Cryptocurrency News

Binance launches Bitcoin mining cloud services amid SEC crackdown in the US


Crypto exchange Binance announced the launch of new subscription-based could mining products dedicated to Bitcoin (BTC) mining. 

Starting June 15, users that are interested in Bitcoin mining but lack the equipment can subscribe to Binance’s cloud mining services and purchase hashrates for the same. Hashrate is the computing power required for confirming and legitimizing Bitcoin transactions over the blockchain.

Binance is currently selling 1 Terahash per second (Th/s) at $10.7280, which is split between the hashrate and electricity costs at $1.17 and $9.558 respectively. A higher number of hashrate increases the probability of a higher income in terms of the Bitcoin earned through mining.

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Binance offers Bitcoin mining service via cloud. Source: Binance

Binance’s BTC mining subscription service will be active for 180 days, or roughly six months. For each TH/s purchased, users will be able to earn 0.0004338 BTC during the timeline.

As the product is launched on Binance’s global website, the service is not available for crypto investors residing in the United States. In a previous statement to Cointelegraph about the recent Securities and Exchange Commission (SEC) crackdown in the US, Binance clarified that “Binance.com is a separate entity and our users will not be impacted by issues at Binance.US.”

Related: Binance applies to deregister in Cyprus, says focus is on ‘larger markets’

To fight against the allegations of SEC, Binance.US hired former SEC enforcement co-director George Canellos as part of its legal team.

Reacting the alleged development, “Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world,” said former SEC internet enforcement chief John Reed Stark on Twitter.

The legal scrutiny began when SEC alleged that Binance’s US arm was operating as an unregistered exchange, broker and clearing agency. Following the SEC’s actions, on June 9, Binance.US announced the suspension of the U.S dollar deposits and potentially pausing fiat withdrawals starting as early as June 13.