Binance has launched a cloud-based bitcoin mining service

Binance has launched a cloud bitcoin mining service

Mining pool Binance Pool has launched Cloud Mining service, which will allow users to purchase hashrate and mine bitcoin in the cloud.

The platform announced a zero management fee for registrants for the first month through Dec. 22. According to the fees, it is 1.5%. The service also charges a 2.5% fee on mining fees.

“With Cloud Mining you can completely forget about the equipment, as well as the search and rental of sites for mining farms. Trust the operation and maintenance to your trusted partner,” the pool’s website reads.

Binance announced the launch of cloud-based products for mining the first cryptocurrency in October. At the same time, the exchange announced the creation of a $500 million fund to provide debt financing to struggling miners.

With its entry into the field of cloud mining, the exchange pool becomes a competitor to the Bitdeer platform, which became the property of Jihan Wu in January 2021 as part of a payoff for his departure from Bitmain. Another co-founder of the cryptocurrency mining hardware maker, Micri Zhang, backs the BitFuFu service that provides similar services.

Bitdeer also launched a $250 million investment vehicle in September to buy assets from “troubled” miners.

Recall that amid the bear market, digital asset manager Grayscale Investments launched a product to co-invest in mining equipment at “significantly reduced prices”.

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