Binance has launched a service for cryptocurrency mining

The Binance Pool, a mining pool owned by the largest cryptocurrency exchange Binance, has announced the launch of a new service — a cloud mining service.

#Binance Pool launches Cloud Mining.

— Binance (@binance) November 22, 2022

According to Binance Pool, users who do not have access to mining equipment can profit from cryptocurrency mining. To do this, you need to subscribe to the Cloud Mining service and purchase the required amount of hashrate. After that, users will be able to receive the mined bitcoins to their cryptocurrency wallet.

«With Cloud Mining, you can completely forget about equipment, as well as searching for and renting sites for mining farms. Entrust the operation and maintenance to your reliable partner,» the announcement reads.

Only users who have been verified on the exchange can access the cloud mining service on Binance Pool. Binance representatives report that a commission will be introduced for using the service — 2.5% from the mining pool and another 1.5% for management. However, from November 22 to December 22, 2022, the management fee will not be charged — Binance has decided to attract new users and provide them with an opportunity to earn increased profits.

As a reminder, the number of bitcoins currently held by Binance has reached almost 600,000 BTC, and the company’s cryptocurrency assets are estimated at $ 9 billion at the current US dollar exchange rate. Experts suggest that the large volumes of purchases of the flagship cryptocurrency by the exchange may be due to the unprofitability of bitcoin mining.