Tag Archive: cex.io

CEX.IO introduces Multipool

One BTC coins

One BTC coins (Photo credit: zcopley)

Cloud BTC and conventional Scrypt (ghash.io) mining site CEX.IO have introduced multipool mining alongside their existing offering of Litecoin, Auroracoin, Feathercoin and Dogecoin.

Unlike other multipools the ghash.io system allows users to convert their block rewards profits to BTC on the fly, thus avoiding the need to exchange on cryptocurrency exchange sites.

Currently in beta, the pool has had some teething troubles with zero payouts on certain coins although the community forum explains that the beta stage will not be 100% trouble free and they are asking for bug reports.

We tried the system and liked the automatic conversion to btc. Multipools have been criticised as damaging the real world possibilities of certain coins and creating havoc with valuations but while they exist it makes sense for miners to make the most from their equipment.

Find out more at CEX.IO or read the support article.

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CEX.IO Bitcoin commodity exchange announce trade fee

cex.io trade fee introduction graphic

In preparation for it’s expanded currency exchange features (including USD/BTC), CEX.IO the cloud mining and commodity exchange has announced that a trade fee will become applicable in the next 2 weeks.

Up until now it has been possible to exchange BTC and LTC etc for Hashing power with no transaction fee. CEX.IO have only charged a fee for maintenance of their mining facility and hardware.

CEX.IO argue that their new exchange features will negate the need for it’s user base to use 3rd party exchanges such as Cryptsy and Coinbase to convert alt coins and FIAT currencies into BTC before being able to use their services.

Their discussion forum has had a few complaints from some users who think that the existing hardware fees can make the system prohibitively expensive for the smaller miners. Others point out that these fees are already imposed by third party exchanges and so the convenience of having the new features on-site will outweigh the new charges.

The charge will be implemented as a 0.2% flat fee and then later will vary between 0.2 and 0.5% based on the number of transactions being made by each user.

Full story at the CEX.IO blog

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Getting Started With Bitcoins & Litecoins

Bitcoin Miner

There are numerous guides online about bitcoin mining, equipment, mining pools etc but a lot of the information is one way. The first question should be what do you want out of bitcoin?

We’re not all geeks, the same as we’re not all investors, so I’ve broken this guide down to cater for 3 types of potential interest in bitcoin:

1. Dabbler You are interested in mining (or accumulating) bitcoins but you don’t have the time or inclination to buy equipment, compile software or really do anything too techie!

2. Techie You are comfortable with computers and want to get your hands dirty by investing in hardware, reading tech blogs and github articles on getting maximum performance from your gear. You want to be a real bitcoin miner!

3. Investor You’re a small or large investor and you just want to trade in bitcoins like any other stocks and shares.

Hopefully you’ll fit into one of those categories. If you don’t please let me know and i’ll revise this document accordingly.

THE DABBLER

So you don’t have time or can’t be bothered with the techie stuff? No problem. Cloud mining is increasing in popularity. Cloud mining websites allow you to ‘rent’ equipment or buy hashing (mining) power.

The benefits are numerous. No expensive hardware to buy or set up, no electricity costs to worry about, the potential to mine 24/7 without the stress of keeping your gear in check and also less of a worry about interruptions to your internet connection.

Sites are available that will allow you to mine SHA-256 currencies (like Bitcoin) or Scrypt based currencies (like Litecoin). It is not within the remit of this article to advise on which currencies are the most profitable to mine, but based on the mining power you buy you can use online mining calculators like the one at Coinwarz before you start out.

Keep in mind that profitability can vary depending on the current level of difficulty and the number of coins already mined (as well as market sentiment ofcourse).

cex.io is a bitcoin commodity exchange that allows you to mine bitcoins by buying (or trading) their hashing power with other users. It can be fun and rewarding if you trade at the right times. Your dashboard will show you how many coins you have accumulated in real-time. The site automatically mines Namecoins, Devcoins and IXcoins at the same time as bitcoins and you can also use your own mining hardware at their ghash.io mining pool. Litecoin, Dogecoin and Auroracoin mining are also either already running or in development. You can also buy Future Hashing Power at reduced rates to use at time triggered intervals.

Another site Hash Profit concentrates on scrypt, scrypt-N and x11/13 based currencies. Unlike cex.io the mining pools at Hash Profit are private so you can’t use your own hardware. They claim to mine the most profitable coins to maximise your return. They allow you to trade for KHS (hashing power) or simply deposit bitcoins to fund your account.

It’s worth noting that you’ll need some Bitcoins and a digital wallet to start mining on these platforms so if you don’t want to risk sites like ebay for this you can purchase bitcoins at Coinbase (US) or Bitstamp (EU).

You’ll need to provide detailed ID information to open an account at Coinbase or Bitstamp so be prepared. If you’re still keen to get involved then everything is explained in detail on the respective sites. cex.io’s guide is particularly user friendly.

THE TECHIE

Asic Miner Block Erupters and Anker Hub

Let’s face it, Geeks are the new hipsters and having your own mining farm is more impressive than owning a vintage corvette. If you want to mine SHA-256 currencies like Bitcoin and Peercoin you are going to need some powerful gear.

At the low end, ASIC USB BLOCK ERUPTER miners running at 330-336 mh/s used to be the choice for hobbyists and bedroom miners but the increasing difficulty and newer technology has lessened their appeal. Get in at the start of a new currency and these miners could still make you money. Many farms were established on these miners and multi-slot hubs supporting 7 or more miners could generate 2.5 gh/s or more.

Antminer U1

In January (2014) Bitmain’s Antminer U1’s arrived on the market. They were similar in operation to the ASIC block eruptors but crucially each could mine at up to 2.2 gh/s (the equivalent of 6 or 7 Asics). The price of the Antminer U1 (as of going to press) was around $45 (£30) – a price comparable to the ASICS in December 13. (This shows how fast technology moves and how you need to be careful with your hardware investments).

