Tags in this story
Binance, Binance Pool, Bitcoin, borrowers, BTC, Crypto, crypto miners, crypto mining, cryptocurrencies, cryptocurrency, lending, lending project, loan, market, market conditions, miners, mining, mining pool, pool
Binance Offers $500M Loan To Crypto Mining Industry – Mining Bitcoin News
Cryptocurrency exchange Binance has set out to support crypto miners through a lending program established by the mining pool. Presenting the initiative this week, the coin trading platform also unveiled that Binance Pool intends to launch cloud mining products.
Leading Exchange Binance Wants To Help Bitcoin Miners In Difficult Times For Crypto Business
Binance, the world’s leading crypto exchange by daily trading volume, has announced a plan to extend financial support to companies involved in cryptocurrency mining. The lending project was recently unveiled by the platform’s mining pool.
The program will help bitcoin mining and infrastructure providers as part of efforts to strengthen the mining industry. “As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital ecosystem,” the exchange said, elaborating:
In light of current market conditions, Binance Pool is launching a $500 million loan project to support crypto miners and digital infrastructure providers.
This is Binance Pool’s first such initiative. With the 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 access the loans, borrowers have to agree to a set of terms and conditions such as 18 to 24 months tenure and interest rates varying between 5% and 10%. Miners will also be required to provide satisfactory collateral to Binance, either physically or in the form of digital assets.
In the announcement, the exchange further revealed that Binance Pool intends to launch cloud mining products. Since the cloud mining hash power will be purchased directly from bitcoin mining and digital infrastructure providers, Binance Pool is looking for cloud mining providers to work with it, the trading platform explained.
Binance Pool is among the leading entities in the mining sector by hashrate share, along with Foundry USA, Antpool, F2pool and Viabtc. After a fall on September 27, the first in two consecutive months, Bitcoin’s mining difficulty rose to an all-time high on October 10, as Bitcoin.com News reported, making it harder than ever to create BTC, the crypto with the largest market capitalization.
Do you think cryptocurrency miners will benefit from Binance Pool’s lending project? Share your expectations in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
