Bybit, one of the world’s most influential crypto derivatives exchanges, has announced the grand opening of their cloud mining services. As part of the expansion of 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 caters to both retail investors and large-scale enterprises through consistent hashrate and flexible subscription plans. The cloud-based service takes the pain and heartache out of participating in the process by which transactions are verified and added to the public ledger.
As the first entry to Bybit’s ByFi product suite, the 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 heavy start-up costs.
Bybit says the move helps democratize crypto mining so that the business becomes a mainstream consumer activity. As a client-centric exchange, it has 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 centre stage after a year of huge gains. Vitalik Buterin’s brainchild cemented its place as second largest cryptocurrency as it keeps racking up all-time highs.
Bybit is now the fourth-largest crypto derivatives platform
Meanwhile, Bybit will take the risk once there is malfunction in the mining process, so yields of cloud mining contracts will not be affected. Specifically, the service comes with 100% usability, and Bybit will cover any downtime, so customers can mine with greater confidence.
This assurance comes as Bybit recognized the overall bull market as a key factor, and prepared their infrastructure well in taking advantage of it by increasing server capacity and building in redundancy.
Commenting on the service release, Bill Xing, head of financial products at Bybit said:
“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’.”
Bybit has a long-standing reputation in the cryptocurrency derivatives trading. At press time, the Singapore-based exchange accounts for $22.5 billion in 24-hour volumes. That share of the market puts Bybit just behind three global derivatives exchanges.
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