One of the world’s leading cryptocurrency trading platforms, Gate.io recently released a kit of Cloud Mining products to its over 8 million users. The most recent phase, the 6th 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%.
Following a recent press release, Gate.io has announced that the current phase of its Cloud Mining products is set to provide a staggering 315% annualized rate of return (ARR). The platform noted that the provision will be made regardless of its initial offering at a rate of 124.47%.
With the Cloud Mining contracts launched by Gate.io, ordinary users are offered the privilege to purchase computing power to mine cryptocurrencies, such as bitcoin. This unique feature allows users to make the purchase without the need of owning expensive hardware or having the expertise to run the necessary software.
Per the announcement, Gate.io’s Cloud Mining products have passed through 17 different phases which allow users to purchase their cloud mining contracts directly on the exchange.
The cloud mining project began in the third quarter of 2021. The first phase saw Gate.io launch the first set of cloud mining contracts in partnership with miners operating in the United States, Canada, Russia, Iceland, and a few other countries.
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 fledgling 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.