World’s largest crypto exchange by trading volume, Binance has launched the presale of its cloud mining products for BTC mining. In a blog post today, the cryptocurrency exchange indicated that the presale period will run from March 1 to 15, 2023. In the announcement, Binance gave an insight into the side benefits of participating in the pre-sale.
More so, the crypto exchange illuminated that users are bound to enjoy a 20% discount on cloud mining management fees. Also, they will receive APR rewards alongside the funds they use in acquiring the product. However, Binance stated that these rewards will come through Simple Earn Flexible Products.
Upon the end of the presale period, participants will accumulate their APR rewards through Simple Earn Flexible Products till mining commences. Thereafter, the APR rewards will be calculated and distributed to users Funding Wallets within 30 days after the mining start time. Additionally, the estimated Mining day according to Binance will commence two days after the end of the Presale.
Furthermore, Binance explained that the subscription format for the product will adopt a First-come, First-serve method. This implies that users will get what they order according to how fast they apply. The exchange revealed that the Cloud Mining products are limited, thus, birthing the need to adopt the sale model.
Binance added that if some unforeseen situations prevent users from receiving their hashrate by March 17, it’ll initiate a refund process for users through their funding wallets. However, users are mandated to have their accounts verified to complete subscriptions to Cloud Mining products.
Side note about Binance’s cloud mining
Worth noting that Binance Cloud Mining is aimed at mending the gap between users and expensive mining facilitates. The program aids users to earn mining rewards passively even without having mining equipment. Accordingly, users can acquire hashrate through Cloud Mining products, and then receive rewards through their funding wallet.
Meanwhile, Binance’s Cloud Mining products differ based on service length and electrical power fees. The return of each product depends on the height of its electricity, historical output and the price of cryptocurrency.