What is Mining Bank? Everything you Need to Know

Over the past few years many have made their fortune through Bitcoin mining. But the problem with the mining is a hefty initial investment and a need for active maintenance. It is virtually a full time job.

This is where Cloud Mining comes in with all its benefits. In Could Mining an investor is not required to build a costly mining setup. Rather, an investment with a Cloud Mining service provider would do it all. An individual just invests in a firm’s mining farm that helps the firm mine Bitcoin, which is then distributed among the investors according to their share of total investment.

Currently one of the fastest growing online Cloud Mining platforms is the Miningbank.

What is the Miningbank?

Miningbank is one of the world’s fastest growing online Cloud Mining platforms that offers Cloud Mining services to investors interested in Bitcoin mining.

Founded 3 years ago, Miningbank has almost 4,000 mining machines in operation. Further, with almost 10,000 customers from across the globe the firm has a total power of 163 quadrillion hashes per (163 PH/s) second under management.

How to Use Miningbank to Mine Bitcoin?

Avoiding all the issues that may arise in building and running a personal mining farm, an investor is only required to enter in a contract with Miningbank and it will  mine Bitcoin for the investor. Basically, an investor invests in Miningbank’s mining farm and the platform that mines Bitcoin on his/her behalf.

The amount of Bitcoin an investor earns depends mainly on two factors. The first one is the amount the investor decides to invest and the second is the hash rate that the investor chooses to employ to mine Bitcoin. Simply put, higher the hash rate higher the return on investment. Miningbank offers multiple mining packages to choose from, depending upon investor’s requirements.

Packages the Miningbank Offers

The Miningbank currently offers three Cloud Mining packages, light, strong and productive. While the contract term of 1 year is the same for all three, they offer different hash rates or giga hash rates per second (GH/s) and have different minimum investment requirements.

Firstly, the Light Package has a minimum rent (investment) requirement of $250 and offers a minimum GH/s of 59,050. If an investor chooses the Light Package and makes an investment of $1,000, at 59,050 GH/s, he/she will earn a profit of $1,440 (144%) on the initial investment.

The second package offered is labelled as Strong. The minimum rent (investment) requirement in the Strong Package is of $3,700 and the minimum GH/s offered is of 873,940. If the Strong Package is chosen, the investor will earn a profit of $1,580 (158%) on the initial investment of $1,000, a profit of $5,846 on the minimum investment of $3,700.

The most lucrative package offered by Miningbank is the Productive Package. A minimum amount of $7,800 is required to choose the package. At the 1,842,360 GH/s, minimum hash rate offered, the investor is expected to earn a profit of 179%. If the minimum amount of $7,800 is invested in the Productive Package, the investor will end up earning $13,962 in profits, a profit of $1,790 on every $1,000 invested in the package.

Notably, the profit amounts mentioned above are net of the initial investment. Which means that at the end of the contract, after 1 year, the investor would be returned a clean profit (profit net of initial investment) plus the initial investment or deposit.

Further, the Bitcoin mined daily on the investment would be deposited to the investor’s account on the daily basis and the withdrawals can be made at any moment in time. It is only the initial investment that will be locked for the whole year.

How to Sign up with the Miningbank?

Like everything else Miningbank’s sign up process is fairly simple. Firstly, the investor will make an account on the platform then the package of their choosing will be bought and that is it. Now the investor is eligible to earn Bitcoin daily that will be deposited to his/her account on the daily basis.