• Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products.
• The product is currently available on the Binance global website, which means that it is not available to its users in the United States.
• Binance is currently facing regulatory pressure in the United States due to alleged violations of securities laws.
Binance Launches Bitcoin Mining Cloud Services
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products. Starting today, June 15, Binance users interested in Bitcoin mining but who don’t have the hardware can subscribe to the cryptocurrency exchange’s cloud mining services and purchase hashrates. At the moment, the cryptocurrency exchange is selling 1 Terahash per second (Th/s) at $10.7280 and users stand a chance to earn 0.0004338 BTC during a 180-day period for each TH/s purchased.
Not Available To US Users
The product is currently available on the Binance global website, which means that it is not available to its users in the United States due to various regulations set forth by US authorities.
Facing Regulatory Pressure
This launch of cloud service comes at a time when Binance is facing regulatory pressure in the United States from SEC who sued them earlier this month for allegedly breaking securities laws and filed for a temporary restraining order to freeze assets as well as hiring former SEC enforcement co-director George Canellos as part of their legal team. Last week, Binance US also announced suspension of USD deposits on its platform as it transitions into an all-crypto exchange while rival Coinbase was also sued by SEC for failing to register with them properly.
Advantages Of Cloud Mining
Cloud mining offers numerous advantages compared to traditional hardware based Bitcoin mining such as lower costs associated with electricity bills and no need for expensive equipment or technical knowledge required from user side since everything related to maintenance & operations are handled by service provider itself thereby reducing overall cost involved and making viable option even for small scale miners looking forward investing less amount of money & getting higher returns over period of time .