Binance Announces Bitcoin Mining Cloud Services In The Midst Of An SEC Crackdown In The US

June 15, 2023

Binance Announces Bitcoin Mining Cloud Services In The Midst Of An SEC Crackdown In The US

Crypto exchange Binance announced the introduction of new subscription-based Bitcoin mining solutions. Users interested in Bitcoin mining but lacking the necessary equipment can subscribe to Binance’s cloud mining services and purchase hashrates beginning June 15. The hashrate is the amount of computing power necessary to confirm and legitimize Bitcoin transactions on the blockchain.

Binance is currently offering one Terahash per second (Th/s) for $10.7280, with hashrate and electricity fees split at $1.17 and $9.558, respectively. A higher hashrate increases the probability of generating more Bitcoin through mining. Binance’s BTC mining subscription service will be available for 180 days, or around six months. Customers will be able to earn 0.0004338 BTC for each TH/s purchased throughout this time period.

The talked product is only offered on Binance’s worldwide website and is not available to crypto investors in the United States. Alongside, concerning the current crackdown of the Securities and Exchange Commission in the country has emerged as a separate entity. However, users will not be impacted by issues at Binance US.

In response to the alleged development, former SEC internet enforcement chief John Reed Stark tweeted, “Binance seems to prepare for a criminal prosecution while it continues to hire the best defense attorneys across the globe.” The SEC launched the legal inquiry after alleging that Binance’s US unit was operating as an unregistered exchange, broker, and clearing agency. Following the SEC’s lead, Binance.US announced on June 9 the suspension of US dollar deposits and the expected suspension of fiat withdrawals commencing June 13.

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