Binance to start lending facility for bitcoin (BTC) miners

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Binance Pool launched a $500 million lending project for private and public miners.

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Binance Pool to provide eligible borrowers with loans whose terms vary from 18 to 24 months.

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The miners will need to pledge security in the form of physical or digital assets for the loan.

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It will charge interest rates that range from 5% to 10%.

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Recently, it opened up a mining pool for ETHW, the forked version of Ethereum that retains the blockchain's original proof-of-work (PoW) underpinnings.

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Not only Binance, but Bitmain is also setting up a $250 million fund to purchase distressed assets from mining firms.

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Maple Finance, a DeFi platform established a lending pool with a 20% interest rate to provide miners with working capital.

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