CEX.IO Suspends Cloud Mining.............

[SimplisticStu]

Here's the news from CEX.IO blog:

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

They are blaming the BTC price drop & difficulty increase

"as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed". - No date given, do not hold your breath.

Is this bad news for the BTC community?

[Madness]

Here's the news from CEX.IO blog:

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

They are blaming the BTC price drop & difficulty increase

"as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed". - No date given, do not hold your breath.

This is bad news for the BTC community.

And what happened to the people who bought the Cloud mining service and their contract is still ON . they will get refunded or something? I personally was never a fan of Cloud mining anyway , you lose more money then you earn (unless you use it for long term of course) 

[BCwinning]

I think it's troubling they couldn't be bothered with upgrading their hardware as time went along.
At one time they gave an option to buy their mining hardware but I don't see that now. Their hardware was old a year ago and I didn't see any newer efficient hardware being installed.
They honestly didn't get a ROI and than some on their cloud operation?

[SimplisticStu]

Here's the news from CEX.IO blog:

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

They are blaming the BTC price drop & difficulty increase

"as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed". - No date given, do not hold your breath.

This is bad news for the BTC community.

And what happened to the people who bought the Cloud mining service and their contract is still ON . they will get refunded or something? I personally was never a fan of Cloud mining anyway , you lose more money then you earn (unless you use it for long term of course) 

I got out of it as soon as balance started to show negative earnings which it has been doing for some time now.

[newIndia]

Here's the news from CEX.IO blog:

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

They are blaming the BTC price drop & difficulty increase

"as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed". - No date given, do not hold your breath.

This is bad news for the BTC community.

And what happened to the people who bought the Cloud mining service and their contract is still ON . they will get refunded or something? I personally was never a fan of Cloud mining anyway , you lose more money then you earn (unless you use it for long term of course)  

I asked exactly this to them. Following is their response...

Thereby, all GHS formerly purchased by CEX.IO users remain their absolute property, with appropriate figures reflected in users' profile balance. Additionally users will be able to manually enable mining with Gigahashes by their own choice.

“..as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed.”

Meanwhile, CEX.IO will continue operating as full service exchange platform for trading cryptocurrencies and fiat money.

So, what would happen to those who bought lifetime contract from CEX ?

Your account remains on the website, and your balance does not change. If you had GHs, you will still have them, but you will not mine with them. You can, however, resume mining manually if you choose. In any case, you can trade GHs for BTC or any other currency of your choice. CEX.IO is still a fully functioning exchange.

[SimplisticStu]

Here's the news from CEX.IO blog:

http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

They are blaming the BTC price drop & difficulty increase

"as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed". - No date given, do not hold your breath.

This is bad news for the BTC community.

And what happened to the people who bought the Cloud mining service and their contract is still ON . they will get refunded or something? I personally was never a fan of Cloud mining anyway , you lose more money then you earn (unless you use it for long term of course)  

I asked exactly this to them. Following is their response...

Thereby, all GHS formerly purchased by CEX.IO users remain their absolute property, with appropriate figures reflected in users' profile balance. Additionally users will be able to manually enable mining with Gigahashes by their own choice.

“..as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed.”

Meanwhile, CEX.IO will continue operating as full service exchange platform for trading cryptocurrencies and fiat money.

So, what would happen to those who bought lifetime contract from CEX ?

Your account remains on the website, and your balance does not change. If you had GHs, you will still have them, but you will not mine with them. You can, however, resume mining manually if you choose. In any case, you can trade GHs for BTC or any other currency of your choice. CEX.IO is still a fully functioning exchange.

Well at least they have left the exit door open to sell off gh/s, I think a lot will be taking this option which will allow them to re-fresh their hardware which they should have done some time ago t keep the cloud mining going

[inBitweTrust]

Its a sign that they may have been fractional reserve mining because BTC hasn't dropped that low where it is unprofitable to pay for electricity. Rather than popping like other cloud mining services they simply suspend payouts due to increased maintenance costs.

[sorryforthat]

They have plenty of resources to set up the speeds to other coins. Allowing us to put what we bought into other means of making money. Im not sure why this isnt something that can be done. There are tons of SHA256 coins out there for us to get at.

[SimplisticStu]

They have also stated that gh/s remain the property of the customer and that they are free to either hold on to them, sell them or manually mine with them so at least options are there rather than closing all the doors

[Lethn]

If it's so much trouble to keep things going then why are there other cloud mining companies that are doing just fine? Doesn't add up, but oh well, I didn't like cex.io much either, seems to me a case of poor management of their funds if they're truly having difficulties.

[SimplisticStu]

If it's so much trouble to keep things going then why are there other cloud mining companies that are doing just fine? Doesn't add up, but oh well, I didn't like cex.io much either, seems to me a case of poor management of their funds if they're truly having difficulties.

I wouldn't speak too soon on that one, maybe cex.io is starting the trend for the BIG cloud mining companies

[Lethn]

If it's so much trouble to keep things going then why are there other cloud mining companies that are doing just fine? Doesn't add up, but oh well, I didn't like cex.io much either, seems to me a case of poor management of their funds if they're truly having difficulties.

I wouldn't speak too soon on that one, maybe cex.io is starting the trend for the BIG cloud mining companies

I fucking hope not :S that said, it seems very easy nowadays to spot the ones that are going to fail, just because of how frequently they 'run into' problems.

[SimplisticStu]

Where will the BTC go when ghash.io finds a block? (in cex.io pocket)?

[Meuh6879]

This is bad news for the BTC community.

no ... because you don't mine BTC in cloud ... 

[inBitweTrust]

Do people even get 100% virgin coins from CEX.IO cloud mining? If not, than it is a likely fractional reserve cloud mining ponzi.

Are there any cloud mining companies that payout in 100% virgin coins?

[SirChiko]

This is bad news for the BTC community.

LOL. No.

Actually it's good news lmao.

[SimplisticStu]

This is bad news for the BTC community.

LOL. No.

Actually it's good news lmao.

instead of the LOL's how about you state the good news that so obviously awaits us 

[newIndia]

This is bad news for the BTC community.

LOL. No.

Actually it's good news lmao.

instead of the LOL's how about you state the good news that so obviously awaits us 

Cloud mining is shit. It's borderline scam. People who do it are stupid. If the service isn't available anymore, stupid people won't lose money. I suppose you could argue that is good news.

I'm amazed by your reasoning power.

[sifter]

This is bad news for the BTC community.

LOL. No.

Actually it's good news lmao.

instead of the LOL's how about you state the good news that so obviously awaits us 

Cloud mining is shit. It's borderline scam. People who do it are stupid. If the service isn't available anymore, stupid people won't lose money. I suppose you could argue that is good news.

Well it's going to be shit news for you if you bought hashes to trade with instead of mine with.

Nobody will be buying.

[RocketSingh]

This is bad news for the BTC community.

LOL. No.

Actually it's good news lmao.

instead of the LOL's how about you state the good news that so obviously awaits us 

Cloud mining is shit. It's borderline scam. People who do it are stupid. If the service isn't available anymore, stupid people won't lose money. I suppose you could argue that is good news.

Well it's going to be shit news for you if you bought hashes to trade with instead of mine with.

Nobody will be buying.

This is indeed taking down the GigaHash price in Cex platform. Right now 1 Ghs costs 0.00076183 BTC on Cex (ref: https://cex.io/#GHS-BTC), which is the cheapest in the industry. They might even buy back at a lower price.