Cloud Mining Goes Live on KuCoin Pool: A Simpler, Stable, and Secure Way To Mine — KuCoin AMA Recap

2022/03/05 01:55:40

Dear KuCoin Users,

Time: March 3, 2022, 11:00-12:02 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session in the KuCoin Exchange Group about KuCoin Pool’s new mining model — Cloud Mining.

Project Introduction

KuCoin Pool has now launched a cloud mining product - a remote mining service that allows users who want to participate in mining to purchase a cloud mining contract to rent hashrate mining through the KuCoin Pool platform. The platform has a very low threshold for mining, making it truly possible for everyone to become a miner. As a derivative of KuCoin Pool's existing mining pool business, cloud mining is an integral part of the KuCoin Pool ecosystem. It helps users protect themselves against risk and increase their revenue.

Official Website: https://www.kucoin.com/cloud-mining

Join KuCoin Pool Cloud Mining on Telegram.

Guest:

Jolie — Head of KuCoin Pool Business & Opera

In the past, she worked in Xiaomi, Meituan, and other well-known Internet companies responsible for project marketing-related work. She has devoted herself to the blockchain industry since 2017. Before joining KuCoin, she was in charge of cryptocurrency mining in Huobi Global, OKX, and other top global cryptocurrency exchanges. She has participated in the incubation and growth of several successful projects in the industry and has rich experience and resources in the field of cryptocurrency mining.

Q&A from KuCoin

Q: What is cloud mining? What is the role and place of cloud mining in the KuCoin Pool ecosystem?

Jolie: Cloud mining is a remote mining model that enables most users to participate in mining, become miners, and work together to maintain the security of the mainnet. Customers do not need to buy their own mining machines. They can find hosting and a series of complex operations, buy with just one click and experience the whole process of BTC mining.

As KuCoin Pool promised at the beginning of its launch, it will not only provide mining pool services but also derivatives and financial value-added services to help clients protect themselves against risks and increase their returns. These new functions are an important part of cloud mining. Cloud mining is a derivative of mining. KuCoin Pool launched the product to lower the mining threshold so that more customers can get a stable income with low costs.

The cloud mining product is a derivative of KuCoin Pool's existing mining pool business and is an integral part of the KuCoin Pool ecosystem. KuCoin Pool is always on the side of users and striving to meet their needs. During communication with users, it was made evident that many of them had a great interest in mining and exploring new ways of investment but had neither the means to buy mining machines nor relevant experience in mining. Understanding and integrating the corresponding needs of users, KuCoin Pool actively explores and adjusts its business rhythm to safely and stably bring the cloud mining product to users. Cloud mining is a product that requires no experience in mining, no in-depth understanding of mining principles and various hardware and software, and no need to invest a lot of money and time in buying mining machines, transporting them, and building mining farms. Definitely, everyone can become a miner.

Q: Does the cloud mining sold by KuCoin Pool have real mining machines and mining farms?

Jolie: The cloud mining sold by KuCoin Pool is generated by real miners, i.e., the cloud mining subscribed by users is a real hashrate. KuCoin Pool buys mining machines and finds low electricity prices and safe mining sites. Also, it hires professional management, operation, and maintenance staff to ensure that the mining machines run safely and stably. We will be releasing more information about the mining farms one after another and even showing it to our customers with real-time monitoring so that everyone can truly see the cloud mining machines that they are buying.

Q: What are the core advantages of the cloud mining product launched by KuCoin Pool compared to those of other platforms?

Jolie: The product is cost-effective, and the user's profit can be guaranteed to a large extent. KuCoin Pool starts with the mining machine models, selects high quality, high hashrate, low power consumption, and makes great efforts to control the cost of the machines, thus ensuring that users can buy low power consumption and cost-effective machines at a lower price. Even if the price of the currency fluctuates drastically, the normal operation of the machines is guaranteed to the greatest extent possible.

Products come in different forms to meet the needs of different customers. KuCoin Pool currently has several forms of cloud mining products, including short-term contracts, long-term contracts, perpetual contracts, and rem transfers, which users can choose according to their needs.

Q: Can you tell us about the KuCoin Pool cloud mining plan launch? What benefits are available to users at the beginning of the launch?

Jolie: KuCoin Pool cloud mining was officially launched on March 2, 2022, together with the "Buy Cloud Mining and Enjoy Double Gift" campaign.

