Binance Pool, the mining subsidiary of Binance, has launched a $500 million loan program to support the crypto mining industry. It provides credit to Bitcoin mining.
followAn official blog post on Oct. 14 states that Binance Pool will provide access to a $500 million loan fund on a number of conditions. They are for 18 to 24 months at interest rates of 5% to 10% and may be partially secured by digital assets. The company will consider a variety of credit granting factors. including current performance, mining power, and security. to determine the creditworthiness of the borrower
Binance Pool will also launch a cloud mining product. By purchasing cloud mining power directly from Bitcoin mining providers and digital infrastructure.
“One of the requirements is Applicants must be a Binance VIP user and have been connected at least 500 PH/s to the Binance Pool for at least 24 months after the loan issuance,” a Binance spokesperson clarified.
The company did not specify the maximum loan amount for each individual. based on the specific circumstances of each applicant
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