• Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products.
• The service is available on the Binance global website, excluding US customers.
• This launch comes as Binance faces regulatory pressure from the US Securities and Exchange Commission for allegedly breaking securities laws.
Binance Launches New Bitcoin Mining Cloud Services
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products. Starting today, June 15th, Binance users interested in Bitcoin mining but who don’t have the hardware can subscribe to the cryptocurrency exchange’s cloud mining services and purchase hashrates. For each TH/s purchased, users stand a chance to earn 0.0004338 BTC during the 180-day period. The product is currently available on the Binance global website, which means that it is not available to its users in the United States.
Regulatory Pressure Faced by Binance
This latest development comes at a time when Binance is facing regulatory pressure in the United States. The United States Securities and Exchange Commission (SEC) sued Binance earlier this month for allegedly breaking securities laws. The regulatory agency has also filed for a temporary restraining order to freeze Binance.US’s assets. Last week, Binance.US announced the suspension of USD deposits on its platform as it transitions into an all-crypto exchange. The SEC also sued rival cryptocurrency exchange Coinbase for failing to register as a broker or national securities exchange or clearing agency.
Advantages of Cloud Mining
Cloud mining provides many advantages over traditional hardware based mining such as lower upfront costs and no need for maintenance or repairs if something goes wrong with equipment or electricity supply interruptions etc., plus access to larger pools of miners around the world via internet connection providing greater hashing power with potential higher rewards over individual mining operations using less powerful equipment due to economies of scale from pooling resources together versus solo operations where profit margins are much lower than what can be achieved through pooled resources & collective power of multiple miners working towards same goal i..e higher rewards per unit time spent mining & overall better ROI on investment made into hardware used due solely toward purpose of generating profits through successful completion of blocks mined within given timeframe allotted via contracts between miner & provider hosting said service – thus allowing more people access opportunities they may otherwise have been unable too due lack ability invest large sums up front on expensive setups needed before they can even begin participating process itself without incurring any additional costs beyond those already accounted for initial contract agreement made prior start date specified therein which covers all costs associated with hosting setup including but not limited electricity fees incurred during duration term agreed upon between both parties involved transaction itself that being either miner wanting participate pool hosted provider side responsible setting up maintaining running entire operation smoothly efficient manner while ensuring maximum profitability each member group depending upon how well managed system itself proves be after taking all things into consideration when designing plan layout configuration servers nodes required make everything run properly without issue throughout duration set forth beginning moment signed until day termination takes effect according terms laid out within document mentioned above outlining specifics related topic discussed hereinabove – hence why it’s important choose reliable reputable source such type venture lest run risk having problems down line later date when least expect them arise unexpectedly anytime soon thereafter leaving one scrambling try figure out what went wrong where went wrong order fix quickly possible order avoid further losses possible end result being everyone ends happy profitable ventures both sides come away winners situation instead loser one should something unexpected occur midst proceedings course life always throws curve balls way us humans we must learn deal them best our abilities cope adapt changes times like these when faced issues regarding technological advancements past present future alike regardless whether positive negative nature affecting outcome matter hand dealt us given instance particular moment space exist