© Reuters Binance Pool unveils $500M fund to support Bitcoin (BTC) mining
Binance Pool (NASDAQ:), Binance’s services arm dedicated to improving miners’ income, has announced the launch of a $500 million lending project aimed at helping the mining industry through the crypto winter.
Binance Pool Launches $500M Mining Fund
On Friday, October 14, Binance, the world’s largest crypto exchange, announced the launch of a $500 million fund dedicated to providing credit to public and private blue-chip (BTC) miners.
The credit system will also be made available to infrastructure companies for digital assets around the world. Miners wishing to acquire loans from the Binance Pool must first post collateral in the form of physical or digital assets.
The new Binance loans, which will be issued to eligible borrowers, will have terms ranging from 18 to 24 months. According to the announcement, the Binance Pool fund will charge an interest rate between 5% and 10%.
Binance turns to cloud mining
Binance announced that it is also looking for cloud mining vendors to launch cloud mining-related products.
Binance wants to partner with cloud mining providers as cloud mining hash power is purchased directly from BTC mining and digital infrastructure providers.
On the flip side
- Both the Bitcoin mining difficulty and hash rate hit all-time highs in October, when the difficulty increased by 13.5%, while the hash rate reached 325.11 EH/s on Oct. 11.
Why you should care
The Binance Pool fund is trying to strengthen the crypto mining ecosystem to sustain it through the protracted crypto winter.
Binance is committed to decentralization. Find out more:
Binance is a “big proponent of decentralization,” says Binance CEO
To prevent future exploits, Binance recently performed a hard fork on BNB Smart Chain:
Binance-backed BNB Smart Chain Completes Hard Fork to Prevent Future Cross-Chain Bridge Hacks
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