Binance Unveils

Binance has now announced a new miner lending project with a total funding pool of $500 million.

Recent Released: Cryptocurrency News Live Updates 14 October 2022

Binance, the largest cryptocurrency exchange in the world, made a significant announcement on Friday, October 14 in favour of the cryptocurrency mining business. With the goal of helping BTC miners and other mining infrastructure providers, Binance Pool has announced the beginning of a miner financing project with a total funding goal of $500 million.

This is what the Binance press release looks like:

Binance Pool, as one of the most popular cryptocurrency mining pools, has a duty to contribute to the security of the digital asset system. As a result of the present market situation, Binance Pool has decided to start a loan project with a total funding target of $500 million to help cryptocurrency miners and providers of digital infrastructure.

According to Binance, this is a first-of-its-kind effort for Binance Pool. Binance has stated that its primary objective with this venture is to offer loan financing to Bitcoin miners. Additionally, Binance intends to back numerous international crypto asset infrastructure firms.

Binance Pool’s Miner Lending Project: The Deets

Binance Pool is providing loans in the amount of $500 million for a period of 18 to 24 months for this endeavour. The loan’s interest rate will be between 5% and 10%. Binance’s Miner Lending scheme will also provide safety for both traditional and digital possessions.

Binance is considering teaming up with other cloud mining solutions for this endeavour. The cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers, according to the release, so “Binance Pool is looking for cloud mining vendors.”

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Increase your earnings by mining multiple digital currencies with the same hash rate utilising the Binance Smart Pool. If you’re using the SHA256 algorithm, you can use the Binance Smart Pool. In addition, it facilitates seamless automatic hashrate switching between Bitcoin, Bitcoin Cash, and Bitcoin SV.

In the midst of this year’s crypto cold, the Miner Lending Project will be a welcome boon for cryptocurrency miners in need of new financial backing. Many cryptocurrency miners have been forced to liquidate their Bitcoin reserves in the past year to pay for running costs.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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