World’s largest by volume cryptocurrency Binance, the exchange, continues to enter the ailing crypto mining industry, with plans to start offering a crypto cloud mining product next month.
Cryptocurrency miners have had a rough year; bitcoin The price has been hovering around $20,000 for months and is a long way from its November 2021 peak of over $68,000. Other cryptos have faced similar or worse declines.
One of the largest mining-related firms in the US filed for Chapter 11 bankruptcy at the end of September.
But other companies are trying to seize opportunity out of this crisis, with developments such as CleanSpark embarking on a spree to buy mining rigs and data centers, and decentralized finance (DeFi) platform Maple Finance launching a $300 million lending pool.
Binance’s Long-Awaited Cloud Mining Initiative Launches in November
Binance Pool announced its own $500 million lending fund for Bitcoin miners last week and said it will enter cloud mining, a service that allows investors who would otherwise not be able to buy and operate their own equipment, to rent crypto mining machines.
A Binance spokesperson said via email on Monday that the official launch of the cloud mining service will take place in November.
A company spokesperson said in a statement:
“As one of the best mining pools in the world, Binance Pool will not only operate as a mining pool, but also take on the responsibility of contributing to the creation of a healthy industry, especially in uncertain market conditions.”
*Not investment advice.
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