All About BTC, LTC, ETH mining as well as other alternative crypto currencies
CEX.IO has just announced that they are temporarily suspending their Bitcoin cloud mining services at the time of the next difficulty increase. We can’t say we are surprised by that news coming from CEX.IO as the company already had quite high maintenance fees, apparently due to the use of older mining hardware that is not so power efficient anymore. We just did not expect to see one of the largest cloud mining service provider to temporary stop their cloud services due to mining not being profitable anymore, so the platform will continue to operate as a crypto currency exchange. Below is a quote of the official information that they have published on their blog:
Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.
“Mining with using User’s Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient.”
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.
“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.”
Meanwhile, CEX.IO will continue operating as full service exchange platform for trading cryptocurrencies and fiat money.
The cloud mining services CEX.IO has added a new trading pair in their exchange, so now you can sell your IXC for BTC directly without having to move them to another exchange. The iXcoin is merge mined with Bitcoin, so you actually get it as a bonus that adds something extra to your Bitcoin profit when mining BTC either with cloud hashrate that you have purchased or by mining at the Ghash.io mining pool with your own mining hardware. The exchange already had Namecoin (NMC) trading and so now the only thing left from the merge mined coins with Bitcoin that needs to be added is the DEVcoin trading. The service has already hinted us that they plan to add USD support to their exchange option that would also allow customers of the service to buy cloud mining hashrate with cash and not only with coins. And with more and more Scrypt ASIC miners starting to hit the market it might not be too long before they also start adding Litecoin cloud mining as an option along the already offered Bitcoin cloud mining option. There are still no dates announced when these features will be made available however.
The cloud mining service CexIO has introduced new interesting feature on their mining pool GHash.io, namely multipool mining with automatic switching to mine the most profitable crypto coin. The Multi Pool Pro as the service calls its new feature uses the integration with the other services and features such as Bitcoin cloud mining and trading and all goes under a single account. This new feature will be drawing some users for sure as the policy of 0% mining fee for the pool is something that is attractive for many miners. Since the service is still very new the hasrate at the Multipool is not that high, though it is already past 1.5 GHS and continues to grow.
The list of currently supported crypto currencies for the multipool feature include: LTC, MEC, DGB, AUR, WDC, FTC, SXC, DOGE, 42 and CAT. And since the CexIO account balance is being used not all of these coins are supported and you need to use the auto conversion features that allows you to get the mined coins automatically converted to either BTC or LTC. There is also an option to not autoconvert LTC, DOGE, FTC and AUR as you have wallets available for these cryptos inside the service already available.