336 GHS:

Period	Revenue (BTC)	Total Time	Total Revenue (BTC)
1	1.67	2 weeks	1.67
2	1.38	4 weeks	3.05
3	1.16	6 weeks	4.21
4	0.96	8 weeks	5.17
5	0.80	10 weeks	5.97
6	0.67	12 weeks	6.64
7	0.56	14 weeks	7.20
8	0.47	16 weeks	7.67
9	0.39	18 weeks	8.06
10	0.32	20 weeks	8.38

Things to note:
- You do not break even after 13 weeks, or after 20 weeks. In fact, you never break even.
- After 24 weeks, your revenue is only 1/10th of what it was when you started.
- 20% per difficulty period is probably too generous. You can expect periods of 30% - 40% over the next few months.
- The time is not actually correct since the difficulty actually changes every 12 days in this case, not every 14 days.

[SaltySpitoon]

Just my two cents here, if you actually buy mining hardware, you can get around 1 GHash for 0.02 BTC or under fairly easily. Cex.io is more than double that currently, however, you are able to trade those Ghash instantly without shipping costs or having to find a buyer.

I used to think that their rates were ludacris, even including hosting, however it doesn't seem to be such a bad idea anymore. They should be able to pay off around 1/2+ of their cost per shares, and then assuming you can sell the shares for more than 1/2 of what you paid, you are golden.

[prolom]

- You do not break even after 13 weeks, or after 20 weeks. In fact, you never break even.

You would probably break even and make a profit in terms of dollars or other government currency. As far as bitcoins it is questionable - depends on the hardware hitting the market.

[odolvlobo]

- You do not break even after 13 weeks, or after 20 weeks. In fact, you never break even.

You would probably break even in terms of dollars or other government currency. As far as bitcoins it is questionable - depends on the hardware hitting the market.

Then you should just buy the BTC directly instead of losing a portion of it to mining.

[kelvinwong208]

how to use it ?

[prolom]

Then you should just buy the BTC directly instead of losing a portion of it to mining.

A lot of people who believe in bitcoin potential advise exactly that.

It does feel like mining itself is less speculative than hoarding and has some positive value to it.

prolom.

[prolom]

how to use it ?

https://www.cex.io/guide?start - you'll need to have some bitcoins or litecoins or something along that line to get started.