Binance to Offer $500 Million Worth of Loans to Crypto Mining Industry

Binance to Offer $500 Million Worth of Loans to Crypto Mining Industry

Cryptocurrency exchange Binance has set out to support crypto miners through a lending program established by its 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 Looking 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 the extraction of cryptocurrencies. 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 bolster the mining industry. “As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem,” the exchange said, elaborating: In light of current market conditions, Binance Pool is launching a $500-million lending 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 offer secure debt financing services to both public and private blue-chip bitcoin (BTC) mining and digital asset infrastructure companies around the world.

To gain access to the loans, borrowers would have to accept a set of terms and conditions like an 18 to 24-month term and interest rates ranging between 5% and 10%. Miners will also be required to provide security satisfactory to Binance, either physical or in the form of digital assets.

In the announcement, the exchange further revealed that Binance Pool intends to launch cloud mining products. As the cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers, Binance Pool is looking for cloud mining vendors to work with it, the trading platform explained.

Binance Pool is among the leading entities in the mining sector by share of hashrate, along with Foundry USA, Antpool, F2pool, and Viabtc. After a drop on Sept. 27, the first in two consecutive months, Bitcoin’s mining difficulty spiked to an all-time high on Oct. 10, as Bitcoin.com News reported, making it harder than ever to mint BTC, the crypto with the largest market cap. Tags in this story Binance, Binance Pool, Bitcoin, borrowers, BTC, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, lending, lending project, loans, market, Market Conditions, Miners, mining, mining pool, pool

Do you think cryptocurrency miners will benefit from Binance Pool’s lending project? Share you expectations in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Despite Significant Difficulty and Low BTC Price, Bitcoin’s Hashrate Continues to Climb Higher MINING | 10 hours ago Bitcoin Miner Pow.re Begins Mining Facility Construction in Paraguay, Acquires 3,600 Microbt ASICs MINING | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMeta Still Struggling for Its Metaverse to Find Its Legs Next articleWhile Its Lost 94% in Value Since the Collapse, Terra’s Fractured Ecosystem Is Still Worth $2.5 Billion Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any 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 any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher