• Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products.
• The service is available on the Binance global website, which means that it is not available to its users in the United States.
• This comes at a time when Binance is facing regulatory pressure in the United States from the SEC.
Binance Introduces 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. 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. The product is currently available on the Binance global website, which means that it is not available to its users in the United States.
Hashrate Purchase
At the moment, Binance is selling 1 Terahash per second (Th/s) at $10.7280. As a user purchases more hashrate, their probability of higher income in terms of Bitcoin earned through mining increases. Binance revealed that its BTC mining subscription service would be active for six months. For each TH/s purchased, users stand a chance to earn 0.0004338 BTC during this 180-day period.
Regulatory Pressure Faced By Binance
This latest development comes at a time when Binance is facing regulatory pressure in the United States from the Securities and Exchange Commission (SEC). Earlier this month, The SEC sued Binance for allegedly breaking securities laws and filed for a temporary restraining order to freeze Binance’s assets located within US jurisdiction. Last week, as part of its legal defense team against these allegations from SEC, Biance hired former SEC enforcement co-director George Canellos and also announced suspension of USD deposits on its platform as it transitions into an all-crypto exchange . Similarly , Coinbase was also recently sued by SEC for failing to register as a broker , national securities or clearing agency .