Cryptocurrency exchange Binance has started supporting crypto miners through a lending program set up by its mining pool. During the presentation of the initiative this week, the cryptocurrency exchange also revealed that Binance Pool intends to launch cloud mining products.
Leading Exchange Binance Looks To Help Bitcoin Miners Through Tough Times For Crypto Business
Binance, the world’s leading cryptocurrency exchange by daily trading volume, has announced a plan to expand financial support for companies involved in mining cryptocurrency. The lending project was recently unveiled by the platform’s mining pool.
The program will assist bitcoin mining and infrastructure providers as part of efforts to boost the mining industry. “As one of the world’s leading mining pools, the Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem,” the exchange said, explaining:
In light of the current market conditions, Binance Pool is launching a $500 million lending project to support crypto miners and digital infrastructure providers.
This is the first Binance Pool initiative of its kind. With this project, the global crypto company aims to provide secure debt financing services for both public and private Bitcoin (BTC).BTC) Mining and infrastructure companies for digital assets around the world.
To access the loans, the borrowers will have to accept a set of terms and conditions such as a term of 18 to 24 months and interest rates between 5% and 10%. Miners will also be required to provide satisfactory security for Binance, whether in physical or in the form of digital assets.
In the announcement, the exchange further revealed that Binance Pool intends to launch cloud mining products. The exchange explained that since cloud mining hash power will be purchased directly from providers of bitcoin mining and digital infrastructure, Binance is looking for cloud mining vendors to work with.
Binance Pool is among the leading entities in the mining sector by hash ratio, along with Foundry USA, Antpool, F2pool and Viabtc. After dropping on September 27, the first in two consecutive months, the difficulty of Bitcoin mining rose to an all-time high on October 10, Bitcoin.com News reports, making minting more difficult than ever. BTCThe cryptocurrency with the largest market capitalization.
Do you think crypto miners will benefit from Binance Pool Lending Project? Share your predictions in the comments section below.
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