Binance to support mining industry by lending $500M

Category: Blockchain Crypto

Binance plans to support only the biggest Bitcoin miners who have enough crypto and physical assets to back their bid. The company added it plans to launch cloud mining products, directly buying hashing power from Bitcoin mining and digital base providers.

Binance offers its support during a bear market

According to an official blog, the biggest crypto exchange decided to offer $500 million in order to help the mining industry go through a crypto winter.

The company said it feels responsible for helping to keep a normal working digital asset ecosystem.

This is the first such project, designed especially to offer “secure debt financing services to both public and private blue-chip Bitcoin (BTC) mining and digital asset infrastructure companies globally.”

Binance also added that interested parties would have to agree on a set of terms and conditions, such as 18 to 24-month terms and interest rates hovering around 5 percent and 10 percent.

Buying hash power

Binance Pool said it plans to initiate cloud mining products. The company currently seeks cloud mining vendors since the cloud mining hash power will be directly bought from them.

Binance isn’t the only one trying to support the suffering mining industry. Crypto management company Grayscale has said it’s making its own investment tool to help investors take advantage of the low prices of Bitcoin mining infrastructure.

Tech platform Maple Finance also launched its lending pool in order to offer extra capital to the miners who agree to a 20 percent interest rate.

Furthermore, Chinese billionaire, and Bitmain and Bitdeer technologies founder, Jihan Wu, announced the launch of a $250 million fund to buy troubled assets from Bitcoin miners.

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