Binance Pool Announces New Project Amid High Bitcoin Mining Difficulty

• Binance pool will offer $500 million to support the Bitcoin mining industry.
• The amount of work a miner needs to put into verifying blockchain transactions in order to mine BTC just shot up by a whopping 13.55% hitting a new all-time high.

A recent Bloomberg report stated that the Bitcoin mining difficulty hit its new time high on Monday. The amount of work a miner needs to put into verifying blockchain transactions in order to mine BTC just shot up by a whopping 13.55% within the last two weeks leading to last week.

On the other hand, as Bitcoin mining difficulty continues to crank upward, Binance has come to the aid of the Bitcoin mining industry. The leading crypto exchange by market volume will offer $500 million to support the Bitcoin mining industry.

The announcement made on 14th asserted that it was also looking for cloud-mining vendors. It also plans to launch cloud mining products.

Binance pool trusts the fund will do the digital asset ecosystem some justice by keeping it healthy. The announcement stated;

“As one of the world’s leading crypto mining pools, Binance Pool has a responsibility to help maintain a healthy digital asset ecosystem. In light of current market conditions, Binance Pool is launching a $500million lending project to support crypto miners and digital infrastructure providers.”

The $500 million project is meant to offer blue-chip bitcoin (BTC) mining and digital asset infrastructure companies globally secure debt financing services. As part of the bargain, the project will see eligible borrowers receive funds for an 18 to a 24-month term, with interest rates ranging from 5% to 10%.

At the same time, Binance pool sets out to launch products related to cloud mining. Cloud mining vendors are expected to work with it as the cloud mining hash power will be directly purchased from bitcoin mining and digital infrastructure providers.

The Bitcoin Mining Industry Gains Popularity

Bitcoin mining is catching on really fast among prominent companies and even state-owned entities. Recently, Metaplanet, an early-stage investment firm backed by skype co-founder Jaan Tallinn invested in crypto hardware tech firm Fabric Systems. The latter aims to build energy-efficient bitcoin mining hardware.