Binance cloud mining business project to launch in November

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Ultramining.com

15:57 Oct 18, 2022

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Binance cloud mining business project to launch in November

The idea would be to support the mining industry and crypto in general. This is especially relevant in the context of the current challenges faced by virtual coin miners.

The crypto exchange will supply cloud mining services. The product will be available in November of this month.

Why the new project from Binance is so important

The year 2022 is proving to be a very difficult year for virtual coin miners. That includes the drop in bitcoin's value and the increase in the difficulty of farming it. Moreover, not only individuals, but also large companies were hit.

Thus, in September it was reported that a large company Compute North went bankrupt. All because of the debt of 500 million dollars, which the organization could not pay to creditors. And they, by the way, have accumulated about two hundred.

A business project from Binance can help the mining industry.

Not everyone was hit by crisis

Some companies, on the contrary, find additional opportunities. Thus, for example, CleanSpark is buying asics at low prices. And Maple Finance has launched a loan pool for several hundred million dollars.

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