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Some Thoughts About CEX.io Bitcoin Cloud Mining and Exchange Service
14 Feb2014
We’ve been using the CEX.io services for a while already and have decided to share some of our experience and tips and tricks in order to help you get the best out of the service if you are using it or plan to use it at some point. The idea behind CEX is that you can purchase BTC ASIC hashrate in the cloud, so that the purchased GHS will start mining Bitcoins immediately for you. CEX.io also has an exchange where you actually buy and sell hashrate – GHS for BTC or NMC, and also can trade LTC/BTC and NMC/BTC. The service also includes the Ghash.io BTC mining pool where your cloud hashrate is mining for you, and if yuo have physical Bitcoin miners you can also point them to that pool to mine coins for you – the pool fee is 0% and currently this is the largest of the BTC mining pools.
The fact that you don’t actually buy GHS at a fixed price, but instead you can purchase hashrate at the current market price is both a good and a bad thing. Due to the fact that there is an exchange available you need to trade BTC or NMC for GHS in order to get some hasrate to mine for you, so you can expect the price you will have to pay for 1 GHS to be 2-3 times higher than what you would pay for a physical Bitcoin ASIC. The good thing with cloud mining at CEX.io is that you can easily and quickly sell your hashrate at the exchange at any time. The bad thing is that there is a very high chance that in a few days or weeks of time the exchange rate per GHS will most likely be lower than the rate at you purchased. This is happening because of the constantly increasing difficulty of the Bitcoin network, and as a result the rate at which your cloud hashrate is mining coins for you will also drop in time. This makes it not worthwhile to invest in GHS on the long run expecting that you will end up with profit from what you have mined with the purchased hasrate after you sell the gigahashes you purchased on the exchange in a while.
What you should consider to do if you plan on using CEX.io effectively is to trade GHS on the exchange (there is a 0% fee for trades on that exchange) and while you are trading them the purchased hasrate will generate you some extra profit as it will mine for Bitcoins. This is simply the best and most profitable option that will give you the chance to make some extra profit, though it will require you to have some trading knowledge and experience in order to do the right decisions on the exchange. It is not a wise idea to look for automated trading solution to help you in trading such as the Cryptotrader platform that we’ve reviewed recently unless you really know what you are going to do with it. On the other hand the use of some sort of market indicators such as EMA can help you in making the right decisions at the right time. You can find a good source for technical analysis of the GHS market at Bitcoinwisdom, but be careful with these indicators as well as they can only help you identify the market trends and not guarantee you anything.
– For more information about the CEX.io Bitcoin cloud mining and exchange…
- Publihsed in: Cloud Mining|Tests and Reviews
- Related tags: Bitcoin cloud miners, bitcoin cloud mining, Bitcoin cloud services, Bitcoin commodity exchange, Bitcoin GHS trading, Bitcoinwisdom, BTC cloud miner, BTC cloud mining, BTC cloud services, cex cloud mining, cex io cloud mining, cex io profitability, cex io review, cex io test, cex mining, cex trading, cex.io, CEXIO, ghash.io, GHS trading
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3 Responses to Some Thoughts About CEX.io Bitcoin Cloud Mining and Exchange Service
Charlie
February 24th, 2014 at 05:12
You Are Awesome! Thanks, America owes you a beer. Each.
Charles Hall
September 2nd, 2015 at 19:12
Do not trust this company. Like most companies today, they will require very little to no verification of who you are as long as you are sending them money, BTC, or other valuable things. The minute you attempt to withdraw though, be prepared to provide proof of everything about you that could easily lead to identity theft, as well as be prepared to be routinely denied for the withdrawal at least 4 times over a 2 week period. That’s business in today’s world marketplace it appears, and for CEX.IO, business is running smoothly (yes, that is meant as /sarc).
I would be happy to tell you how long it takes to get your money, but I’m still in the process of being denied because I sent documents too quickly, too clearly, and with my personal banking transactions and balance blacked out from my bank statement. I guess only honest companies know they have no right to that information. Be warned. This company is going out of it’s way to hassle and avoid paying. If they were truly honest, they would have a number to call or online support to address issues. As with most who aren’t honest, all they offer is email address and an automatic reply ‘it will take 48 hours to address your concerns’. Of course you know that’s a lie too.
Mitch
July 4th, 2016 at 05:54
Absolutely horrible. The fees they charge end up costing you more than you will mine, you can not retrieve your money like they claim you can. They want way too much personal information which I will assume is because they plan to steal my identity I will wait for that fun I am sure. Just stay away from them. Absolutely horrible place to deal with. You can spend 10 min on Google and find 1000 better places to trust.