Binance Launches $500 Million Lending Pool for Bitcoin Miners
Binance, the world’s largest cryptocurrency exchange, has unveiled a $500 million lending pool for Bitcoin miners, as a combination of energy costs, low Bitcoin prices, and higher-than-ever mining difficulty strains the sector. Borrowers will have access to loans on an 18- to 24-month term, with interest rates ranging from 5% to 10%.
The company said its Binance Pool project was designed to provide “secure debt financing services to both public and private blue-chip Bitcoin (BTC) mining and digital asset infrastructure companies globally.” Binance’s move makes sense in the current industry context, as it has become more and more difficult for miners to turn a profit. Mining difficulty has also just hit an all-time high, meaning miners need even more resources to continue to turn a profit.
Source
t.me/Mining_Crypto_Miner
