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Binance launched $500M loan fund to support crypto miners

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Indrani bose Follow

INDIA

Oct, 18 2022

Oct, 18 2022

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\Binance launched a $500M loan fund to support crypto miners. It will lend money to reputable, private Bitcoin miners. A $500 million lending operation was started by Binance Pool, a mining division of Binance, to aid the cryptocurrency mining sector. Despite low Bitcoin prices, rising energy costs, and higher mining difficulty than ever, Binance, the world's largest cryptocurrency exchange, has unveiled this fund for Bitcoin miners. 


Borrowers will have access to loans subject to a number of requirements according to an official blog post from October 14. This includes an 18-to-24-month term duration, along with 5% to 10% interest rates. They can use some of the real-world or digital assets as collateral. To determine the borrower's creditworthiness, the company will consider a wide range of factors, such as current performance, mining power, and the quantity of security.


By directly acquiring cloud mining hashing power from Bitcoin mining and digital infrastructure providers, Binance Pool will also introduce cloud mining goods. In a statement, Binance said its Binance Pool project will provide debt financing services to blue-chip Bitcoin mining and infrastructure companies around the world. 


The organization made reference to the particulars of each applicant's condition when referring to the maximum amount of a single loan. 


Binance keeps up its expansion plans despite the market's downturn. It opened regional offices in New Zealand in September after registering with the Ministry of Business, Innovation, and Employment. Since Changpeng "CZ" Zhao's visit to the nation last Spring, the exchange has expanded its local staff in Brazil by opening up two offices as of the beginning of October. According to reports, the business is still supporting Elon Musk, the CEO of Tesla, in his $44 billion attempt to acquire Twitter. 


Binance has previously supported cryptocurrency miners. The startup revealed miners could mine Ethereum PoW (ETHW) in its mining pool last month. After Ethereum switched to a proof-of-stake consensus mechanism in September, ETHW was the result of a hard fork. 


As it prepares to introduce cloud mining solutions, the exchange is also looking for cloud mining vendors. The company claims that hash power for cloud mining will be acquired directly from Bitcoin mining companies and suppliers of online infrastructure. 


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Indrani bose

CBW - External Analyst

INDIA

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