Best Way to Explain How to Use Binance Cloud Mining
Binance Cloud Mining enables users that don’t have access to mining equipment to earn mining rewards from the Binance Pool. You can purchase hash rates from the Cloud Mining products and start accumulating rewards in your Funding Wallet.
How to choose Binance Cloud Mining product?
Binance offers different Cloud Mining products with different duration and electrical power fees. By looking at a product’s electricity/historical output ratio, you can estimate its rate of return.
For example, products with a higher electricity/historical output ratio are more likely to generate a higher rate of return when the crypto price rises. However, the losses may also be higher when the crypto price drops.
How to subscribe to a Cloud Mining product?
1.Log in to your Binance account and click [Earn]
2. You will see all the available Cloud Mining products under [Market]. Choose a product and click [Buy Now].
3. Adjust the hashrate to purchase and choose the currency to use. Currently, we support USDT and BUSD (the BUSD/USDT-to-USD exchange rate is 1:1).
You will see the total payment amount, the estimated start time, and the duration. Read and agree to the service agreement and click [Confirm].
4. Once the order is confirmed, Binance will deduct the corresponding amount from your Spot Wallet. Please ensure you have a sufficient balance in your Spot Wallet.
Important note:
- Once the order is confirmed, you cannot edit or cancel.
- Subscription opens every Thursday from 04:00 (UTC) to the following Monday at 02:00 (UTC).
- The total payment amount includes the electricity fee and hashrate fee for your Cloud Mining order. You will receive the mining output as revenue. Please note that after the subscription expires, the fees you paid will not be refunded.
How to monitor the hashrate?
Log in to your Binance account and go to [Earn] – [Binance Pool]. Click [Cloud Mining] – [My Orders].
Once subscribed, your Cloud Mining order will be connected to Binance Pool before 04:00 (UTC) on the Thursday of the following week. You can check the watcher link in [My Orders] to monitor the real-time operation status of your hashrate. To view the revenue and runtime of a specific order, go to [Earnings History].
Glossary
Duration: The validity period of the Cloud Mining product, calculated from the time the computing power goes online. You will get an average online rate service level above 95%.
Hashrate Unit: Binance Cloud Mining products use the “Th/s” of Bitcoin’s SHA256 algorithm as a single unit of hashrate.
Hashrate Fee: The per Th/s per day hashrate renting fee for the specific Cloud Mining product.
Electricity Fee: The per Th/s per day hashrate electricity fee for the specific Cloud Mining product.
Historical Output: Based on the theoretical output of the unit from 00:00 (UTC) the previous day to 00:00 (UTC) the next day, converted from the BTC/USDT price at 00:00 (UTC).
Please note that historical output is not an accurate prediction of future output, nor should it be used to estimate the digital assets you will be awarded for contributing cloud mining computational power to a mining pool.
Estimated Mining Start Date: The estimated mining start date for Binance Cloud Mining products is 04:00 (UTC) on the Thursday of the following week the user places the order.
Static Revenue Rate: Static Revenue Rate = (Historical Output – Electricity Fee – Total Hashrate Fee) / Total Hashrate Fee * 100%
Please note that the static revenue rate is only an estimation of the rate of return based on historical data. It is not an accurate prediction, nor should it be used to estimate the digital assets you will be awarded for contributing cloud mining computational power to a mining pool.
Runtime: The daily average online computing power rate based on the mining rig operation between 00:00 (UTC) and 00:00 (UTC) the following day. Please note that the hashrate delivered on the first day may not meet the daily average hashrate stipulated in the contract due to different starting timelines of the hashrate connection. However, the total hashrate delivered over the duration of the contract will meet the required service level.
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