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famous cipher currency exchange, Binance is expanding the bear market with a series of initiatives.Now, Again, The Exchange Has Decided To Extend Support To Bitcoin [BTC] mining.
In a recent blog post, Binance Pool revealed that it has developed a $500 million financing project for Bitcoin. minerThis included both private and public minors. Through this initiative, the exchange will provide loans to these miners. However, miners must present security in the form of tangible or digital assets to obtain loans lasting 18-24 months.
In addition to this, these loans carry interest rates in the range of 5-10%.
This wasn’t the only part of Binance Pool’s latest initiative. A blog post states that the exchange plans to roll out a cloud mining product. More on the same Binance, it says:
Because cloud mining hash power is purchased directly from Bitcoin mining and digital infrastructure providers, Binance Pool is looking for cloud mining vendors to work with us.
The bear market has created problems for the entire industry. The Bitcoin mining industry is not very profitable following the decline of the world’s largest cryptocurrency. This asset is struggling to exceed his $25,000. This plunge was reflected in the profitability of BTC mining.
As you can see in the chart above, Bitcoin mining has seen a steep decline since last year. At the time of writing he had BTC trading at $19,807 and his mining profitability was 0.0736.
Note that miner profitability is also affected by other aspects. As the difficulty increases, things get considerably worse. BTC Mineris already in trouble as a result of falling BTC prices and rising energy costs.
Binance’s latest initiative could therefore be very beneficial for Bitcoin miners.
