Cryptocurrency exchange ByBit has announced that it will launch a mining-as-a-service (MaaS) product dubbed ByBit Cloud Mining in May. Notably, the firm indicated that the cloud mining product will help anyone access the Ethereum mining industry without the need for hardware installation. ByBit Cloud Mining users will access the Ethereum mining industry for as little as $100.
In a note through a press release, Bill Xing, head of financial products at Bybit, noted that the new product will help retail investors who had previously been locked out of the Ethereum mining industry.
“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,” said Bill. “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’.”
Notably, the firm noted that the new product will market fee flexible plans for interested users. The company will provide users with three options. There will be a seven-day plan, a three weeks plan, and a 42-day plan for the users to select.
“Users can customize a short-term investment plan for greater profitability while minimizing the risks of price fluctuations and unforeseeable market activities in the long term. 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,” ByBit noted in a press release.
ByBit was created a few months after the 2017/2018 bull market. The firm has grown exponentially to provide a wide range of products. Notably, the firm offers Inverse Perpetual, USDT Perpetual, Inverse Futures, and Mutual Insurance.
Now the firm seeks to venture into the cryptocurrency mining sector that is deemed profitable due to the high gas fees associated with the Ethereum ecosystem.
The cryptocurrency mining industry has seen its cost of operations increase as the cost of running the hardware rises by the day. Moreover, the high consumption of electricity makes it a costly endeavor. Additionally, the cryptocurrency mining industry has seen the competition level spike fueled by the proliferation of institutional investors into the industry.
With the ByBit Cloud Mining program, users can now access the mining industry and earn passively without the hustle of updating hardware products.