CEX.IO has operated a mixed trading and mining platform since 2013. The company’s services enable users to trade their BTC for mining power (Ghs). CEX.IO was one of the world’s first large bitcoin cloud mining services, and not too long ago the company’s operating pool Ghash.io was almost achieving 51% of the network’s mining capacity, raising serious concerns in the bitcoin community that in turn acted accordingly. CEX.IO announced the successful launch of its first fiat currency upgrade on September, 2014. This upgrade allowed users to trade Bitcoins and cloud-based hashing power (GHS) as well as deposit and withdraw funds at the same place without recurring to other exchanges. A few months after, on September, 2014, CEX.IO introduced the second fiat currency, the Euro.
Cex.io until now has been the leading and most innovative company in the cloud mining industry, and always provided an outstanding quality service to its users. The company has been one of the most fast-growing companies in the ecosystem; however over a month ago cex.io announced that it will cease operations as a result of bitcoin’s recent price drop. The company stressed that it wouldn’t risk enduring unprofitable mining, and stated it was actively seeking solutions to take care of all problems related to its cloud mining operations, as well as continue to push development of both its cryptocurrency exchange and mining pool, GHash.io.
To better understand what will be the Company next step, NewsBTC contacted the Cex.io support team for an interview:
From what we heard the customers reaction to the mining suspension has been very positive. Furthermore, the Ghs trading market never stopped and it even had a spike on its prices. It’s almost passed a month since Cex.io suspended the mining operations. Do you have any updates on this?
Although we did suspend cloud mining operations about a month ago, CEX.IO users are able to resume mining with their GHS at any moment manually. After all, they are owners of life-time GHS, up to the moment they decide to sell their cloud mining power. This means that we are not out of the cloud mining game at all. And we are still open for new partnership with efficient energy suppliers.
Currently, with such low bitcoin prices is it possible we might see Cex.io permanently shutting down its mining operations and maintain the main operation only as an exchange?
As said, we are not shutting down our mining operations. However, our main focus is development of the CEX.IO’s exchange part, making it easy for people to buy Bitcoin and earn on trading.
Cex.io has been progressively adding new currencies to its available trading pairs. Are you planning to integrate more currencies on the exchange?
The answer is — definitely yes. We are researching markets and analysing feedbacks to make sure all the popular cryptocurrencies are present on the exchange. Still, each such decision should be weighted, as the trends change at a rate of knots.
Apart from cryptocoins, we will expand the range of fiat currencies in the nearest future as well. Since its launch Cex.io has been one of the most progressive exchanges with its own features. Will we be seeing Cex.io integrating other trading features, such as leverage or liquidity providing?
In the past year, we did integrate futures trading for cloud mining GHS on our exchange. The feedbacks were incredibly positive.
Of course, professional traders are a part of our target audiences, and we are working on special tools they usually need. At the same time, we are trying to simplify the process of buying Bitcoin for beginners in the crypto sphere. The more people are involved in the industry; the better is for Bitcoin and its price.
What are your expectations for crypto the currency industry along this year?
Despite tough start of the year, we remain positive about cryptocurrency field. This year the community needs to work very hard, putting together all the knowledge and experience they’ve gained through the past several years. Now there are more Bitcoin experts, companies, as well as professional IT guys and financial analysts. Bitcoin needs their joint efforts and technology development to rise to the moon.
Since its launch, the company has been one of the most progressive exchanges and it seems to continue at full steam although the mining operations are still suspended. From what we could understand Cex.io as discarded this issue and its already planning new developments and preparing brand new features to be introduced in a near future.