Jun 15, 2023 11:50 UTC
Jun 15, 2023 at 11:50 UTC
In response to SEC action against the US cryptocurrency exchange, Binance has launched cloud Bitcoin mining services
The price of 1 Terahash per second (Th/s) on Binance is $10.7280, which is made up of $1.17 for the hashrate and $9.558 for the cost of the power.
Bitcoin BTC tickers down $24,938 mining-specific subscription-based mining products have been launched, according to cryptocurrency exchange Binance.
Beginning on June 15, anyone who want to mine Bitcoin but lacks the necessary hardware can subscribe to Binance’s cloud mining services and buy hashrates for the purpose. The amount of processing power needed to confirm and validate Bitcoin transactions across the blockchain is known as hashrate.
The price of 1 Terahash per second (Th/s) on Binance is $10.7280, which is made up of $1.17 for the hashrate and $9.558 for the cost of the power. A higher hashrate enhances the likelihood of earning more money in terms of Bitcoin through mining.
The duration of Binance’s BTC mining membership service is 180 days, or around six months. Users will be able to earn 0.0004338 BTC throughout the period for each TH/s purchased.
The service is not accessible to cryptocurrency investors based in the United States because the product was only recently published on Binance’s international website. The recent Securities and Exchange Commission crackdown in the U.S. prompted Binance to clarify to Cointelegraph that “Binance.com is a separate entity and our users will not be impacted by issues at Binance.US.”
Binance is defending itself against the SEC’s accusations.George Canellos, a former SEC enforcement co-director, joined US’s legal staff.
In response to the purported development, former SEC internet enforcement officer John Reed Stark wrote on Twitter that “Binance is clearly preparing for a criminal prosecution and continuing to hire the best defence attorneys in the world.”
When the SEC claimed that Binance’s US subsidiary was operating as an unregistered exchange, broker, and clearing agency, the legal investigation got under way. Following the SEC’s efforts, Binance.US announced on June 9 that U.S. dollar deposits will be suspended and that fiat withdrawals would be halted as early as June 13.