Earlier on Friday, October 14, the world’s largest crypto exchange Binance made an exciting announcement to support the crypto mining industry. Binance Pool has announced the launch of a $500 million mining loan project to support BTC mining and other mining infrastructure providers.
Binance’s official announcement reads:
As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to maintain a healthy digital asset ecosystem. In light of current market conditions, Binance Pool is launching a $500 million loan project to support crypto miners and digital infrastructure providers.
Binance said this is the first project of its kind for Binance Pool. With this project, Binance said it will focus on providing debt financing to both public and private Bitcoin miners. Moreover, Binance also plans to support various crypto asset infrastructure companies worldwide.
Details of Miner Lending Project by Binance Pool
As part of this project, Binance Pool is offering loans worth $500 million for a period of 18 to 24 months. The interest rates for the loan range from 5% to 10%. In addition, the Binance Miner Lending project will also provide security for physical or digital assets.
As part of this project, Binance is also inclined to work with various cloud mining products. The announcement noted that “Binance Pool is looking for cloud mining suppliers as the cloud mining hash power will be purchased directly from bitcoin mining and digital infrastructure providers”.
The Binance Smart Pool is a service that allows users to earn higher profits by automatically changing the hash rate to mine different digital assets using the same algorithm. The Binance Smart Pool supports the SHA256 algorithm. It also ensures that users’ hash rate can be easily switched automatically between BTC, BCH and BSV.
The Miner Lending Project will be a great relief to crypto miners looking for new capital support during this year’s crypto winter. For the past year, crypto miners have sold their BTC holdings to cover operating costs.
Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
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