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Kucoin Cloud Mining: An Introduction

Cryptocurrency mining is a competitive process that verifies and adds new transactions to the blockchain for a cryptocurrency that uses the proof-of-work (PoW) method; in other words, it can be likened to the mining of ‘digital gold’. Miners are given rewards for their hard work in validating such transactions, in the form of cryptocurrency coins. I have always been a fan of cryptocurrency mining from the start — having invested in a good number of projects that have turned out well (such as Scryptcube although sadly services were halted due to technical issues, but the administrators were quick to issue a full refund), and a number of other too-good-to-be-true projects that promised great returns but eventually turned out to be scams, like mineify, darkmine and mygbit. (Check out my previous article to learn the painful mistakes that I have made in the past, dabbling on these platforms). So when Kucoin, a reputable and established cryptocurrency exchange service finally announced their cloud mining service, I was quick to jump on the bandwagon.

Kucoin is currently offering 2 packages, a 180 day and 365 day mining package priced at 22.94usdt/t and 46.52usdt/t respectively. The launch of the Kucoin cloud mining service has been met with a rather enthusiastic response; the 180 day package has been fully sold out within a few hours of its debut yesterday; the 365 day package remains as of now, but selling out fast too.

The Technicalities

The cloud mining service runs on the Antminer S19j Pro

Mining commences on the 9th of March 2022 at 0800.

Is It Worth It?

The projected daily bitcoin earnings are 0.00000456 btc. This does not include electricity fees at 0.06USDT/T/day. The projected APR is said to be 223%, which sounds good. Let’s get down to the calculations.

1 USDT of electricity fees covers mining for around 3 days and 8 hours. In other words, 180 days of mining requires an electricity fee of around 54 USDT, which can be prepaid in the form of USDT or deducted from the daily bitcoin earnings.

Assuming that we take the prepaid option, the minimum initial investment for a 5T hashrate mining plan would be 168.7USDT.

Taking bitcoin’s price at $44000 currently, this would translate into a purchase equivalent to 0.003834 bitcoin. The projected income is 0.00000456 bitcoins/t per day, hence an estimated 0.00000456 x 5 x 180 = 0.004104 bitcoin at the end of the mining plan. This gives us a theoretical profit of 0.00027 bitcoin, equivalent to an earning of 11.88 USDT on an initial investment of 168.7 USDT. To be honest, this is not a hugely impressive amount of earning, but given the reputability of the platform, it is one that I would invest in with not much worries.

Some FAQs (taken from the Kucoin Cloud Mining Site)

  • What is cloud hashrate? With low costs, ease of operation, and stable access to quality assets, Cloud Hashrate is a remote mining model that allows most users to participate in mining and jointly maintain the security of the main network.
  • How do I buy Cloud Hashrate on KuCoin Pool? Register your KuCoin account > Enter the Cloud Hashrate Store > Select your Cloud Hashrate product > Click the Buy Now button and enter the hashrate you want to buy > Choose if you want to prepay for electricity > Submit the order > Click the Pay button and complete the security verification > Complete the payment. Confirm the payment in a timely manner to ensure a successful purchase.
  • How do I check my Cloud Hashrate income? After the purchase period, income will be distributed to your KuCoin Main Account during 04:00 (UTC) — 10:00 (UTC) the day after mining starts. In exceptional circumstances, payment may be delayed with an announcement made accordingly.
  • Is the projected income of the Cloud Hashrate product the actual income? KuCoin Pool does not make any promises about future income. The projection income is only a reference based on the current mining difficulty, crypto price, network difficulty, and block rewards.

The Pros

  • Investing with a reputable and secure platform like Kucoin
  • If the price of bitcoin booms, potential earnings are further boosted given that a relatively fixed amount (rather than value) of bitcoin is mined daily.
  • A cloud mining service obviates the need to manually maintain and service expensive mining hardware.

The Cons

  • Earnings are mediocre at best at the current price of bitcoin, compared to other high yield staking products which can offer APYs of up to 200%
  • Earnings are not guaranteed — subject to mining difficulty and price fluctuations of the mined asset (if the price of bitcoin dumps, so will your earnings). Other factors that come into play include network difficulty and block rewards.
  • Pioneer project for Kucoin — this is the first time Kucoin is launching a cloud mining service; we do not yet know how this will turn out, although prospects are currently looking good.

Final Thoughts

The recently launched Kucoin cloud mining pool presents an enticing investment opportunity that in my opinion is worth availing, given the credibility of the platform and its long-standing position in the cryptocurrency world.

If you’d like to give it a try, sign up for kucoin here, then click the cloud mining link to purchase your hashrates and get started today!

My Purchase

Will this be a good investment? Only time will tell! Stay tuned for further updates on my returns of the Kucoin Cloud Mining Service in future articles!

As always this is not financial advice! But just some cryptocurrency investment platforms I am currently using and have found worthy of sharing with. Do your own research before investing and never deposit money you cannot afford to lose.
Feel free to ask me any questions below.

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Trader FX

A tech enthusiast, trader and zealous writer passionate in cryptocurrency, finance and passive income. 4x Top Writer in Finance, Bitcoin, Investing, Technology.