- Binance starts operations on a new mining cloud service.
- Binance global users can purchase hash rates alongside subscribing to the mining service.
- Binance Global is separated from any legal drama between Binance US and the Securities and Exchange Commission, United States.
Binance’s new mining cloud service will begin operation today, June 15, as users interested in Bitcoin mining but lacking the necessary equipment can now subscribe to the platform’s mining services. Not only can they subscribe to the mining services, but they can also purchase hash rates for the same.
Hash rates are the computing power required to confirm and legitimize Bitcoin transactions over the blockchain. Binance is selling these hash rates at one terahash per second (Th/s) at $10.7280, and it is split between the hash rates and electricity costs at $1.17 and $9.558, respectively.
The higher the number of hash rates, the higher the probability of increased income in terms of Bitcoin earned through mining.
Binance’s BTC mining subscription service will be made available for six months. For each Terahash purchased, Binance BTC mining users can earn 0.0004338 BTC during the abovementioned timeline.
The product was launched on Binance Global, which means it is not available for crypto investors located in the United States, and in a previous statement to Cointelegraph in regards to the recent crackdown by the Securities and Exchange Commission in the U.S., the platform clarified that their entity Binance.com is a separate entity. Their users will remain unaffected by the issues faced by Binance US.
To fight against the allegations piled on the exchange by the Securities and Exchange Commission, Binance US has hired former SEC enforcer George Canellos as part of its legal counsel. The SEC reacted to this move by Binance, and a former SEC internet enforcement chief, John Reed Stark, commented on Twitter that Binance is preparing for criminal prosecution and is continuing to hire the best defense attorneys and legal counsel that can be found anywhere.
The scrutiny by the Securities and Exchange Commission on Binance began when they alleged that the U.S. arm of Binance was operating an unregistered exchange, broker, and clearing agency. Following the SEC’s actions last week, Binance US announced that they would be suspending U.S. dollar deposits and also mentioned a potential pause on fiat withdrawals starting this week.
Conclusion
Last week the firm reported that to protect its customers and platform, it will suspend dollar deposits.
In addition, Binance.US notified customers that their banking partners are preparing to pause fiat (USD) withdrawal channels. Binance US also added their plans to transition to a crypto-only exchange while maintaining a 1:1 ratio for their customer assets.
The exchange is keeping things mostly frozen for its U.S. entity for its legal battle with the SEC not to drag its users into the battle any further.
