Binance Launches Cloud Mining Services, Boosts Bitcoin Mining Profits

• Binance has launched new Bitcoin subscription-based cloud mining products, allowing users to purchase hashrates.
• The service is currently available on the Binance global website, excluding US customers.
• The cryptocurrency exchange is facing regulatory pressure from the US Securities and Exchange Commission (SEC).

Binance Launches Cloud Mining Services

Binance has launched a new Bitcoin subscription-based cloud mining product that allows users to purchase hashrates. The service is currently available on the Binance global website, however it is not available to its customers in the United States due to regulatory pressure from the US Securities and Exchange Commission (SEC).

Purchase Hashrates

Users interested in Bitcoin mining can subscribe to Binance’s cloud mining services and purchase hashrates. At the moment, the cryptocurrency exchange is selling 1 Terahash per second (Th/s) at $10.7280. As users purchase more hashrate, they have an increased chance of earning higher income in terms of Bitcoin earned through mining. The BTC mining subscription service will be active for six months with each TH/s purchased giving users a chance to earn 0.0004338 BTC during this 180-day period.

Regulatory Pressure

The launch of Binance’s cloud mining product comes at a time when it is facing regulatory pressure from the SEC in the United States over allegations of breaking securities laws. The SEC has also filed for a temporary restraining order against Binance which froze all of its assets within its US branch, Binance US. In response, Binance US has hired former SEC enforcement co-director George Canellos as part of its legal team as it defends itself against these allegations. Last week, Binance US announced that it would suspend USD deposits temporarily while transitioning into an all-crypto exchange platform.

Rival Cryptocurrency Exchange

Besides targeting Binance, rival cryptocurrency exchange Coinbase was also sued by the SEC for failing to register as a broker or national securities exchange or clearing agency within the United States market.

Conclusion

In conclusion, despite regulations and other pressures faced by both exchanges in their respective markets, both companies remain committed to providing their customers with innovative products and services such as cloud based bitcoin mining subscriptions on Binance’s part which allows users an easier way of entering into cryptocurrency mining without having any prior hardware knowledge or resources required for traditional methods of crypto-mining