Cloud mining or cloud hashing is a concept, which allows users to buy mining power of the hardware placed in remote data centres.
CEX.IO has been the first ever cloud mining provider working in conjunction with GHash.IO mining pool. According to CEX.IO business model, users were able to buy cloud-based GHS (mining power) to mine new Bitcoins on GHash.IO, and trade GHS on the exchange.
In January 2015, CEX.IO suspended cloud mining services taking into consideration users’ interests, significant Bitcoin price drop and upscaling of the mining difficulty. All GHS purchased by CEX.IO remained their absolute property.
Despite considerable Bitcoin price growth experienced in the last decade of 2015, it is still not enough for profitable Bitcoin mining, taking into account current difficulty and maintenance cost. And, provided the Bitcoin price won’t change much, there is no positive forecast for profitable mining in the nearest time.
Owners of cloud-based GHS on CEX.IO are free to choose 2 options:
– let CEX.IO decide the mining behaviour (where we will be monitoring the mining difficulty and Bitcoin price and switch your GHS cloud mining power depending on profitability);
– control cloud mining at their own risk (enable on their CEX.IO Profile > GHash.io tab > Turn off Let CEX.IO Decide > Turn on cloud mining).