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CDS Crypto News Binance Launches Subscription-Based Cloud Mining for Bitcoin

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Binance Launches Subscription-Based Cloud Mining for Bitcoin

Leading cryptocurrency exchange Binance has unveiled a new offering that allows users without mining equipment to participate in Bitcoin mining

Ecem ALKAN15/06/20231 Mins read693

Binance Launches Subscription-Based Cloud Mining for Bitcoin

Leading cryptocurrency exchange Binance has unveiled a new offering that allows users without mining equipment to participate in Bitcoin mining. The subscription-based cloud mining service, launched on June 15, caters to individuals interested in mining Bitcoin but lacking the necessary hardware.

By subscribing to Binance’s cloud mining services, users can purchase hashrates, which represent the computing power required for validating and securing Bitcoin transactions on the blockchain. Currently, Binance is selling 1 Terahash per second (Th/s) at a price of $10.7280. This cost is divided between the hashrate itself ($1.17) and electricity expenses ($9.558). A higher hashrate increases the chances of earning more Bitcoin through mining.

The BTC mining subscription by Binance has a duration of 180 days, approximately six months. During this period, users can earn 0.0004338 BTC for each TH/s they purchase.

It is important to note that the cloud mining service is only available on Binance’s global platform and not accessible to crypto investors based in the United States. Binance clarified that the recent regulatory actions taken by the U.S. Securities and Exchange Commission (SEC) do not impact users of Binance.com, as it operates as a separate entity from Binance.US.

To address the SEC’s allegations, Binance.US has recently brought on George Canellos, a former SEC enforcement co-director, to join its legal team.

Responding to these developments, former SEC internet enforcement chief John Reed Stark commented on Twitter, suggesting that Binance is preparing for potential legal action by hiring top defense attorneys.

The SEC’s scrutiny of Binance began with allegations that the exchange’s U.S. arm was operating as an unregistered exchange, broker, and clearing agency. In response, Binance.US temporarily suspended U.S. dollar deposits and potentially paused fiat withdrawals, starting from June 13.