CEX.IO Temporarily Suspends Cloud Mining Services

12 Jan
2015

cex-io-homepage

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.

According to the 11.5. paragraph of CEX.IO Terms of Use:
“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.

AMHash Withdraws from Hashie Transfers Now Available

11 Jan
2015

amhash-withdraws-now-available

AMHash has added the ability to withdraw the dividends that you get for cloud mining hashrate that you have purchased from the service or have moved hashrate purchased at Hashie. The withdraw functionality is apparently confirmed manually before the request gets approved and currently there is up to 48 “working hours” time for approval or with other words it can take quite some time. The minimum you need to have in your balance to request a withdraw to your wallet address is 0.005 BTC and there is nothing mentioned about a fee. We have verified that currently smaller withdraw requests seem to be sent without a fee – the 0.0439 BTC that we have accumulated for the time that our hashrate has been moved to AMHash. With this the AMHash service now can pretty much sell their cloud mining hashrate directly and users will be able to use the service’s web-based control panel and not have to rely on other companies to provide such functionality such as the failed Hashie. However there is not information on new cloud mining hashrate being available from the service soon for purchase and with the current market situation and low Bitcoin price it may take some time before the investment in new mining hardware becomes viable.

BitBean (BITB) SHA256-based alternative cryptocoin

11 Jan
2015

bitbean-logo

Bitbeans (BITB) is a new crypto currency designed for scale-ability, speed and lightening fast transactions! It features an innovative Proof of Stake algorithm that more closely resembles traditional Proof of Work crypto currencies. BitBean is the first crypto to impliment 20MB blocks, based off Gavin Andersen’s proposals to fix Bitcoin’s scale-ability limitations.

SHA-256 ASIC mining is energy efficient so it was chosen as the algorithm for the pow period. After initial distribution of 10,000 blocks, to those who mined all around the world, BitBean became a pure Proof of Stake (PoS) crypto currency. PoS was active during the PoW mining period, so about a third of those 10,000 blocks issued were proof of stake blocks. BitBean’s money supply is currently over 600 million virtual beans created. The amount of existing BitBeans is still small compared to the maximum cap of 50 billion BitBeans that are yet to be created with pure Proof of Stake.

Website:
– http://www.bitbean.org/

Block Explorer:
– https://chainz.cryptoid.info/bitb/
– http://cryptobe.com/chain/BitBean

Coin Specifications

  • SHA256 Algorithm PoW + PoS
  • 50 billion BitBeans maximum
  • PoW phase is 10,000 blocks, over now
  • Each PoS block is 1000 coins
  • 6 hours of age in the PoS calculations
  • Time to Maturity is 110 Confirmations
  • maximum block size 20 megabytes

Wallet:
– Online Staking Wallet
– Windows
– Linux

Source Code:
– at GitHub

Ports:
– RPC Port: 22461
– P2P Port: 22460

Mining Pools:
No mining pools available anymore, the coin is now PoS only.

Coin Exchanges:
– Yobit

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