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Binance Launches Subscription-Based Cloud Mining Services Amidst SEC’s Crackdown

Press Releases Crypto News Bitcoinist Binance Launches Subscription-Based Cloud Mining Services Amidst SEC’s Crackdown

Binance appears unfazed despite the recent U.S. Securities and Exchange Commission (SEC) charges. The crypto exchange announced the launch of another batch of subscription-based cloud mining services for Bitcoin on Wednesday, June 14.

Binance first unveiled its cloud mining services in November 2022. With the cloud mining services, users can earn mining rewards from Binance Pool without mining equipment.

BTC Cloud Mining Service Kicks Off On June 15

According to the exchange’s blog post, the subscription for the new batch started on June 8 and will end on June 15, 2023. The subscription format follows a first-come-first-served model. Also, users must have a verified account to complete it.

The subscription to the new batch of cloud mining products allows users to purchase hash rates and start accumulating mining rewards in their funding wallets from June 15. Bitcoin mining equipment or hardware is expensive to purchase and maintain and consumes large amounts of electricity for retail users.

Due to this issue, Bitcoin mining may be less profitable for solo miners. So, most miners subscribe to mining pools where they cooperate to mine blocks and distribute rewards based on each entity’s contribution. According to the company, Binance created its mining pool to help improve miners’ income, allowing them to purchase hash rates and earn mining rewards.

Binance Pool launched its cloud mining on November 22, 2022, allowing users to subscribe and buy hash rates. Binance’s cloud mining services suffered power outages from an extreme winter storm in North America in December

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Author: Kent Glory

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