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Crypto exchange Bybit launches Ethereum cloud mining product

source-logo  finbold.com  + 3 more 04 May 2021 13:19, UTC

Cryptocurrency derivatives exchange Bybit has announced the launch of the Cloud Mining product as part of democratizing ethereum mining.

In a press statement, Bybit said the mining-as-a-service (MaaS) service offers regular crypto enthusiasts a chance to mine ether (ETH) without the need for specialized mining hardware.

According to the company, the cloud mining solution also eliminates the challenges of complex technologies and expensive power for novice miners.

The new product, which comes with flexible subscription plans, will cater to retail investors and large-scale enterprises. The subscription is into 7, 21, and 42-day plans, and users can mine with as low as $100.

“We are really excited to introduce By bit 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. With Bybit Cloud Mining, all users have to do is purchase the amount of hashrate they want and sit back to see ETH harvested directly ‘from the cloud’,” said  Bill Xing, Bybit’s head of financial products.

Elsewhere, Bybit which controls a daily trading volume of about $20 billion, added that supply and price of the computer system, operation, and maintenance cost might impact profitability.

Bybit to cover downtimes

Furthermore, in case of any malfunctions, Bybit will risk the mining process to avoid any impact on the returns. Investors are eligible for the 100% usability guarantee, with Bybit committing to cover any downtime.

The cloud mining service follows the Bybit ByFi product suite recently launched to increase the exchange’s offerings.

The product comes as ethereum continues to attract more attention in the crypto space. By press time, the asset was trading at $3,480 hitting new all-time high price levels according to data provided by CoinMarketCap.


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