CEX.io - Bitcoin Mining

Bitcoin is undoubtedly one of the most mysterious and misunderstood cryptocurrencies*. Admit it – you’ve heard about it hundreds times and perhaps even tried to get a better understanding about this phenomenon reading Bitcoin definitions on various web services. But still, it seems noone can give an exact explanation of what exactly it is, why and whether we need it.

Bitcoin is a decentralized, also known as ‘peer-to-peer’ currency that is controlled and issued by users, not banks or government. Bitcoins are being issued during the process of mining which is the process of solving mathematical problems. As more Bitcoins are produced with the time, more people join the community of miners and more people are willing to invest their money in this digital currency. Just imagine, in April 2011, the value of 1 Bitcoin was $0.75. Two years later, in December 2013 that value reached as high as $1,200. Now calculate the ROI :).

Mining Evolution

Bitcoin mining has come a comparatively long way: from CPUs (Central Processing Units) to GPUs (Graphics Processing Units) and ASIC which were designed exclusively for BTC mining. This hardware consumes less power, produces less heat and boasts higher mining speed. The speed of BTC mining is measured in hashes per second. 1 Gigahash = 1 billion hashes. More GHS – more bitcoins.

But that’s not how the story ends :). You don’t necessarily have to purchase, install and maintain an ASIC to join the network of BTC miners. The process has been made easier. CEX.io, a leading company in the niche launched its own Bitcoin Commodity Exchange combing mining and trading platforms. To put it simply, they’ve taken everything to the cloud and made it possible to mine and trade GHS simultaneously via a single account.

Why Cloud Mining?

Cloud mining allows users to start getting income with little or no risk at all. With CEX.io there’s no need to purchase expensive hardware, configure and maintain it, as well as to fix ongoing issues associated with BTC mining. All these technicalities will be handled by their professional team. All that is required on your part is making smart decisions and enjoying the process. If you have a little trading experience, you’ll be able to start earning on GHS price difference right after creating an account with the system.

CEX.io - Rates

Once you’ve created an account and funded it to be able to make your first GHS purchase, you’ll get access to the exchange where you can trade GHS and Bitfury chips with other authorized users in real time. You’ll buy and sell orders against a detailed parameterized database of other orders. If there’s a perfect match, a caps trade is executed instantly. CEX.io doesn’t buy or sell their own GHS. The system boasts the following features:

  • quick buy/sell trades for new traders;
  • CEX instant bitcoin transfers feature;
  • SMS notifications;
  • two-factor authentication;
  • encrypted backups;
  • market price and limit price orders.

2FA - CEX.io

*Cryptocurrency – a digital means of exchange that uses cryptography to control money issuance and transfer.