Cryptocurrency exchange Binance has set out to support crypto miners through a lending program established by its mining pool. Announcing the initiative this week, the coin trading platform also revealed that the Binance Pool plans to launch a cloud mining product.
Leading exchange Binance is considering supporting bitcoin miners
in difficult times for the crypto business.
Binance, the world’s leading crypto exchange by daily transaction volume, has announced plans to extend financial support to companies involved in cryptocurrency extraction. The financing project was recently announced by the platform’s mining pool.
The program will support bitcoin mining and infrastructure providers as part of an effort to strengthen the mining industry.” The exchange elaborated, “As one of the world’s leading crypto mining pools, the Binance Pool is responsible for helping maintain a healthy digital asset ecosystem.
Given the current market conditions, Binance Pool will launch a $500 million financing project to support crypto miners and digital infrastructure providers.
This is Binance Pool’s first such initiative. With this project, the global crypto company aims to provide secure debt financing services to both public and private blue chip bitcoin (BTC) mining and digital asset infrastructure companies worldwide.
To receive a loan, borrowers must accept a set of terms and conditions, including a term of 18 to 24 months and an interest rate of 5% to 10%. In addition, miners are required to provide Binance with satisfactory security in the form of physical or digital assets.
In its announcement, the exchange further revealed that Binance Pool intends to launch a cloud mining product. The trading platform explained that Binance Pool is looking for cloud mining vendors to work with, as the hash power for cloud mining is purchased directly from bitcoin mining and digital infrastructure providers.
Binance Pool is one of the leading operators in the mining sector in terms of hashrate share, along with Foundry USA, Antpool, F2pool, and Viabtc. After two consecutive monthly declines on September 27, as reported by Bitcoin.com News, on October 10, Bitcoin’s mining difficulty spiked to an all-time high, making mining more difficult than ever.BTC
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