What is Bybit Cloud Mining and how does it work?

Bybit Cloud Mining is a service offered by Bybit, a cryptocurrency exchange platform, which enables individuals to participate in mining activities without the need to purchase, set up, and maintain mining hardware. By renting hashing power directly from Bybit, users can tap into the mining process of cryptocurrencies like Ethereum with a flexible subscription model. This approach minimizes the barriers to entry for potential miners, as it mitigates the risks and complications associated with traditional mining methods, such as electricity costs, hardware maintenance, and noise. Users select a plan that specifies the amount of hash rate they wish to rent and for how long, paying a fee upfront. In return, they receive a share of the mined cryptocurrency proportional to their investment. Bybit handles the operational aspects, simplifying the mining process so users can potentially earn mining rewards by contributing hashing power to the network through this cloud-based solution.