All About BTC, LTC, ETH mining as well as other alternative crypto currencies
We have already stopped using the Ghash.io Litecoin Mining Pool after the initial problems and changes of rules to the one week double mining awards for LTC promotion that CEX.io was running. We did recommend to our readers to do the same as we were really disappointed by how things were handled and the problems that were appearing. It seems however that what we have experienced as issues in the first day wasn’t the only problem, we got reports from readers that apparently still remained mining at the pool after that for more issues. Below is a quote from one such reader:
I would like to inform you of cex.io’s poor behavior. Notwithstanding your warnings about the LTC Promo, I was using their LTC pool for the last 2 days.
Here is the current state of things:
* They allowed a multipool to participate in the 2x promo(easily pushing the hash rate over the 2x limit of 25Gh/s)
* Agreed to pay for server error that kept our machines hashing without getting paid for 10 blocks. Then said “the support member was wrong ” when he said we “would get paid, so keep your machines running on the pool”.
* Randomly hashing blocks(3) without receiving payment(blocks not orphaned)
* Currently(as of this writing) having LTC withdraw issues. Users are reporting a “insufficient funds” error, despite having 5+ LTC.
All of these issues are experienced by many users. This is a very bad start to a site that looks so promising. In any event, I simply wanted to pass on this information in an attempt to prevent others from possibly getting Goxed.
There are a little over 3 days that remain until the end of the Doubled rewards for LiteCoin mining at the Ghash.io mining pool and we are again going to recommend you to stay away from the pool. Currently the multiplier is x1.25 and will hardly go back to x2 as the hashrate of the pool needs to drop in half. And if you experience a few more issues in the remaining time you could easily end up with the same or even lower than x1 the expected earnings from directly mining LTC in another pool.
It seems that CEX.io did not expect so overwhelming users interest in their dual mining rewards for Litecoin mining in their new pool. The pool has almost reached 40 GHS of Litecoing mining hashrate in less than 24 hours since the announcement of the promotion for the double payout per LTC block. And in order to prevent getting 51% of the Litecoin network, now the reward multiplier will be adjusted according to the pool speed. For a total hashrate of the pool below 40 GHS the 2x multiplier will remain active, between 40 and 60 GHS the multiplier will be just 1.25x and for over 60 GHS it will will go down back to x1. And since the Litecoin pool hahrate has already gone very close to 40 GHS it is possible that soon the profitability of mining LTC at the CEX.io Litecoin mining pool might not be as good as if mining in alternative pools with automatic switching for the most profitable altcoin. So keep an eye on the pool hashrate if you have moved your Scrypt miners to the Ghash.io pool already to mine Litecoin and if the hashrate of the pool continues to rise so rapidly be ready to move back to other pools…
Update: It seems that CEX.io now wants to drive away all of the users they brought back to their pool. The 2x bonus awards that was initially without a limit and then was available with the total pool speed of up to 40 GHS has now been reduced for a pool speed of 25 GHS. We no longer recommend to stay at their Litecoin mining pool, get your miners away from there as they are really not handling the situation well… move them now and withdraw your mined LTC earnings. We don’t want to have to check every few minutes if they have changed their mind yet again and as a result to have mined less LTC that we could’ve if we used another pool with no rules that change all the time and probably neither do most of you!
It seems to be official now after digging a bit around the CexIO website we found some information that “LTC Cloud mining is coming soon” and adding the Litecoin mining pool at Ghash.io is apparently only the first step. The currently running promotion for doubled rewards for Litecoin mining for a week in the new LTC pool is apparently a good trick to attract a lot of user attention and after this week ends the service will most likely start offering LTC cloud mining and trading to go along with the already available BTC cloud mining and trading functionality. And apparently things are already working pretty well with the current pool speed of the Litecoin mining pool at 5.76 GHS and growing as more and more people are joining in. The 100% extra profitability promised over the standard LTC mined is an offer that is not easy to pass at the moment with the not so high profitability of other alternative cryptos, so the news is spreading pretty fast.
The CexIO account Balance page already shows some new things such as the FHM and FHA balance that apparently stands for future mining contracts. 1 FHA and 1 FHM stands for futures contract for 1 GHS that will start mining for you on 26th of April and May respectively with both already traded on the website’s exchange. The purchase of future hashrate at a much lower price of 0.00399999 BTC per FHA or 0.00399999 BTC per FHM. The total FHA (April) is 1000000 GHS (1000 THS) and the total FHM (May) on the exchange is 900000 meaning that apparently there are 900000 GHS (900 THS) more that will be added at CexIO and you can pre-order now. It is very much like pre-ordering a BTC ASIC, but with an exact date for delivery and easier to calculate the break even in time. This however does not mean that these future cloud mining hashrate contracts will be profitable as there are many variables to take into account as well as with pre-orders for ASIC hardware.