Binance, a cryptocurrency trading platform has launched a lending program to help crypto miners. It was established by the mining pool. The coin trading platform revealed this week that Binance Pool plans to launch cloud mining products.
Leading Exchange Binance Wants to Help Crypto Miners In Difficult Times
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.
As part of the efforts to boost the mining sector, this program will assist bitcoin miners and infrastructure providers. “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:
Binance Pool launched a 500-million loan project in response to current market conditions. This will support digital infrastructure providers and crypto miners.
This is Binance Pool’s first such initiative. This global crypto company is aiming to provide secure financing services for both private and public blue-chip bitcoin mining companies and digital asset infrastructure companies all over the world.
Borrowers will need to agree to terms such as a term of 18-24 months and interest rates between 5% to 10% in order to be eligible for the loan. Binance will require miners to offer security in physical and digital form.
Binance Pool also revealed in the announcement that it plans to introduce cloud mining products. Binance Pool explained that cloud mining power can be purchased directly from digital infrastructure and bitcoin miners.
Binance Pool, Foundry USA and F2pool are among the top mining companies by hashrate share. 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.
Do you think cryptocurrency miners will benefit from Binance Pool’s lending project? Let us know your thoughts in the comment section.
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