According to the publication, the hashrate pool plans to buy from third parties

Coindesk learns about the launch of the Binance cloud mining pool in November

18.10.2022 - 11:00

95

1 min

What’s new? Cryptocurrency exchange Binance will launch a cloud mining pool in November 2022, the company’s representatives told CoinDesk. They noted that Binance Pool will not only operate as a mining pool but will “take responsibility for contributing to building a healthy industry, especially during an uncertain market conditions.”

News on the CoinDesk website

What else is known? A new cloud mining service will allow investors to rent equipment and start mining cryptocurrencies without directly buying and operating it. Binance Pool plans to buy hashrate from third parties, and will probably not be responsible for managing its own infrastructure.

Hashrate is the total computational power of the blockchain. The mining difficulty determines the amount of computing power it takes to find a new block.

On October 14, Binance Pool launched a $500 million project to finance the mining industry and digital infrastructure providers. The term of the loan ranges from 18 to 24 months, with interest rates ranging from 5 to 10% per annum.

In addition, BNB Chain, developed by Binance, partnered with Google Cloud. Projects based on BNB Chain gained access to the infrastructure of the cloud service.

Author:

Michael Golikov Michael Golikov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy