Binance Pool's $500M initiative to aid Bitcoin Mining Industry
Prominent crypto exchange, Binance has been zooming through the bear market with an array of its initiatives. Now, once again, the exchange decided to extend support to the Bitcoin [BTC] mining industry. In a recent blog post, Binance Pool revealed that it formulated a $500 million lending project for Bitcoin miners. This included both private and public miners. Through this initiative, the exchange intends to provide loans to these miners. However, the miners will be required to present security to attain the loan, which will last between 18 and 24 months, in the form of tangible or digital assets. In addition to this, these loans will entail interest rates ranging from 5 to 10 percent. This wasn’t the only thing that was part of Binance Pool’s latest initiative. The blog post noted that the exchange intends to roll out cloud mining products. Elaborating on the same Binance wrote, “As the cloud mining hash power will be directly purchased from bitcoin mi...