BTC.top Rolls Out ‘Joint Mining’ Program, Calls It Cloud Mining Killer
Btc.top, China headquartered mining pool, is interested in bringing a big change in the notion of cloud mining, which enables users to mine crypto from far away by purchasing a specific wad of hash power from intermediate parties, through a new approach called “joint mining.”
The company’s latest “joint mining” associate firm B.top intends to minimize the perils linked with “popular cloud mining products” by being adaptable.
In particular, B.top intends to levy service and administration fees to its clients only after they have attained the break even level, implying that its clients begin to disburse earnings when their revenue matches expenses they incurred for buying the hardware.
As per the company, it then begins to levy between 17.5% and 30% in accordance with the amount invested by customers.
Additionally, B.top is offering mining machinery “at bulk order prices,” facilitating users to either buy shares in standalone miners on the basis of how much terahash (TH) of hash rate they wish to possess or alternatively acquire those hardware as a whole.
The second option purportedly permits the clients to pull out from B.top’s mining farms situated throughout China and have it delivered to a venue of their discretion or resell their mining equipment back to the firm at the existing market resale price.
Btc.top founder and CEO Jiang Zhuoer have stated that he anticipates the offering to be widely utilized by both institutional and retail customers.
“I estimate that other industrial scale mining companies would also soon start offering similar joint mining products.”
“Although B.TOP is aimed at making it easier for individuals to participate in cryptocurrency mining, I believe that it would also attract institutional clients from around the world who would like to take advantage of our industrial scale infrastructure, strategic industry partnerships and lowest electricity rates from our data centers across China.”
As per Zhuoer, a portion of B.top’s joint mining facility users in China, where they introduced the program in March, are interested in investing between 10 million and 20 million RMB (~$1.40 million-$2.80 million). Now, the platform has been rolled out worldwide.
B.top is levying about 3.30 cents per kilowatt-hour, even though there is a likelihood of a change in price after the end of rainy season on Sichuan as some of the mining facilities are located at that place. During the entire period of the program, users are billed for the power consumed by their hardware.
While Chinese miners account for 65% of Bitcoin’s aggregate hash rate, as per Bitcoin Mining Map created by Cambridge center for unconventional funding, some nations have resorted to clamp down of mining activity. Earlier in July, Venezuela, which has taken the 10th place on the map, has prohibited cryptocurrency mining from state-owned housing.
While China is currently responsible for as much as 65% of Bitcoin’s total hash rate, according to the Bitcoin Mining Map developed by Cambridge center for alternative finance, some countries choose to crack down on the activity. Earlier this month, Venezuela, which occupies the 10th spot on the said map, banned crypto mining in state-owned housing localities.