Binance has launched a $500 million mining support project

Binance will issue loans to develop this industry. Also the company intends to launch products for cloud mining

The cryptocurrency exchange announced that it has launched a $500 million project on Binance Pool platform to support cryptocurrency mining industry. This project involves lending to companies. Which are engaged in mining Bitcoin and infrastructure of digital assets around the world.

Funding will be available for 18 to 24 months at 5-10%. This will be subject to security of physical or cryptocurrency assets satisfactory to Binance.

Also, company intends to launch products for cloud mining. So, cryptocurrency mining will be carried out with the help of rented equipment located in data centers of service providers. Binance Pool is currently looking for such providers to cooperate with.

On October 10, Bitcoin’s mining complexity increased by 13.5%. This was the strongest increase since May 2021. Meanwhile, at $20,000 per Bitcoin, the profitability of mining companies is already close to the cost of production. And in some cases it goes into negative values.