The bear market in crypto started to hurt mining companies. This too Bitcoin (BTC) of the cryptocurrency exchange Binance led him to start a lending exercise for his miners.
The organization is the latest to join the ranks of alternative lenders seeking to raise capital for the distressed mining industry.
Cryptocurrency Exchange Binance Launches $500M Fund To Support Bitcoin Mining
Binance Poollaunched a $500 million lending project for private and public miners.
of miners 18-24 months For the term loan, they will need to provide collateral in the form of physical or digital assets.
Binance Pool recently EthereumThe updated version of Blockchain and the original Proof of Work (PoW) protecting the foundations ETHW started a mining pool for
Binance is not the only firm looking to support the struggling cryptomining industry. Prior to this, crypto mining hardware manufacturer bitmainfounder of Jihan Wu He also set up a $250 million fund to buy foreclosed assets from mining firms.
Decentralized Finance (DeFi) platform Maple Finance also created a lending pool with a 20% interest rate to provide working capital to miners.
Crypto asset management firm grayscale also created an investment vehicle to help investors take advantage of the low prices of Bitcoin mining infrastructures.
The downturn in the crypto market and Ethereum’s planned transition to Proof of Stake (PoS) had hit miners hard.
In late September, the crypto miner Compute Northfiled for bankruptcy with $500 million in outstanding debt to at least 200 creditors.
publicly traded mining company Riot Blockchain (RIOT) 70% from year to date, Marathon Digital Holdings (MARA) In the same period, it lost 65% of its value.
*Not investment advice.
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