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The world's largest cryptocurrency, Bitcoin (BTC), has seen a dramatic decline in price from its all-time high, reached on November 10, 2021, at a price of $69,000. Binance Pool, a platform devoted to boosting miners' revenue, has launched a $500 million project to promote the crypto mining sector and help them overcome the current market condition.
Miner Lending Project Offers Loans to Crypto Companies
The exchange's $500 million program will offer loans to cryptocurrency companies in need during a current bear market. The loan period will be between 18 and 24 months, with an agreed-upon interest rate. The claimed interest rate ranges from 5% to 10%, and companies that accept the loan must provide Binance with adequate security in the form of either tangible assets or digital assets. Binance stated that the establishment of the initiative is to provide safe debt financing services to both public and private blue-chip bitcoin (BTC) mining and infrastructure enterprises globally.
Introduction of Cloud Mining Products
Binance also revealed that it would introduce a number of cloud mining solutions that will support the wider Bitcoin mining sector and offer more hash power to enhance the mining ecosystem. The exchange stated that cloud mining hash power would be directly acquired from bitcoin mining and digital infrastructure providers. The exchange is also searching for cloud mining companies to collaborate and support its launch of cryptocurrency goods.
Binance Destroyed $547M Worth of BNB
Yesterday, Cryptoknomics reported that Binance irreversibly destroyed $547 million worth of Binance Coin (BNB) in its 21st quarterly burning event, yet the markets stayed steady. Approximately $600 million worth of BNB tokens, or 2,065,152 tokens, were destroyed, according to a statement from Binance. Additionally, the exchange disclosed that 4,833.25 BNB tokens were destroyed as part of its Pioneer Burn Program, which assists customers who accidentally lose their digital assets.