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Binance will start a cloud mining company in November

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 Binance will start a cloud mining company in November.


The largest cryptocurrency exchange by volume in the world, Binance, is planning to start selling a cryptocurrency cloud mining service starting next month. 

The price of bitcoin has been stuck around $20,000 for months, a far cry from its peak above $68,000 in November 2021, making it a difficult year for cryptocurrency miners. Similar or worse drops have occurred with other cryptocurrencies. In late September, one of the biggest mining-related businesses in the US filed for Chapter 11 bankruptcy.

However, other businesses see an opportunity in this crisis, as seen by CleanSpark's acquisition of mining equipment and data centers and Maple Finance's launch of a $300 million loan pool on the DeFi platform. 

Last week, Binance Pool stated it would enter cloud mining, a service that enables investors who might not otherwise be able to own and operate their own equipment to rent cryptocurrency mining equipment. The cloud mining business has a $500 million financing pool for bitcoin miners. A Binance representative informed CoinDesk via email on Monday that the cloud mining service would officially begin in November.

The action creates a field of rivalry with Jihan Wu's Bitdeer, a cloud mining company that also announced the formation of a $250 million fund to purchase troubled assets in late September. The largest producer of cryptocurrency mining equipment in the world, Bitmain, fired Wu as a co-founder. BitFuFu, supported by Ketuan "Micree" Zhan, the other founder of Bitmain, is a significant player in the cloud mining industry. 

The hashrate, or computer power, that Bitdeer and BitFuFu sell is a combination of their own and that of third parties. Binance Pool stated in a blog post announcing its own entry into the industry that it would be purchasing hashrate from third parties, indicating that it would not be running its own infrastructure.

The spokesman for Binance added, "As one of the top mining pools in the world, Binance Pool will not only operate as a mining pool but also take responsibility for contributing to the development of a healthy sector, especially under an uncertain market conditions.

Article Credit: Yahoo! Finance

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