#Binance Introduces #CloudMining Services for #Bitcoin / #Crypto
Binance, a prominent cryptocurrency exchange, has recently unveiled its new subscription-based cloud mining offerings dedicated to Bitcoin (BTC) mining. Starting from June 15, users interested in Bitcoin mining but lacking the necessary equipment can subscribe to Binance's cloud mining services and purchase hashrates.
Hashrate refers to the computing power required to confirm and validate Bitcoin transactions on the blockchain. Binance currently offers the sale of 1 Terahash per second (Th/s) at a price of $10.7280. This price includes both the hashrate and electricity costs, with $1.17 allocated to electricity and $9.558 for the hashrate. By acquiring a higher hashrate, users can increase their chances of earning more Bitcoin through mining.
Binance's BTC mining subscription service will be active for a period of 180 days, approximately six months. During this timeframe, users will be able to earn 0.0004338 BTC for each TH/s they purchase.
It's important to note that this service is currently available exclusively on Binance's global website and is not accessible to crypto investors residing in the United States. In response to the recent crackdown by the Securities and Exchange Commission (SEC) in the US, Binance clarified that its global website, Binance.com, operates as a separate entity from Binance.US and that users on Binance.com will not be affected by the issues faced by Binance.US.
To address the SEC's allegations, Binance.US has enlisted the expertise of George Canellos, former SEC enforcement co-director, as part of its legal team. The hiring of experienced defense attorneys suggests that Binance is preparing for potential legal proceedings.
Former SEC internet enforcement chief John Reed Stark commented on Twitter, stating, "Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world."
The legal scrutiny surrounding Binance initiated when the SEC accused Binance.US of operating as an unregistered exchange, broker, and clearing agency. Consequently, Binance.US announced the suspension of US dollar deposits and potentially the temporary halt of fiat withdrawals, starting as early as June 13, in response to the SEC's actions.