The world’s largest cryptocurrency exchange Binance is going to start its own cloud mining business starting in November 2022. The crypto exchange’s current hashrate pool is pushing into the troubled crypto mining industry. And now Binance has created a plan to enter the crypto mining industry and for this reason, Binance is going to offer its own cloud mining product next month.
The Crypto mining industry is currently facing many challenges the world’s largest cryptocurrency is also stuck at a $20,000 price after falling from a peak of $68,000 in November 2021. The conditions are the same for other cryptocurrencies also. Ethereum, Ripple, Dogecoin, Shiba Inu, Polygon, Solana, and all other coins are more than 60-70% down from their ATH prices.
In late September one of the largest mining-related firms in the US filed for Chapter 11 bankruptcy. Some exchanges have also faced crypto hacks and strict government regulations in some countries are also becoming a big challenge in the path of cryptos.
Some big giants are also seeing this as a golden opportunity in this crypto crisis. Companies like CleanSpark and Maple Finance are also investing to increase their mining capacity. Recently Grayscale has also announced a new Bitcoin mining investment product partnered with the foundry.
Last week Binance also announced its own $500 million lending fund for bitcoin miners and said Binance would enter the cloud mining business. The new business of Binance will allow those investors to use crypto mining services who can’t purchase their own mining equipment.
Binance said Binance Pool not only focus on crypto mining they also take the responsibility for contributing to building a healthy mining industry, especially during uncertain crypto crises.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