High end gear like the Antminer S1 Blade (Speed up to 200 gh/s), Butterfly Labs Monarch (600 gh/s) and KNC Miner’s Neptune (3000 gh/s) have set the standard for advance mining farms.

If you want to get started, we’d recommend the Antminer U1. They can be picked up cheaply and you only need a suitable USB hub to attach to your computer to get started.

Next you’ll need suitable software to control the actual mining. CG Miner or BFG Miner are open source projects with versions for Mac (OSX) and Windows and Linux. It should be pointed out here that you’ll need to be comfortable in the command line or Terminal (mac) to get these compiled and/or running.

If you are on a Mac you can download and get started with CG Miner here. The same page also has a GUI version of the software called Asteroid which is super simple to setup and use.

Windows users can head over to the github repository.

Another great piece of software to enable mining of SHA-256 and Scrypt based currencies and is available in all flavours (OSX, LInux and Windows) is MultiMiner. The website and installation guide is super easy to use.

For Scrypt based currencies you will need a powerful GPU in your PC, or better still build a custom rig for mining Litecoins, Dogecoin, Feathercoins etc

You can possibly use your existing graphics card but your mining power will probably be small unless you have a high end gaming computer. Top spec GPU’s to consider are the AMD Radeon R9 290X or the 7990.

Once you’ve set up your gear you’ll need to download a wallet or use an online wallet before you can start mining. These links above have downloadable wallets for LitecoinDogecoin, and Feathercoin. For Bitcoin you can download the wallet from the official site here or use an online wallet at a site like Blockchain.

Once you have downloaded your wallet you’ll need to wait for it to sync with the network. This can sometimes take a few days so be patient. Make sure you encrypt your wallet and use strong passwords (see our security guide here).

We’re nearly ready to start mining! Solo mining is unlikely to be profitable unless you have a mining farm full of mega equipment, so the best policy is to join a mining pool. Here you’ll be mining with masses of other users and you’ll find blocks easier. You point your mining equipment to your chosen pool using information supplied by the pool.

You can input this information in the terminal/command line or create a batch file to do it for you. Each mining pool has full instructions for implementation.

There are myriad mining pools. We’ve successfully used Bitminter for Bitcoins. Dogechain pool for Dogecoins and of course CEX.IO’s ghash.io for multi mining.

There’s a full comparison list of Bitcoin mining pools here. For Litecoin pools check this list.

Happy mining!

THE INVESTOR

If you simply want to trade Bitcoins on the financial markets you can do so by creating a free account at Plus500 who have a great website and mobile app so you can trade on the move.*

Bitcoin prices are very volatile so short term gains (and losses) are very possible. Before Christmas the Bitcoin price peaked at over $1000 but it is now down to around $620. Ripe for the canny investor.

We hope you’ve found this guide useful. For a full list of Cryptocurrencies visit the Bitcoin Wiki.

Please remember that the value of investments and the income derived from them can go down as well as up. Exchange rate movements can also have a positive or negative impact on the value of Non-UK investments. Past performance is not a reliable indicator of future returns and you may not get back your original investment. Generally, investments should be considered for the medium/long term.

You should weigh up factors such as the impact of any potential penalties and charges and the loss of possible benefits in circumstances where you may be considering cashing in or transferring an investment. If in doubt seek professional Financial Advice. Your capital may be at risk.

 

Future hashing contracts introduced by cex.io

Rapid development and feature rollouts at cloud mining/hash trading company cex.io have this week included FHA (Future Hash April) and FHM (Future Hash May) markets.

The system allows users to purchase hashing power at a discount in advance of the period in which the extra hashing power can be used. The markets for April and May were trading (as of today) at around 0.008 BTC per 1GH for April and 0.004 BTC per 1GH for May. The introduction also had a slightly deflationary effect on the standard GHS/BTC market with the price dropping to 0.011 per 1GH from around 0.015 per 1GH the previous day.

FHA and FHM trading at cex.io

The new feature came out of the blue and looks good for cex.io cashflow. Cheap hashing power can be purchased for the month in question and at the end of the period it is converted back to regular strength GH. The site will be trialling the system for 2 months before deciding on making the feature permanent.

*Note – Following the cex.io offer of double reward litecoin mining which started Thursday (13th March) the site attracted nearly half the total litecoin mining power globally and had to impose restrictions to prevent it hitting the 51% vulnerability threshold. The rewards were halved to 1.25 x multiplier when the total hashing power rose to between 25-60 GHs (as of tonight) with standard returns if the hashing power goes over 60 GHs. These arbitrary figures appeared to change during the day (Friday) as concerns about the monopoly on hashing power rose.

CEX.io
cryptsy alt currency exchange

CEX.IO adds mining support for more Scrypt currencies

Cloud mining service cex.io has added further alt-coin mining support on it’s sister mining pool platform ghash.io.

Following the pool mining capability introduced for Litecoin (LTC) the site has now added support for Dogecoin (DOGE), Auroracoin (AUR) and Feathercoin (FTC). These popular alt currencies (derivatives of Bitcoin – BTC) are currently available for members with their own hardware only. Cloud support is due to be launched in the near future.

CEX.IO has become popular as it allows users to mine for bitcoins and other alt currencies whether they have their own hardware and/or simply wish to trade/buy cloud hashing capability in order to mine coins.

Once you buy hashing power it is yours to keep with an unlimited expiry. You can also mine with your own hardware at the same time as mining via the cloud. Hashing power (sold by the GH) is traded live with other users so the price fluctuates. You can even use the coins you mine to buy further hashing power.

For further information check out the cex.io website.

CEX.io
cryptsy alt currency exchange