Binance Pool launches $500m fund to back Bitcoin miners

Binance Pool объявил the creation of a $500 million fund to provide debt financing to struggling Bitcoin miners.

The initiative targets both public and private players in the industry.

Loans will be issued for 18 to 24 months, collateralised by cryptocurrency and/or equipment.

Earlier, Grayscale Investments launched a product for joint investment in Bitcoin mining equipment.

In September, Bitdeer created a $250 million fund to acquire assets from troubled companies in the industry.

In the same month, the mining company and provider of cloud-based infrastructure solutions for cryptocurrency mining, Compute North filed for bankruptcy.

According to Arcane Research, the vast majority of publicly listed companies in the industry posted retained losses on their balance sheets, despite a strong 2021.

Earlier, Binance launched a mining pool focused on mining the PoW fork tokens of Ethereum.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.