Binance Now Offers Bitcoin Cloud Mining Services

Bitcoin Cloud Mining

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Cryptocurrency exchange Binance now offers subscription services for Bitcoin cloud mining. For those who wish to mine Bitcoin but do not have the necessary equipment, Binance’s cloud mining services are now available for purchase at hashrates starting June 15. The “hashrate” is the computational power required to verify Bitcoin transactions on the distributed ledger.

Binance is now selling 1 Th/s for $10,7280, which includes $1.17 for hashrate and $9,558 for electricity. Also, a higher hashrate increases the chances that a miner will be able to successfully mine BTC. Additionally, Bitcoin miners who sign up with Binance will have access to their service for a full 180 days, or around six months. For every TH/s used during that time, users have a chance to earn 0.0004338 BTC.

US Users Will Not Be Able to Access Binance’s New Bitcoin Cloud Mining Service Due to SEC Dispute

United States cryptocurrency investors will be excluded from the launch as it will take place on Binance’s global website. When asked about the ongoing SEC crackdown in the United States, Binance previously said that Binance.com is a separate entity and its consumers will not be affected by challenges from Binance.US.

Furthermore, Binance will fight back against the SEC’s allegations. George Canellos, a former SEC compliance official, has joined the US legal team.

In light of this alleged series of events, John Reed Stark, former SEC head of internet compliance, tweeted that the exchange is preparing for criminal prosecution and hiring the best for it.

The SEC accused Binance in the United States of operating as an unauthorized exchange, broker, and clearing agency, which has drawn attention to the matter. Binance.US announced on June 9 that it will stop accepting US dollar deposits and will stop allowing fiat withdrawals starting June 13. This was a reaction to the efforts of the SEC.