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UPDATE: Binance set to launch mining platform similar to Pi Network and CORE

The world’s biggest crypto trading platform by volume, Binance proceeds with its drive into the unstable crypto mining industry with an arrangement to start offering a crypto cloud mining platform one month from now. The platform speculated to be mobile compatible, something almost similar to that of CORE Mining platform and Pi Network where miner can collect hashrates only once a day.

Crypto mining have had an extreme year, with the cost of bitcoin having stayed below $20,000 for quite a long time, a far below from its peak of $68,000 in November 2021. Other cryptos have confronted comparable or much more dreadful downfalls. One of the biggest mining-related firms in the U.S. petitioned for chapter 11 bankruptcy in late September.[irp]

Other companies, however, are seeing opportunity from this crisis, with CleanSpark going on a buying spree of mining rigs and data centers, and decentralized finance (DeFi) platform Maple Finance starting a $300 million lending pool.

Binance Pool announced its own $500 million lending fund for bitcoin miners last week and said it would enter cloud mining, a service that allows investors – who otherwise might not be able to buy and operate their own equipment – to rent crypto mining machines. The official launch of the cloud mining service will come in November, a Binance spokesperson told CoinDesk via email on Monday.

The move opens a front of contest with Jihan Wu’s Bitdeer, a cloud mining platform that likewise sent off a $250 million asset to purchase upset assets in late September. Wu is the ousted Co-founder of Bitmain, the biggest maker of crypto mining machines in the world. One more large player in the cloud mining space is BitFuFu, supported by Bitmain’s other pioneer, Ketuan Zhan.[irp]

Bitdeer and BitFuFu sell their very own blend and others’ self-worked processing power, or hashrate. In its blog entry reporting it is all up to possess into the business, Binance Pool said it would purchase hashrate from third-parties reasonable implying that it wouldn’t be working its own infrastructure.

“As one of the top mining pools in the world. Binance Pool won’t just work as a mining pool yet in addition will take responsibility for building a sound industry, particularly during an uncertain economic situations,” the Binance representative said.

Other companies, however, are seeing opportunity from this crisis, with CleanSpark going on a buying spree of mining rigs and data centers, and decentralized finance (DeFi) platform Maple Finance starting a $300 million lending pool.

Binance Pool announced its own $500 million lending fund for bitcoin miners last week and said it would enter cloud mining, a service that allows investors – who otherwise might not be able to buy and operate their own equipment – to rent crypto mining machines. The official launch of the cloud mining service will come in November, a Binance spokesperson told CoinDesk via email on Monday.

Written by Newsway

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