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Why CEX.IO Paused Mining and the Future of the Industry

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In a less than graceful tweet, Jeffrey Smith, the CIO of CEX.io, announced that the company would be  pausing mining for its users. Instantly, the internet erupted. Accusations were thrown around, of course, and many wondered out loud if this was the beginning of the end for cloud mining companies like CEX. Their more thorough blog post—which included, among other things, that users are able to turn their hashes back on—received less attention.

Of course, accusations continue, and there really isn’t anyone who can prove anything either way. Smith tells me that CEX has no hardware of their own, and everything traded on their exchange occurs through third-party hardware companies that have chosen to remain nameless. That isn’t so much of a revelation as much as it is a fact that went unnoticed by many. The knowledge likely won’t quiet those who are complaining about a perceived lack of transparency. The website’s cloud mining page says nothing about hardware being held by third parties.

Really, nothing has changed for end users. If you own GHS, you can simply turn it back on and continue using the hashing power as you were before. People may feel as though CEX is looking to profit off those who don’t bother to turn their GHS back on, but for the individual who is fearful that CEX is trying to get one up on them, the solution is to simply to turn it back on… CONTINUE

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