Recent weeks have witnessed a surge in crypto popularity, with the total market cap soaring from $1.05 trillion to $1.43 trillion within a mere month, a whopping rise of 36.2%. At the same time, Bitcoin has also continued its growth trend, approaching the critical threshold of $38,000. Positive events such as the Bitcoin halving and the acceptance of spot ETFs hint at the arrival of a bull market.
As upstream producers in the crypto space, most miners are deploying mining rigs and making hashrate investments to generate more cryptos and capitalize on the current bullish market sentiment. Next year, PoW coins like BTC and BCH will go through halving events, which will reduce block rewards, along with the mining revenue. Despite this, network hashrates remain at historic highs, and the competition among global miners has intensified. In this context, only miners with efficient, low-cost operations could survive.
Electricity fees and equipment expenses stand as the main factors influencing mining costs. Once these two critical expenditures are fixed, miners then will have to explore more sources of revenue and cut down O&M expenses to become more competitive. Amidst exponential hashrate growth, individual miners find it difficult to produce blocks, as their limited hashrate prevents them from quickly solving complex math problems. This is why many of them have opted for mining pools, where they can join hands with other miners and pay a small fee to secure stable returns every day.
Mining fees are the primary source of income for mining pools. Although this fee is small in amount, it could still be a significant expense for miners after years of accumulation. If this expense could be reduced or even eliminated, miners could make massive savings.
As a long-established mining pool with seven years of experience, ViaBTC consistently prioritizes the interests of miners. For instance, the pool has introduced several programs, including the referral commission program, zero-fee mining events, and mining subsidies. Apart from that, ViaBTC offers miners the benefit of mining coupons, with a certain level of fee discounts.
How to Use Mining Coupons?
ViaBTC distributes fee discount coupons through official events. Users who received these coupons can log in to their ViaBTC accounts on the web or mobile app, navigate to [My], and click on [Fees Coupon] (on app) or [Coupons] (on web) to view their available coupons.
Select an [Unused] coupon and click [Use Now] to use the coupon. For coupons that have been activated, click on [Used] to view the details and the reduced fees through [Expected to deduct].
- ViaBTC distributes two types of coupons, multi-cryptocurrency coupons and single-cryptocurrency coupons, and users can check out the applicable pool and other requirements in the [Conditions of Use] column.
- A coupon can only be activated when the required conditions are met; otherwise, activation of the coupon will fail, and users will see “Unqualified” when trying to activate the coupon.
- The effective period of a coupon starts from the effective date. The coupon is valid within this period and automatically becomes unavailable upon expiration.
- Fees coupons are applicable to both main accounts and sub-accounts for the PPS method.
- Only one coupon can be activated at a time.
For more details, please refer to: ViaBTC Help Center — Fees Coupons FAQ
How Much Can Coupons Save?
Let’s consider the following case. Miner A received a 50% BTC mining fee coupon from ViaBTC, valid for 30 days. At this point, Miner A runs a hashrate of 10 PH/s, BTC is quoted at $37,406.38, and the network hashrate stands at around 64.68 T, with a PPS rate of 4%. According to the Profits Calculator, Miner A would earn $804.24 every day (without using the coupon), and his theoretical 30-day income would be $24,127.2.
If Miner A connects his hashrate to ViaBTC and activates the coupon, his daily yield would be $819.2. Within the 30-day validity period of the coupon, the monthly earnings of Miner A would amount to $24,576.
This means that the coupon helped Miner A make a saving of $448.8 (24,576–24,127.2), and the expenses saved can be considered an additional income.
Before halving events arrive next year, miners can make full use of the giveaway events hosted by mining pools to minimize costs and hoard more coins. This will allow them to capture more opportunities and profits, while preparing themselves for the halving challenge in 2024.