Tuesday, May 11, 2021

Crypto derivatives exchange Bybit launches cloud mining service.

The Takeaway:

One of the world's most influential crypto derivatives exchanges, Bybit, has announced the grand opening of its cloud mining services.

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Bybit, one of the world’s most influential crypto derivatives exchanges, has announced the grand opening of its cloud mining services. As part of expanding its narrow and focused product suite, Bybit Cloud Mining offers a chance for ordinary crypto enthusiasts to mine ether (ETH) without having to purchase and operate specialized mining hardware. The mining-as-a-service (MaaS) product provides to both retail investors and large-scale enterprises through consistent hashrate and flexible subscription plans. 

 

Cloud mining offers more people the opportunity to mine cryptocurrencies.

The cloud-based service makes the process by which transactions are verified and added to the public ledger much easier and efficient. As the first entry to Bybit’s ByFi product suite, cloud mining offers more people the opportunity to mine cryptocurrencies. It solves problems such as installing and configuring mining machines, complex technologies, hefty upfront costs, and expensive power for novice miners. The cloud mining platform features flexible 7-, 21-, and 42-day plans, and subscribers now have an economical path to begin crypto-mining from as low as $100, all without the high start-up costs. 

 

“Bybit Cloud mining helps democratize crypto mining.”

According to Bybit, this move helps democratize crypto mining to become a mainstream consumer activity. As a client-centric exchange, it has significantly lowered the entry barriers for individual miners who have been unable to access this industry through setting up large mining farms. Bybit Cloud Mining also addresses surging demand from customers who want to benefit from the highflying Ethereum, which took center stage after a year of huge gains. Vitalik Buterin’s brainchild cemented its place as the second-largest cryptocurrency as it keeps racking up all-time highs. Meanwhile, the crypto derivatives exchange will take the risk once there is a malfunction in the mining process, so yields of cloud mining contracts will not be affected.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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