Binance launches $500M lending project to support crypto miners

from Oct. 14, the Binance Pool will provide access to a $500 million loan fund on several conditions, which include an 18-to-24-month term, 5% to 10% interest rates, and some physical or digital assets as a security. The company will look at a wide range of metrics, including current performance, mining power and security quantity, to define the borrower's creditworthiness.

Binance Pool will also launch cloud mining products, directly purchasing the cloud mining hash power from Bitcoin mining and digital infrastructure providers. Speaking to Cointelegraph, a Binance spokesperson clarified the criteria for defining a potential borrower as a “blue-chip”: “One of the requirements is that the applicant must be classified as a Binance VIP user and connect at least 500 PH/s to the Binance Pool for a minimum of 24 months after the loan is issued.”

The company did not specify the maximum amount of a single loan, referring to the specifics of each applicant’s situation.

Source: News Formal (newsformal.com)

binance Funny to see all the wash trading at Binance for the last 3-6 months.

binance If only Satoshi had warned us against this!

binance Binance running out of $BTC Liquidity huh. The BTC Ponzi can't move when Mooncucks Stack Sats everyday. 🤣 Keep buying Pony Boys. I Heard 10,000s + Miners are fixing to go online very soon at an Oil Well Near You. 35% US Hashrate Power, 300BTC everyday to U.S.A. Wordddd

binance So Meta. 'are you a struggling crypto miner?' Are your fees not covering the costs of your electricity bill? Maybe try getting a real job.

GIFT CARDS FOR MINING CORE ON SATOSHI APP 4pkxfvt 4sjnba7 4ahz8yt 4u286y5 GOODLUCK. HAPPY MINING.

Bitcoin $BTC 💩 shitcoin miners in trouble:

Probably from the funds from that bridge hack 👀

Binance really wants to Centralized this Bitcoin Ponzi Corn don't they. I'm totally all for this fund. Hashrate needs to hit ATHs every 2 weeks.

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