ForexMinute.com – In times when Bitcoin price is hinting a strong bearish behavior, the pressure on miners to meet their ROI has been further stiffened. And indeed, miners are one of the most important assets for Bitcoin market. But sadly, they are also the ones who are facing the maximum pressure when it comes to making investments profitable. From the cost of setting up a mining farm to the cost of maintaining it, a large portion of their money is spent but hardly earned back.
Keeping their troubles in mind, CEX.IO earlier came up with an innovative method that would excuse miners from setting up physical rigs to mine Bitcoin. Dubbed as GHS, this technology is 100% cloud-based and is equipped with the world’s best ASIC mining equipment, installed in multiple high-end data centers. Furthermore, this technique provides miners with an opportunity to trade and mine Bitcoin at the same time, that too at a constant speed.
And now, CEX.IO is stepping ahead further with its decision to reduce the maintenance cost of its cloud-based mining service. The company, on September 24th this year, wrote a press release of their decision to cut the maintenance cost from $0.18 to $0.0105 for 1 GHS per month.
“Lack of information and awareness are some of the top problems when it comes to Bitcoin and cloud mining,” said Jeffrey Smith, CIO of CEX.IO. “At CEX.IO, we try to be as transparent as possible and give detailed explanations about components of maintenance costs for GHS through our communication channels.”
He added:
“We are now facing tough conditions when the increasing difficulty and the low Bitcoin price have made cloud mining less profitable. However, as initial ideologists of cloud mining and Bitcoin adherents, we believe mining is crucial for confirming transactions, and the Bitcoin exchange rate can rise at any moment. Meanwhile, we overtake all the expenses for lowering maintenance cost for the cloud-based GHS up to the moment the new hardware is shipped to the doors of our data centers.”
Anything like this is a welcome sign for the cryptocurrency community.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
