Binance Cloud Mining enables users that don’t have access to mining equipment to earn mining rewards from the Binance Pool. You can purchase hashrates from the Cloud Mining products and start accumulating rewards in your Funding Wallet.
How to subscribe to a Cloud Mining product?
1. Log in to your Binance account and click [Finance] - [Mining Pool].
Go to [Cloud Mining].
2. You will see all the available Cloud Mining products under [Market]. Choose a product and click [Buy Now].
3. Adjust the hashrate to purchase and choose the currency to use. We support USDT (the USDT-to-USD exchange rate is 1:1).
You will see the total payment amount, the estimated start time, and the duration. Read and agree to the service agreement and click [Confirm].
4. Once the order is confirmed, Binance will deduct the corresponding amount from your Spot Wallet. Please ensure you have a sufficient balance in your Spot Wallet.
Important note:
- Once the order is confirmed, you cannot edit or cancel.
- Subscription opens every Thursday from 04:00 (UTC) to the following Monday at 02:00 (UTC). Please note that the subscription period varies for presale products. Please refer to the description on the product.
- The total payment amount includes the electricity fee and hashrate fee for your Cloud Mining order. You will receive the mining output as revenue. Please note that after the subscription expires, the fees you paid will not be refunded.
How to choose a Cloud Mining product?
Binance offers different Cloud Mining products with different duration and electrical power fees. By looking at a product’s electricity/historical output ratio, you can estimate its rate of return.
For example, products with a higher electricity/historical output ratio are more likely to generate a higher rate of return when the crypto price rises. However, the losses may also be higher when the crypto price drops.
How to manage my orders and mining income?
Log in to your Binance account and go to [Finance] - [Mining Pool]. Click [Cloud Mining] - [My Orders].
Cloud Mining rewards will be distributed in accordance with the Binance Cloud Mining Terms of Use. Binance Cloud Mining settles daily from 00:00 (UTC) to 00:00 (UTC) the following day. Your daily mining income will be settled from 02:00 to 10:00 (UTC). After the settlement is complete, your mining income will be distributed to your Binance Funding Wallet. You can view more details from [My Orders] - [Earning History].
How to monitor the hashrate?
Log in to your Binance account and go to [Finance] - [Mining Pool]. Click [Cloud Mining] - [My Orders].
Once subscribed, your Cloud Mining order will be connected to Binance Pool before 04:00 (UTC) on the Thursday of the following week. Please note that the subscription period varies for presale products. Please refer to the description on the product. You can check the watcher link in [My Orders] to monitor the real-time operation status of your hashrate. To view the revenue and runtime of a specific order, go to [Earnings History].
Frequently Asked Questions
1. What is the Total Hashrate Online Rate?
The Total Hashrate Online Rate refers to the total proportion of the subscription period when the hashrate from a purchased Cloud Mining product is delivered and online. This is a key performance indicator, which allows users to review their mining performance with the Cloud Mining product they have purchased.
Upon the end of your Cloud Mining product’s subscription period, you can view your Total Hashrate Online Rate via [Cloud Mining] - [My Orders] - [Earnings History]. Alternatively, you can calculate your Total Hashrate Online Rate for a Cloud Mining Product using the equation below:
Total Hashrate Online Rate = [Total hashrate delivered / (Hashrate purchased * Mining duration)] * 100%
- Total hashrate delivered: Sum of all the hashrates delivered daily during the subscription period
- Hashrate purchased: The daily hashrate amount purchased in your Cloud Mining product.
- Mining duration: The subscription period of the Cloud Mining product, calculated from the time the computing power goes online. Measured in days.
Example:
Suppose that a user has completed a Cloud Mining order for a daily hashrate of 1 Th/s, and the mining duration for this order is 30 days.
If the total hashrate delivered over the subscription period is 28.85 Th/s, the user’s Total Hashrate Online Rate is equivalent to [28.85 Th/s / (1 Th/s * 30)] * 100% = 96.17%
2. What happens if the Total Hashrate Online Rate falls below 95%?
In line with the industry standard across various cloud mining platforms, Binance Pool will ensure a Total Hashrate Online Rate of at least 95% for all Cloud Mining products by the end of the corresponding subscription period.
If the Total Hashrate Online Rate falls below 95% during the subscription period due to force majeure events and other unforeseen factors, Binance Pool will implement the following measures to protect users' interests and ensure that the final Total Hashrate Online Rate is at least 95%:
- In situations where Binance Pool determines that the delivery of mining hashrates can be restored shortly, the mining duration for the impacted Cloud Mining products will be extended accordingly to compensate users for the interruption.
- If Binance Pool determines that the delivery of mining hashrates cannot be completed in the short term, all impacted users will receive a refund on the undelivered electricity fees and hashrate fees in their Spot Wallets within 30 working days.
3. What causes a temporary pause or substantial drop in Cloud Mining hashrate?
Mining hashrate for Cloud Mining product subscriptions may not be delivered in time due to force majeure and other unforeseen factors, such as power outages, electricity supply issues, site maintenance, or network problems.
Should this occur, Binance Pool will adopt the responses stated under the “What happens if the Total Hashrate Online Rate falls below 95%?” section, to best protect users’ interests.
Glossary
Duration: The validity period of the Cloud Mining product, calculated from the time the computing power goes online. You will get an average online rate service level above 95%.
Hashrate Unit: Binance Cloud Mining products use the “Th/s” of Bitcoin's SHA256 algorithm as a single unit of hashrate.
Hashrate Fee: The per Th/s per day hashrate renting fee for the specific Cloud Mining product.
Electricity Fee: The per Th/s per day hashrate electricity fee for the specific Cloud Mining product.
Historical Output: Based on the theoretical output of the unit from 00:00 (UTC) the previous day to 00:00 (UTC) the next day, converted from the BTC/USDT price at 00:00 (UTC).
Please note that historical output is not an accurate prediction of future output, nor should it be used to estimate the digital assets you will be awarded for contributing cloud mining computational power to a mining pool.
Estimated Mining Start Date: The estimated mining start date for regular Binance Cloud Mining products is 04:00 (UTC) on the Thursday of the following week the user places the order. Please note that the subscription period varies for presale products. Please refer to the description on the product.
Runtime: The daily average online computing power rate based on the mining rig operation between 00:00 (UTC) and 00:00 (UTC) the following day. Please note that the hashrate delivered on the first day may not meet the daily average hashrate stipulated in the contract due to different starting timelines of the hashrate connection. However, the total hashrate delivered over the duration of the contract will meet the required service level.
Total Hashrate Online Rate: The total proportion of the subscription period when the hashrates from a purchased Cloud Mining product is delivered and online.