The unveiling of Bybit Cloud mining will help lower, if not remove, the financial loss associated with crypto mining.
Bybit, a cryptocurrency exchange, disclosed this in a statement on Wednesday to hint on the product billed to launch in May.
It said, “The Bybit Cloud mining gives users instant access to ethereum mining from as little as $100.”
The growing interest in cryptocurrencies has fueled a surge and interest in crypto mining, a way of receiving crypto tokens for verifying blocks of transactions.
It, however, notes that business remained hampered by a number of factors which include the supply and price of the computer system, operation and maintenance cost, and electricity fees that render crypto mining costly and painstaking.
The product 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, the company explained.
It also 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 $100 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 statement added.
The Head of Financial Products at Bybit, Bill Xing, added, “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.
“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’.”
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