Monday, November 28, 2022

Binance to Launch Cloud Mining Products in November

Binance has announced to the public its plans to launch cloud mining products in collaboration with vendors who are interested. Additionally, a spokesperson hinted during an interview that the products offering will start in November. This is in satisfaction of the global cryptocurrency exchange’s intentions to dive deeper into the crypto mining ecosystem. 

“As one of the top mining pools in the world, Binance Pool will not only operate as a mining pool but also will take responsibility for contributing to building a healthy industry, especially during an uncertain market conditions,” the spokesperson said

Cloud mining is regarded as the easiest and most effective way to make a profit from crypto mining without owning equipment or any hardware.

In detail, it is a service that allows investors to rent crypto mining equipment for use on other miners’ facilities. Most times, these investors may not be able to or choose not to purchase Bitcoin mining equipment and run them.

Crypto firms like Bitdeer and BitFuFu have already invested in such services. Interestingly, In September Jihan Wu Chief Executive Officer of Bitdeer announced a $250 million investment in purchasing distressed assets.

Binance Introduces $500M Lenders Fund for Mining Industry

In addition to that, the leading cryptocurrency exchange has introduced a $500 million miners lending project. The $500 million miners fund is the first of its kind for the Binance Pool amongst many of its offerings. It will be used to support crypto miners and digital infrastructure providers. 

Invariably, this fund will be made available to distressed crypto firms globally as far as they meet the specified requirements. Binance exchange is kick-starting this project as one of its strategies to ensure a healthy digital assets ecosystem. This is especially in light of the current bearish market conditions which have left many crypto firms in disarray.

According to the project launch, the fund is “designed to provide secure debt financing services to both public and private blue-chip bitcoin (BTC) mining and digital asset infrastructure companies globally.”

Reports from Cryptomarketbeat suggest that Bitcoin mining difficulty is gradually increasing at an alarming rate. Sometimes in September, the hash rate required to mine a single BTC was around 32.05 trillion hashes. Presently, it is more than 35.6 trillion hashes, a significant leap from the last 17 months.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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