This archive report was first published on 11 May 2021.
On May 11, 2021, Bybit, a leading cryptocurrency exchange, announced plans to launch a cloud mining service for Ethereum, aiming to democratize access to the cryptocurrency.
The service, called Bybit Cloud Mining, will provide users with instant access to Ethereum mining from as little as $100, eliminating the need for expensive hardware and reducing the barrier to entry for new miners.
Bybit Cloud Mining will offer flexible 7-, 21-, and 42-day plans, allowing users to customize their investment strategy and minimize risks associated with price fluctuations and market volatility.
According to Bill Xing, head of financial products at Bybit, the cloud mining service is designed to make Ethereum mining accessible to a wider audience, without 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’,” Xing said.
