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CEX.IO Temporarily Suspends Cloud Mining Services
#1
From: http://blog.cex.io/cryptonews/cex-io-temporarily-suspends-cloud-mining-services/

"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. "

http://www.whatscryptocurrency.com
 
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#2
That's not a bad thing.
Mining at CEX isn't very profitable from my experience and trading GHs can be a losing proposition.

I think they would truly be better off simply trading cryptos and cash only.
 
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#3
(01-13-2015, 02:57 AM)CoinHD Wrote: That's not a bad thing.
Mining at CEX isn't very profitable from my experience and trading GHs can be a losing proposition.

I think they would truly be better off simply trading cryptos and cash only.

I wasn't saying it was good or bad, just posting the news. Smile

I honestly don't know much at all about cloud mining.

http://www.whatscryptocurrency.com
 
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#4
I know you weren't saying that...they're only abandoning cloud mining until they can get a more beneficial deal with hardware suppliers.

It was just my personal opinion.[Image: wink.gif]
 
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#5
cex.io may not resume cloud mining operations in near future.

Recently they made min transaction amount equivalent to 0.01 BTC for all currency pairs.

We just need to wait and see what's in future for cex.io
 
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#6
(02-27-2015, 06:51 AM)digitalstar Wrote: Recently they made min transaction amount equivalent to 0.01 BTC for all currency pairs.

We just need to wait and see what's in future for cex.io

I think that may have been beneficial to them.
Too many micro-transactions would really impact their Server resources.
As you grow bigger, you need to alter services in order to sustain operations.

I believe that they have sufficient big players that they don't mind getting rid of the smaller players.
 
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