CEX.IO, a London-based exchange and cloud mining provider, shut down mining operations this week. Bitcoin prices had fallen and mining difficulty had risen, making the service unprofitable, the company said.
CEX.IO Suspends Cloud Mining Services
CEX.IO, a London-based exchange and cloud mining provider, shut down mining operations this week. Bitcoin prices had fallen and mining difficulty had risen, making the service unprofitable, the compan
Key Points
- CEX.IO, a London-based exchange and cloud mining provider, shut down mining operations this week.
- Bitcoin prices had fallen and mining difficulty had risen, making the service unprofitable, the compan
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Chief Information Officer Jeffrey Smith announced the temporary halt on the company's blog. Hardware and energy costs had overtaken the revenue from mining.
"Suspension of CEX.IO cloud mining service is only a forced temporary measure, the result of cloud mining costs exceeding mining profit. 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," Smith wrote.
For mining to restart, Bitcoin would need to exceed $320 at the current difficulty, Smith told Inside Bitcoin and CoinDesk. The company is searching for ways to resume service and would allow customers to continue mining if they wanted to.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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