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Binance to Launch Cloud Mining Business in November

The world’s largest cryptocurrency exchange Binance has announced plans to launch a cloud mining pool in November 2022.

 

“As one of the leading mining pools in the world, Binance Pool will not only operate as a mining pool, but will also take responsibility for contributing to the creation of a healthy industry, especially during uncertain market conditions,” said a representative of the Binance crypto exchange.

 

At the same time, Binance Pool plans to buy hashrate from third parties, and will probably not be responsible for managing its own infrastructure. (Hashrate is the total computing power of the blockchain. Mining difficulty determines the amount of computing power required to find a new block.)
Also last week, Binance Pool announced the creation of its own $500 million Bitcoin miner lending fund.
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