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Earlier on Friday, October 14, the world’s largest crypto exchange Binance came up with an exciting announcement to support the crypto mining industry. Binance Pool announced the launch of a $500 million miner lending project to support BTC mining and other mining infrastructure providers.
The official announcement from Binance reads:
As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem. In light of current market conditions, Binance Pool is launching a $500million lending project to support crypto miners and digital infrastructure providers.
Binance said that this is the first-of-its-kind project for Binance Pool. With this project, Binance said that it will focus on providing debt financing to both, public and private Bitcoin miners. Besides, Binance also plans to support different crypto asset infrastructure companies globally.
Details of Miner Lending Project by Binance Pool
As part of this project, Binance Pool will be offering $500 million worth of loans for an 18 to 24-month term. The interest rates for the loan will range from 5% to 10%. Furthermore, the Binance Miner Lending project will also offer security to either physical or digital assets.
As part of this project, Binance is also inclined to work with several cloud mining products. The announcement noted that “Binance Pool is looking for cloud mining vendors as the cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers”.
The Binance Smart Pool is a service allowing users to get higher profits by auto-switching hash rate to mine different digital assets using the same algorithm. The Binance Smart Pool supports the SHA256 algorithm. It also allows the hash rate of users to be easily switched among BTC, BCH, and BSV automatically.
The Miner Lending Project will come as a big relief for crypto miners who have been looking for fresh capital support during this year’s crypto winter. Over the last year, crypto miners have been selling their BTC holdings to cover operational costs.
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