LBank to Launch the second phase of LBK Cloud-Hashrate Rental

4 min readDec 23, 2019

In order to reduce the barrier of mining and satisfy the diverse needs of mining for users and enrich the LBK community application scenarios, LBank will launch the second phase of LBK Cloud-Hashrate Rental product on December 24th to provide a convenient and stable one-stop mining service without service fees. Details below:

1. Launch Time:

The flash sale will launch on December 24th, 2019 14:00–22:00 (GMT+8)

2. Product Introduction

During the 540 day (18 months) rental package, users can rent BTC cloud-hashrate at 89.3 USDT/THs for 540 days. This includes hashrate fee, electricity fee and maintenance fee, without any extra service fee. If you pay via LBK, you can enjoy 20% off the sale price, which is 71.442 USDT/THs. The total sale amount is 10P (LBK and USDT each have 5P in rental)

The lowest price for the whole network is 0.1323USDT/THs/day

Tips: After the price of BTC exceeds 16000USDT, excess expenses will be deducted from the income due to the increase in electricity costs.

3. Purchase Methods

(1) Login LBank website: www.lbank.me| www.lbank.info;

(2) Register for an LBank Account;

(3) Place an order to buy on the “Hashrate Purchase” page;

(4) Obtain revenue.

4. Purchase Model:

First come first serve until sold out

5. Total Purchase Amount

10P (1P=1024TH/s), with 20% discount for payment via LBK. 5P for LBK paying users, and 5P for USDT paying users.

6. Payment Currency

LBK, USDT (The actual amount paid shall be converted to LBK’s closing average price in the first 24 hours on LBank)

*This cloud-hashrate sales will enjoy 20% off through LBK payment.

7. Revenue Algorithm

The revenue will be calculated in BTC, daily revenue of mining BTC = the amount of cloud-hashrate purchased by a user / daily amount of hashrate of the whole network * daily amount of BTC output.

For example, Ming purchased 89.6 TH/s with 200,000 LBK, the total amount of hashrate over the whole network in the day was 91 EH/s, the total amount of BTC output in the day was 1800 BTC. And the mining revenue Ming can get of the day is: 89.6 / 91 E * 1800 BTC * the price of BTC.

8. Tools

Mini mining calculator, Stats of BTC hashrate of the whole network.

* Tips: Since hashrate and BTC price fluctuate every day, please participate in the sale rationally after measuring the revenue by yourself.

9. Revenue Model

Purchase the package on the same day (14:00–22:00 HK time), it will come into effect on the next week (W+1), and settle the proceeds every week (W+1)

10. Limited Amount

Each user can only purchase 10,000USDT worth of cloud-mining services, or the equivalent in LBK.

11. Purchase Condition

All LBank users can participate this cloud-mining rental program.

12. Payment will be made quarterly after the first installment

40% of the total rental amount will be deducted from the whole lease agreement as the first installment, and the rest will be returned. Starting from the second quarter, users will pay 12% of the rental amount on a quarterly basis.

13. Method of payment

40% of the total rental amount will be paid as the first installment. Starting from the second quarter, 12% of the rent should be paid on a quarterly basis to the specific account (lbk_hashrate@126.com). The payment should be made within 3–15 days before the calculation of hashrate each quarter. Users who don’t pay the rent overdue will be deemed as automatic waiver, and the settlement of mining revenue will be stopped from the next quarter.

Description: HashRate will be provided by INTERHASH. The mining machines have been provided by Canaan’s Avalon and certified the hashrate.

⚠️Tips:

1. Hashrate is a special virtual goods, once rented out cannot be returned, and the contract cannot be cancelled in advance and refunded.

2. During the lease period, there may be routine maintenance fees for the substation. When the substation needs maintenance, the miner needs to stop production. The shutdown time caused by substation maintenance shall not exceed 240 hours (10 working days) in a year.

3. Participating in mining should be subject to local laws and regulations, and the purchaser should follow the relevant laws and regulations at their own risk.

4. Please refer to “LBank Customer Hashrate Lease Agreement” for details.

5. All LBK used to pay for hashrate will be destroyed.

6. This activity’s final interpretation belongs to the LBank team.

Click to Enter「Hashrate Purchase」 Page