Coinspeaker
Binance Cloud Mining: Exchange Floats New Product for Mining BTC
The weight of regulatory pressure from the US Securities and Exchange Commission (SEC) appears to have little or no effect on the activities of crypto exchange Binance. This follows after the exchange recently announced the Binance cloud mining product and services.
According to the announcement, the service goes live on Thursday, June 15th, and access to it will be subscription-based. That is, from Thursday, Binance users who would love to mine Bitcoin but lack the capacity, may now subscribe to its new service to access the hashrates to do so.
Recall, hashrate describes the computing power used to mine and process transactions on a Proof-of-Work blockchain such as Bitcoin.
Binance Cloud Mining Not Available to US-Based Users, Says Exchange
About the cloud mining subscription, Binance confirms that 1 Terahash per second (Th/s) currently goes for $10.7280. The exchange explains the pricing as being the total cost of electricity ($9.558) and that of the hashrate ($1.17).
Furthermore, Binance disclosed that the BTC mining subscription service will only be active for 180 days or thereabout. And for each TH/s that users purchase, they will earn no more than 0.0004338 BTC during the period.
Meanwhile, Binance has also confirmed that the service will be made available to all its global users except those living in the United States. However, the reason for this is not far-fetched. A recent crackdown from the SEC has seen the exchange halt all its operations on US soil. Nonetheless, the company insists:
“Binance.com is a separate entity and our users will not be impacted by issues at Binance.US.”
On June 6, the SEC filed a lawsuit against Binance.US, alleging that the exchange violated US securities laws. But the exchange has since denied the claims and has hired some of the best attorneys in the world to fight against the allegations. Among those that Binance.US hired into its legal team is George Canellos, a former SEC enforcement co-director.
In the meantime, however, Binance.US has stopped allowing US dollar deposits and withdrawals with effect from June 13.
Binance Cloud Mining: Exchange Floats New Product for Mining BTC
