CEX.IO Temporarily Suspends Cloud Mining Services

[laxsmarts]

just thought every one would like to know that cex has stopped their cloud mining for now

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

 

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[coinits]

woah

difficulty should start to drop

[laxsmarts]

yeah that's what i was thinking also. other people are saying their using this time to replace their hardware. but i think they are just getting out of the game. they would have lowered their fee's if they wanted to stay in. and slowly replaced their hardware over the past couple months

[laxsmarts]

I guess there will also be a manual on/off switch you can use but something weird and crafty is going on over there

this is from one of the support team members
Theron S. :"The ON/OFF Function is yet to be implemented, but is currently in testing at this time. More details will be provided upon its release"


for more info
https://support.cex.io/hc/en-us/articles/204116146

[Amevalentine]

since during inflation time, many thing could be happen 

[Meanotor]

The self destructive circle has happened: mine more, increase the difficulty, reduce return, reduce profitability, repeat until profitability is negative.

What else did you expect cex.io to do? Good decision from them. The last thing you want is them forcing people to lose money.

Awaiting the ON/OFF switch. I would fund my account with fiat just to keep mining, like you said the difficulty drop would mean better returns.

 

[Tongkar]

wow

cex.io collapse ?

[xstr8guy]

There's already a thread in this forum about this topic.

[laxsmarts]

wow

cex.io collapse ?

i wouldn't say collapse. i mean you can still trade coins there. and ghash still lets you use their pool at 0% fee, but the ghs are now shut down. at lease till they get their on/off switch going.

also on dec 29 there was a  "mix up" with their fee scheduled so every one was charged way higher fee's. also cex's miners are still running. just not for the people that invested and bought GHS. CEX decided to use them for them self i guess. but they really only have about 10phs. the rest are other miners from around the world.

cex is now asking for other mining farms to step up and integrate their farm into cex. which tells me cex has not invested in their own hardware

 Jeffrey Smith, Chief Information Officer of CEX.IO: “Currently all cloud mining/maintenance costs are directed to the Hardware provider, hence, we are open for negotiations with additional mining hardware providers, who can offer favourable terms.

[laxsmarts]

acually look at what they write

“Suspension of CEX.IO cloud mining service is only a forced temporary measure, the result of cloud mining costs exceeding mining profit,” Jeffrey Smith, Chief Information Officer of CEX.IO. “Currently all cloud mining/maintenance costs are directed to the Hardware provider, hence, we are open for negotiations with additional mining hardware providers, who can offer favourable terms. And, 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.”

take real close look at this part:
 "we are open for negotiations with additional mining hardware providers, who can offer favourable terms. And, 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.”

they knew this was coming months ago. all the sudden Jeffrey Smith say "NOW" were going to try to deal with it. he should have worked on this months ago.

jeffy? your telling us you did'ent try to talk to your power company months, or years ago about this? you haven't tried to get new hardware? what have you been doing this pass year? just hanging out at conventions and smooching with rich people you are trying to con? or coning with? this statement that you made makes no sense. and its just giving people that dont know any better false hope.

its not the price of BTC its the fact that they manipulate the market and use 1st gen asic miners

[takagari]

How many Thash did this drop offline?

I ean power is so cheap here, my 1.4TH at 1300watts pays its power offer in 6 days. even in todays market. lol

[laxsmarts]

none the miners are still running. just not for the users of Cex cloud. Jeffery Smith CEO of Cex just took the miners back and gave the users the middle finger.

WORDS TO LIVE BY: When you think you might be getting con'ed look close into what they say. "there is an on and off switch" which means they are still running. you just don't have access to that switch.

proof: look at this all the hardware is still running cex.io/redeem

[cyberpinoy]

CEX.io/Ghash.io is the scammest scam of all scams, they "suspend their cloud mining services", why? becasue they are scammers. Do any of you know who is number 61 on the richest bitcoin list?

anyone??


anyone at all??

Thats right Folks

GHASH.IO holding 11,653.79099033 BTC

http://bitcoinrichlist.com/top100

They bare holding and have profitted over 2 million dollars in BTC from honest people trying to mine with them, I wonder how many percent of those 11K coins is from their outrageous fees for the cloud they now have discontinued?

and thats not the best part heres the real icing on the cake

Summary
Address   1CjPR7Z5ZSyWk6WtXvSFgkptmpoi4UM9BC
Hash 160   80ad90d403581fa3bf46086a91b2d9d4125db6c1

Total Received   540,865.34067645 BTC   

Final Balance   11,854.44004641 BTC

And they all thought Ghash.io and Cex.io were legit companies that didnt scam or steal from people. DEMAND they put thier cloud mining back up I think 11,854 BTC and then some is well more than enough profit for these assholes to make off its members. How many of thier members are 11K coins richer for mining and buying cloud with them??


   

[clownius]

If they switch the miners back. The cloud miners will lose money every day after fees.  Most people probably dont want to see their balance keep going negative more each day.

No point turning them back on unless they lower fees, difficulty drops enough or bitcoins value rises enough to make them profitable again.