Bybit to Launch Cloud Mining to Democratize Ethereum Mining

SINGAPORE - - 4 May 2021 - Cryptocurrency exchange Bybit will launch in May Bybit Cloud Mining, a mining-as-a-service (MaaS) product that gives users instant access to ether (ETH) mining from as little as $100.

Democratizing and de-risking crypto mining
The relentless growth of cryptocurrencies in recent months has caught mainstream attention and fueled a surge in interest in crypto mining - or receiving crypto tokens for verifying blocks of transactions.

The profitability of this endeavor, however, is hampered by a number of factors: the supply and price of the computer system, operation and maintenance cost, and electricity fees that render crypto mining costly and painstaking.

As the first entry to Bybit's ByFi product suite, Bybit Cloud Mining 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. Bybit Cloud Mining offers hashing power, or hash rate, to a remote data center with shared computing power to mine ether. Users can start from as low as $100 and without ever having to run their own hardware.

Hop on, hop off: high visibility and profitability

Bybit Cloud Mining offers flexible 7-, 21-, and 42-day plans. 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.

"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 Xing, head of financial products at Bybit. "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'."

About Bybit

Bybit is a cryptocurrency exchange established in March 2018. The company provides online trading and mining services, as well as API support to retail and professional clients around the world.

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Mavis Wu