- What is cloud mining?
Cloud mining is the practice of utilizing a remote data center with shared computing power to mine cryptocurrency. You can purchase hashing power from Bybit to mine crypto assets without having to run your own hardware.
- What is static analysis?
Static output and static annualized percentage yield (APY) are calculated based on the static analysis method, which assumes that ETH spot price, block reward, and mining difficulty remain unchanged in the future.
Trader A purchases a cloud mining product with a hashrate of 200 MH/s over a service period of 7 days. The corresponding hashrate fee is 140 USDT. In a given scenario where 0.009 ETH can be mined per day with a hashrate of 200 MH/s and the spot price of ETH used for product pricing is $3,800, the static APY can be calculated to be 71% [(0.009x7x3800/140)-1].
The realized daily output depends on the mining pool settlement. Bybit does not guarantee future earnings.
- How is hashrate fee calculated?
Hashrate Fee = Hashrate Purchased * Service Period * Hashrate Unit Price
Trader A wants to buy a Cloud Mining product with a hashrate of 200MH/s and a service period of 7 days. Assuming that the price of each unit of Hashrate is 0.1 USDT.
The fee he needs to pay is 140 USDT (200x7x0.1).
- How is realized mining output calculated?
Your realized daily mining output is calculated as your hashrate share (i.e. the percentage of hashrate you purchased out of the total ByFi hashrate sold) of daily payout from the mining pool.
Trader A purchased a Cloud Mining product with a hashrate of 200 MH/s. The total ByFi hashrate sold is 100,000 MH/s, so the proportion of hashrate held by the trader is 0.2%. Assuming that the total ByFi hashrate produced 100 ETH on the day, the daily payouts that trader A can get would be 0.2 ETH (100ETH x 0.2%)
Returns generated by ByFi cloud mining are transparent. For mining pool expected returns per MH/s, please refer to https://www.f2pool.com/#eth. Do note that the actual ETH returns are subject to the difficulty of mining and changes in the overall mining pool. Actual USDT percentage returns will also be affected by ETH/USDT price fluctuations.
- What are the common units of hashrate?
Hashrate measures the computational power per second used for mining. Its common units include H/s (hashes per second), MH/s (mega hashes per second), Sol/s (solutions per second), GH/s (graphs per second), and TH/s (tera hashes per second).
1 Khash/s=1000 Hash/s；1 Mhash/s=1000 Khash/s；1 Ghash/s=1000 Mhash/s； 1 Thash/s=1000 Ghash/s；1 Phash/s=1000 Thash/s；1 Ehash/s=1000 Phash/s。
- How to purchase Cloud Mining products on Bybit?
Please visit ByFi Center and purchase products using your ByFi account. Currently, only payments in USDT are supported.
- How to view Cloud Mining products I've purchased on Bybit?
Please visit ByFi Center and view your purchases in Orders -> Cloud Mining Orders.
- Will Bybit bear the losses if mining rigs are down during the service period?
Yes, downtime will be covered by Bybit as we guarantee 100% availability.
- Can I cancel my cloud mining orders?
Once the purchase is confirmed, orders cannot be modified or canceled.
- When do I receive my daily payouts?
During the validity period of the order, payouts from Bybit Cloud Mining products are calculated daily from 0:00AM UTC to 0:00AM UTC the next day. The daily payouts in ETH will be credited approximately at 3:00AM- 4:00AM UTC.
- How many orders can I purchase at the same time?
You can make unlimited numbers of orders, but only one purchase can be made per order.
- How can I withdraw my mining outputs?
Cloud Mining Return will be credited to your ByFi account. Please make a transfer from your ByFi Account -> Derivatives Account before proceeding with the withdrawal. There is no minimum transfer amount and fee required.