Binance launches $500 million fund to provide loans to Bitcoin miners
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Binance has launched a $500 million fund to provide loans to Bitcoin miners.
The initiative comes as Bitcoin miners struggle to cope with Crypto Winter.
Binance has launched a $500 million fund to provide loans to Bitcoin miners struggling to cope with difficult crypto-market conditions.
Binance Pool, the company's mining service, will provide loans for both private and publicly-listed Bitcoin miners — who will need to pledge security, in the form of physical or digital assets, to obtain loans with a duration of 18-24 months. Binance will charge interest rates between 5% and 10%.
The initiative comes as Bitcoin miners experienced a tough few months while the price of bitcoin declined. With low bitcoin prices, miners' revenues have declined sharply — with Compute North even filing for bankruptcy.
Bitcoin miners' revenue fell 16.2% to about $550.5 million last month – marking its fifth decline in the last six months, and the lowest total since November 2020, according to data from The Block Research.
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