Binance Pool announces $500mn bitcoin mining lending project

Binance Pool, one of the industry’s leading crypto exchanges - has been a repeated supporter of the Bitcoin mining industry. 

So, the announcement that it would be, once again, extending its support to miners didn’t come as too much of a surprise. 

The details of Binance Pool’s mining loan

The loan - which Binance Pool announced in a blog post - will see $500mn invested into a lending project, to be used by both private and public Bitcoin miners. 

“As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem,” the company commented, in its blog post announcing the loan. 

“The first of its kind for Binance Pool, this project was designed to provide secure debt financing services to both public and private blue-chip bitcoin (BTC) mining and digital asset infrastructure companies globally.”

In order to be eligible for the loan, borrowers will need to agree to an 18 to 24-month term, interest rates ranging from 5% to 10%; and agree to present accepted security documentation to Binance.

Binance Pool announces plans to launch cloud mining products 

Another key announcement from Binance Pool, which was revealed in the same blog post, was that the company also plans to launch cloud mining products. 

“Binance Pool intends to launch cloud mining products,” the company stated, in its recent blog post. 

“As the cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers, Binance Pool is looking for cloud mining vendors to work with us.”

But, at this stage, that is all the information that is being supplied about the project.