Binance is making efforts to support Bitcoin miners. Check out what the crypto exchange managed to achieve recently below.
Binance supports Bitcoin miners
It’s been just reveald that Binance has just launched a $500 million fund to provide loans to Bitcoin miners struggling to cope with difficult crypto-market conditions.
Binance Pool, which is the company’s mining service, will offer the following perks for miners:
“it will provide loans for both private and publicly-listed Bitcoin miners — who will need to pledge security, in the form of physical or digital assets, to obtain loans with a duration of 18-24 months. Binance will charge interest rates between 5% and 10%.”
The online publication the Block notes that the initiative comes as Bitcoin miners experienced a tough few months while the price of BTC declined.
As the same online publication mentins, with low bitcoin prices, miners’ revenues have declined sharply — with Compute North even filing for bankruptcy.
Here are the real figures revealed by the same online publication below:
“Bitcoin miners’ revenue fell 16.2% to about $550.5 million last month — marking its fifth decline in the last six months, and the lowest total since November 2020, according to data from The Block Research.”
It’s not the time to be bearish on Bitcoin
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $19,588.
Earlier today, we revealed that a popular Bitcoin (BTC) analyst who predicted the king crypto’s current fall from all-time highs says today is not the day to be bearish about the king coin.
Pseudonymous trader Capo said recently that they are bullish on Bitcoin in the near future.
“I’m still bullish short-term. This is not the time to be bearish in my opinion.”
Capo is addressing Bitcoin’s current price behavior and that of 2018, the last major BTC bear market.
“BTC in 2018 vs. BTC now.”