Binance offers $500 million worth of loans to crypto mining industry

Binance, a cryptocurrency exchange, has created a loan scheme through mining pools to help cryptocurrency miners. The coin trading platform announced the initiative this week, also revealing that Binance Pool plans to deploy a cloud mining solution.

Biggest Exchange Binance Seeks To Help Bitcoin Miners During Difficult Times For Crypto Industry

Binance, the world’s largest cryptocurrency exchange by daily trading volume, has revealed plans to provide financial assistance to companies involved in cryptocurrency extraction. The platform’s mining pool recently launched a financing project. As part of an initiative to support the mining industry, the program will help infrastructure his providers and his bitcoin mining. The exchange said: “As one of the top crypto mining pools in the world, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem.”

Binance Pool will launch a $500 million lending operation to help cryptocurrency miners and digital infrastructure providers in light of current market conditions. This is the first project from Binance Pool. With this project, the international cryptocurrency company hopes to provide a reputable Bitcoin (BTC) mining and digital asset infrastructure business with secure debt financing services on a global scale, both public and private. is.

Borrowers must agree to a set of terms to obtain a loan, including a term of 18-24 months and an interest rate in the range of 5%-10%. Additionally, miners must provide acceptable security to Binance, whether it is real or digital assets.

The exchange also revealed in a statement that Binance Pool plans to introduce a cloud mining product. Binance Pool is looking for cloud mining suppliers to partner with, as cloud mining hash power will be purchased directly from Bitcoin mining and digital infrastructure providers, according to the trading platform. Binance Pool ranks among the top players in the mining industry alongside Foundry USA, Antpool, F2pool and Viabtc in terms of hashrate share. After falling for the first time in two months on Sept. 27, Bitcoin mining difficulty surged to an all-time high, making it harder than ever to mine his BTC, the most highly valued cryptocurrency on the market. became.

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