Binance offers VIP users a ‘Transaction Accelerator’

Binance mining pool unveiled a transaction acceleration service for VIP traders with a monthly trading volume on the exchange of at least $1 million.

#Binance Pool launches the #BTC Transaction Accelerator!

Through this new feature, you can speed up any on-chain transaction on the #Bitcoin network, regardless of any potential network congestion issues ?

Find out more ➡️ https://t.co/yguZakRCyw pic.twitter.com/HyJT54Nzsr

— Binance (@binance) June 15, 2023

“This is a service that helps speed up the process of confirming crypto transactions, especially during network congestion or when the user has set a low fee. When using the service, miners will give priority to transactions, confirming them faster than usual,” according to the description of the solution.

The exchange warned traders that once a request to the service is made, it cannot be cancelled and the fee cannot be refunded.

Binance also launched a new batch of Cloud Mining products for Bitcoin.

#Binance is launching a new batch of Cloud Mining products for #BTC mining.

Complete your subscription to Cloud Mining products and start accumulating rewards!

Find out more ?https://t.co/lH2jTwOxKs

— Binance (@binance) June 15, 2023

Users gained the option to subscribe for hash rate and earn rewards. The minimum purchase is 1 TH/s (~$10.7), the service duration is 180 days. The service is expected to yield about 241 satoshi per TH/s per day — around $0.06, or around $10.8 for the entire period, based on Bitcoin price at the time of writing.

According to BTC.com, the mining pool accounts for about 8.64% of Bitcoin’s total hash rate, ranking in the top five. Far ahead of the rest is Foundry USA — 33.89%.

In June, the network hash rate of the leading cryptocurrency (the 7-day smoothed moving average) reached a historic maximum of 393.9 EH/s.

Subsequently, mining difficulty rose to a record level of 52.35 T, up 2.18%.