1) All users who purchase cloud mining this time will enjoy 0 handling fee for the first month of mining. After the campaign ends, the users' mining fees for the first month will be uniformly refunded to their corresponding KuCoin Main accounts.

2) During this cloud mining rush, KuCoin Pool will give away a mystery prize worth 200 USDT to the first 5 users who have subscribed with the highest total share of cloud mining.

KuCoin Pool will continue to bring benefits to customers. You are welcome to experience cloud mining!

Q: How does KuCoin Pool guarantee the safety and stability of users' income in case of force majeure during cloud mining?

Jolie: If the miner is unable to operate normally due to force majeure, KuCoin Pool will extend the contract term, and the operation and maintenance staff will handle the situation urgently to maximize the profits of the user.

At that time, users can check the corresponding order details. Users do not have to bear the costs incurred during the period so that they can truly enjoy the benefits.

If there is a power outage at the site due to routine inspection such as overhaul by the State Grid, no revenue will be generated on that day, no electricity bill will be paid, and the contract will be postponed accordingly.

Q: What are the next plans for KuCoin Pool?

Jolie: KuCoin Pool already supports BTC and ETH mining and has also launched products such as cloud mining and collateralized lending.

More financial services will be launched one after another, such as mining malls, joint mining, hedging, wealth management, etc. KuCoin Pool has been investing in mining farms around the world and laying out mining ecosystems in more areas. Also, it is committed to meeting the diversified needs of customers, serving them in a comprehensive manner, and allowing them to increase their assets.

Q: How does cloud mining pay off its users?

Jolie: The cloud mining product launched by KuCoin Pool guarantees maximum revenue for users. As KuCoin Pool cooperates with quality partners, it provides customers with a price per TB of hashrate that is far below the market price, giving more benefits to users in terms of hashrate prices and electricity costs.

This model of cloud mining makes it more profitable and rewarding for users to mine than buying physical mining machines on their own. As the currency price rises, the benefits to the user will be magnified.

Q: Can users mine by themselves? How does cloud mining mine?

Jolie: Users can purchase their own physical mining machines to mine, but the threshold for mining will be high. Users need to invest a lot of money to buy mining machines and build mining farms. If we take into account the potential power outages, power failures, mining machine maintenance, natural disasters, and other accidents, there may be a loss of revenue. If miners encounter technical problems, they cannot completely solve them by themselves and require a high level of relevant experience.

By purchasing cloud mining contracts to lease hashrate mining on the KuCoin Pool platform, users are participating in cloud mining, which greatly reduces the difficulty of mining. Users subscribe to the hashrate power of the physical mining machine, the mining machine operates normally, and all the maintenance and operation of the mining machine are handled by the professional team of KuCoin cloud mining, so the user can get a more stable source of mining income.

Free-Ask from KuCoin Community

Q: Why should we use the KuCoin Pool cloud mining product?

Jolie: Mining has become a global trend and is the most primitive way to acquire Bitcoin. It can avoid market volatility and thus increase risk tolerance. At the same time, the cloud mining product does not require users to bother with maintaining the mining machines, studying mining tutorials, and making various access settings.

After purchasing the product, there will be professional mining operations and maintenance personnel running the mining machines to escort users in their mining journey.

Q: What is the mining fee for KuCoin Pool's cloud mining product? In what mode of settlement?

Jolie: The mining fee for the KuCoin Pool cloud mining product is 2%, which is the lower rate in the industry. To help users gain revenue, KuCoin Pool will provide users who purchase cloud mining with 0 fees in the first month after the launch.

KuCoin Pool adopts the current optimal model FPPS, which maximizes the protection of users' mining revenue.

Q: Can you tell us about the background and experience of your project development team? And how will they carry out your project during the current pandemic?

Jolie: Our team has many years of experience in the mining industry, and many of them have successfully incubated pool businesses. And we have guaranteed product, price, and safety.

Q: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?

Jolie: I think most of the people who buy the product are Bitcoin believers, and I'm a Bitcoin believer. At the same time, it is also a kind of investment financial product that can spend a little energy to obtain stable returns.

Q: The common problem is that nowadays, most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?

Jolie: Buying cloud mining is like buying a period of mining machine earnings. You can get Bitcoin mining machine earnings every day.

Giveaway Section

KuCoin has prepared a total of 500 USDT to give away to AMA participants.

1. Red envelope giveaways: 450 USDT

2. Free-ask section: 50 USDT

. . .

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