Binance to Make $500 Million in Loans to the Crypto Mining Industry – Mining Bitcoin News

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.

Binance is the leading exchange. Looking to Assist Bitcoin Miners During Difficult Crypto Business Times

Binance, the world’s largest crypto exchange by daily trading volume, has revealed plans to provide financial assistance to organizations involved in cryptocurrency extraction. The platform’s mining pool recently announced a loan initiative.

The program will assist bitcoin mining and infrastructure suppliers to strengthen the mining business. “As one of the world’s biggest crypto mining pools, Binance Pool has a responsibility to contribute to the health of the digital asset ecosystem,” the exchange explained, adding:

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 project of its kind. The project seeks to provide secure debt financing services to both public and private blue-chip bitcoin (BTC) mining and digital asset infrastructure enterprises worldwide.

To access the loans, borrowers would have to agree on a set of terms and conditions, such as an 18- to 24-month repayment period and interest rates ranging between 5% and 10%. Miners will also be expected to supply Binance with adequate security, either physically or in digital assets.

Binance Pool wants to provide cloud mining goods, according to the exchange’s release. The trading site will purchase the cloud mining hash power directly from bitcoin mining and digital infrastructure providers. Binance Pool is seeking cloud mining companies to collaborate with.

Binance Pool, along with Foundry USA, Antpool, F2pool, and Viabtc, is a leader in the mining business regarding hash rate share. Following a decrease on Sept. 27, the first in two months, Bitcoin’s mining difficulty surged to an all-time high on Oct. 10,



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