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

Binance, a crypto exchange, has unveiled new subscription-based cloud mining services specifically for Bitcoin (BTC) mining.

As of June 15, those who are interested in Bitcoin mining but do not have the necessary equipment can take advantage of Binance’s cloud mining services and purchase hashrates. Hashrate is the computing power needed for verifying and validating Bitcoin transactions on the blockchain.

Binance is offering 1 Terahash per second (Th/s) for the price of $10.7280, with the cost of hashrate and electricity divided at $1.17 and $9.558 respectively. An increase in the hashrate increases the likelihood of a greater return in terms of Bitcoin acquired through mining.

Binance’s BTC mining subscription plan will be operational for a period of 180 days, or approximately six months. During this time, customers who purchase a TH/s will be able to gain 0.0004338 BTC.

Upon the launch of the product on Binance’s global website, the service is unavailable to crypto investors living in the United States. In a prior statement to Cointelegraph regarding the recent SEC action taken in the US, Binance made it clear that “ is a distinct entity, and our users will not suffer any repercussions from issues at Binance.US.”

Binance has submitted an application to be removed from the register in Cyprus, indicating that they are now concentrating their efforts on bigger markets.

Binance.US recruited George Canellos, a former SEC enforcement co-director, to join their legal team in order to counter the SEC’s accusations.

In response to the reported news, John Reed Stark, former head of internet enforcement at the SEC, tweeted, “It appears that Binance is getting ready for a potential criminal case and is continuing to employ the top lawyers in the world.”

The legal investigation began when the SEC accused Binance’s US section of functioning without registration as an exchange, broker, and clearing firm. In response, on June 9, Binance.US declared the suspension of US dollar deposits and possibly ceasing fiat withdrawals as early as June 13.

Peter McCormack’s Real Bedford Football Club has brought Bitcoin to the forefront.

Categorized in: