Binance has launched a $500 million mining support projectched

Binance has launched a $500 million mining support projectched

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Binance has launched a $500 million mining support project
The platform will issue loans for the development of the industry. The company also intends to launch products for cloud mining

Cryptocurrency exchange Binance announced that the platform Binance Pool launched a project worth $ 500 million to support the industry of mining cryptocurrencies.

The funding will be provided for a period of 18 to 24 months at 5-10%, subject to the security of physical or digital assets that satisfy Binance.

The company also intends to launch products for cloud mining - mining cryptocurrency using rented equipment located in data centers of service providers. Binance Pool is currently looking for such providers to collaborate with.


On Oct. 10, bitcoin mining difficulty rose 13.5 percent. This was the strongest increase since May 2021. At the same time, at the price of $20 thousand per bitcoin, the profitability of mining companies is already close to the level of production costs, and in some cases is going into negative values.

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