Cryptocurrency exchange Bybit is to launch Bybit Cloud Mining, a mining-as-a-service (MaaS) product that gives users instant access to ether (ETH) mining from as little as USD100.
The relentless growth of cryptocurrencies in recent months has caught mainstream attention and fuelled a surge in interest in crypto mining – or receiving crypto tokens for verifying blocks of transactions.
The profitability of this endeavour, however, is hampered by a number of factors: the supply and price of the computer system, operation and maintenance cost, and electricity fees that render crypto mining costly and painstaking.
As the first entry to Bybit’s ByFi product suite, Bybit Cloud Mining aims to help users navigate the booming yet ever-changing industry by lowering the barrier to entry and ensuring a hassle-free approach to mining, thus opening the door to greater profitability and fewer risks. Bybit Cloud Mining offers hashing power, or hash rate, to a remote data centre with shared computing power to mine ether. Users can start from as low as USD100 and without ever having to run their own hardware.
Bybit Cloud Mining offers flexible 7-, 21-, and 42-day plans. Users can customise a short-term investment plan for greater profitability, while minimising the risks of price fluctuations and unforeseeable market activities in the long term. The service will be instantly available upon purchase, come with 100 per cent usability, and have any downtime covered by Bybit, allowing users to mine with greater confidence.
“We are really excited to introduce Bybit Cloud Mining, and think it is an ideal solution for users who are interested in crypto mining, but don’t want to be bogged down by the hassle of operations and hardware maintenance,” says Bill Xing, head of financial products at Bybit. “With Bybit Cloud Mining, all that users have to do is to purchase the amount of hashrate they want and sit back to see ETH harvested directly ‘from the cloud’.”
