In a move aimed at catering to users interested in Bitcoin mining but lacking the necessary equipment, cryptocurrency exchange Binance has announced the launch of its cloud mining services. Starting from June 15, users can subscribe to Binance’s cloud mining products and purchase hashrates, which represent the computing power required to validate and authorize Bitcoin transactions on the blockchain.
Binance is currently offering a rate of 1 Terahash per second (Th/s) at a price of $10.7280. This cost is split between the hashrate and electricity expenses, with $1.17 allocated to electricity and $9.558 dedicated to the hashrate. Opting for a higher hashrate increases the likelihood of earning a higher income through mining, as it boosts the chances of successfully mining new Bitcoins.
The subscription period for Binance’s BTC mining service will span 180 days, equivalent to approximately six months. During this time, users can earn 0.0004338 BTC for every TH/s they purchase.
It’s important to note that while the product is available on Binance’s global website, it is not accessible to crypto investors residing in the United States. Binance clarified its position regarding the recent Securities and Exchange Commission crackdown in the U.S., emphasizing that “Binance.com is a separate entity, and our users will not be impacted by issues at Binance.US,” in a statement to Cointelegraph.
By introducing cloud mining services, Binance aims to provide a convenient solution for individuals interested in Bitcoin mining, regardless of whether they possess the necessary hardware. This move demonstrates Binance’s commitment to expanding its offerings and providing accessible opportunities for users to participate in the cryptocurrency ecosystem.