Bybit Launches Ether (ETH) Cloud Mining Service as Demand Booms

Crypto derivatives exchange, Bybit has launched a cloud mining service that enables anyone to participate in Ethereum mining without having to purchase specialized hardware.

Cryptocurrency mining can be a tricky thing to determine if it’s completely safe, and if it is, will it be cost-effective. This can be due to the high fees involved, the time it takes to mine the block, the upfront costs, and the value of the relevant coin during that time.

Bybit’s value proposition provides risk-free cloud mining opportunities since all mining is done through remote cloud servers.

The upside in Bybit’s mining-as-a-service (MaaS) product is that it gives users instant access to ether (ETH) mining from as little as $100. As such, the Singapore-based exchange lowers the barrier to entry while ensuring a hassle-free approach to mining.

The costs are reasonable as well, therefore the cloud mining operation offers lucrative rewards and users will more than likely end up making a healthy return on their investment. Additionally, Bybit’s cloud mining contracts provide 100% guaranteed uptime and stable hashrate.

“The service will be instantly available upon purchase, come with 100% usability, and have any downtime covered by Bybit, allowing users to mine with greater confidence,” the exchange confirms.

With flexible 7-, 21-, and 42-day plans, Bybit offers the most diverse range of contract duration, stable hashrate, and competitive prices. This would allow average users seeking to get into the mining economy to customize a short-term investment plan for greater profitability while minimizing the risks of price fluctuation.

Cloud mining is far more convenient than operating physical mining hardware, particularly for those who lack the technical knowledge of setting up specialized machines.

Bill Xing, head of financial products at Bybit said of the new service:

“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, first launched in March 2018, has recently registered solid growth as demand for crypto derivatives is on the rise and more institutional investors come into the fold. The exchange ranked fifth on the list of biggest crypto futures exchanges, with 24-hour daily volumes of $10 billion, according to industry data aggregator CoinMarketCap.

The Asian exchange has recently introduced new trading pairs in an effort to expand its altcoin selection for clients. The new crypto assets join Bybit’s selection of stablecoin trading pairs, in addition to the platform’s inverse perpetual and futures markets.