BitFuFu, a crypto mining standardization platform, today announced it will give its users the ability to use cryptocurrency wallet, Cobo, within the platform’s interface. The feature, which will streamline operations, will be fully integrated onto the web service on January 12th, 2021.
Cobo Wallet + BitFuFu
Slated to be ready on January 12th, the integration allows for the direct transfer of earnings from BitFuFu into the users’ wallets as soon as purchased hashrate services take effect. These transfers will be free of withdrawal fees between the user’s account balance and their Cobo wallet address.
To follow this, on January 15th, BitFuFu will enable mining earnings to be transferred to the user’s designated wallet address by mining pool. Prior to the new feature, BitFuFu customers received emails from the platform on a regular basis, informing them of the mining performance of their accounts.
According to BitFuFu, hashrate standardization is their answer to the need for transparent and reliable commodity trading in the market, which has not been made available by other providers before them. The standardization of hashrates in crypto mining refers to the process in which multiple models of the same series are intelligently proportioned into units with the same standard power consumption, otherwise known as the energy efficiency ratio (J/T).
BitFuFu uses their hashrate allocation center and matching algorithm to bundle the available mining machine models into a series of standardized hashrate products of 30 J/T, 40 J/T, 50 J/T, and others. The aim is to give more flexibility to a wide array of users who have different risk appetites, perspectives on the future market trends, and needs for liquidity in their portfolios. The significance of this is that users can select their packages according to the projected energy efficiency ratio, as opposed to comparing different mining machine brands and models. Aside from this, BitFuFu promises its customers guaranteed mining services through their easy-to-access online platform, and ensures a proof-of-work (PoW) of between 1% to 3% for the mined currencies.
BitFuFu plans to further bolster their array of crypto mining services through the addition of new features, such as launching a hashrates trading market on their platform during early February 2021.