Binance launches cloud mining service for Bitcoin

Binance Pool has launched Cloud Mining, a service that will allow users to acquire hashrate and mine Bitcoin in the cloud.

#Binance Pool launches Cloud Mining.

— Binance (@binance) November 22, 2022

The platform announced a waiver of the management fee for those who registered during the first month, through December 22. Under the tariff, it stands at 1.5%. The service also charges a 2.5% fee on mining rewards.

“With Cloud Mining you can completely forget about the equipment, as well as about the search for and leasing of spaces for mining farms. Leave operations and maintenance to your trusted partner,” the pool’s site says.

Binance announced the launch of cloud mining 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 distressed miners.

With the move into cloud mining, the exchange’s pool becomes a competitor to Bitdeer, which in January 2021 became the property of Jihan Wu as part of an exit from Bitmain. Another co-founder of the equipment maker for cryptocurrency mining, Micree Zhang, backs the BitFuFu service offering similar services.

In September, Bitdeer also launched an investment structure worth $250 million to acquire assets from troubled miners.

As the bear market persists, Grayscale Investments, the digital assets manager, launched a product for joint investments in mining equipment at “significantly reduced prices”.

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