Binance also revealed that the BTC mining subscription service will only be active for 180 days or so.
The weight of regulatory pressure from the US Securities and Exchange Commission (seconds) Sees little or no impact on crypto exchange activities binance, This comes after the exchange recently announced the Binance cloud mining product and service.
According to AnnouncementThe service will go live on Thursday, June 15, and access will be subscription-based. Namely, starting Thursday, Binance users who would love to mine bitcoin but lack the ability can now subscribe to its new service to access the hashrates to do so.
Recall, hashrate describes the computing power used to mine and process transactions on a proof-of-work blockchain such as bitcoin.
Binance Cloud Mining Not Available For US-Based Users, Exchange Says
Regarding cloud mining subscriptions, Binance confirms that 1 Terahash per second (Th/s) currently goes for $10.7280. The exchange states the pricing as the total cost of electricity ($9.558) and hashrate ($1.17).
Furthermore, Binance revealed that B T c The mining subscription service will only be active for 180 days or so. And for every TH/s that users buy, they will earn no more than 0.0004338 BTC during this period.
Meanwhile, Binance has also confirmed that the service will be made available to all its global users except those living in the United States. However, the reason is not far-fetched. Recent action from the SEC has caused the exchange to halt all of its operations on US soil. Nonetheless, the company stresses:
“Binance.com is a separate entity and our users will not be affected by issues with Binance.US.”
On June 6, SEC filed A lawsuit against Binance.US, alleging that the exchange violated US securities laws. But the exchange has since denied the claims and has hired some of the world’s best lawyers to fight the allegations. Among those hired by Binance.US to its legal team is former SEC co-director of enforcement Jorge Canelos.
However, in the meantime, Binance.US has stopped Deposits and withdrawals allowed in US Dollars from June 13.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. Although away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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