Hello all,
Taking into consideration our users' interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IOBitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at this time.
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."
"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.
*Update*
Anyone who would like to mine may do so by changing the option on their CEX.IO Profile > GHash.io tab (https://cex.io/trade/profile#miner) > Turn off Let CEX.IO Decide > Turn on cloud mining. As this period has been deemed unprofitable it may not be in your best interest to turn on this option. The requirement for mining is a non-negative balance (0.00000000 ~) and 25 GHS.
