Gate.io, one of the world’s leading cryptocurrency exchanges, recently released a set of Cloud Mining products to its over 8 million users.
Gate.io, one of the world’s leading cryptocurrency exchanges, recently released a set of Cloud Mining products to its over 8 million users. The most recent phase, the sixth since the product was launched, saw Cloud Mining products provide a staggering 315% annualized rate of return (ARR), despite initially offering a rate of 124.47%.
Gate.io’s Cloud Mining contracts are a series of contracts where ordinary users can purchase computing power to mine cryptocurrencies, such as bitcoin, without the need of owning expensive hardware or having the expertise to run the necessary software. Users purchase Cloud Mining contracts from current miners and earn their share of the mining rewards during the time period of the contract.
In August 2021, Gate.io launched its first set of cloud mining contracts in partnership with miners operating in the United States, Canada, Russia, Iceland and a few other countries. In order to ensure a smooth operation, the company ensured all miners used were fully compliant with local mining policies and that the necessary regulations in each territory were adhered to.
To ensure accessibility for both regular investors and larger players in the industry, Gate.io’s comprehensive cloud mining offerings range from tens of Dollars to tens of thousands of Dollars, offering an easy way for users to enter the fledging market that is cryptocurrency mining. Users can choose differing contracts which offer either short-term or long-term mining, with different hash rates at which the bitcoin is mined.
Gate.io’s Cloud Mining products have already operated throughout 17 different phases, with users purchasing their cloud mining contracts directly on the exchange. Currently only bitcoin mining is supported, however the company plans to launch Ethereum mining products in the near future.
About Gate.io
Gate.io allows blockchain enthusiasts to trade and store assets in over 1,100 of the leading cryptocurrencies for over 8 million users from over 190 countries. The exchange offers spot, margin, futures and contract trading in addition to DeFi products through Hipo DeFi, custodial services through Wallet.io, investments through Gate Labs and its dedicated GateChain platform. The company also offers a wholly integrated suite of products such as its Startup IEO platform, NFT Magic Box marketplace, crypto loans and more.