Binance Pool Launches $500M Fund to Support Bitcoin Miners

by in Cryptocurrency News

Binance

Binance Pool has announced the creation of a $500 million fund to provide debt financing to struggling bitcoin miners.

The initiative targets both public and private players in the industry.

The loan will be issued for a period of 18 to 24 months secured by cryptocurrencies and/or equipment.

Recall that in October, the digital asset management company Grayscale Investments launched a product for joint investment in equipment for bitcoin mining.

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In September, mining service provider Bitdeer set up a $250 million fund to buy assets from "troubled" companies in the industry.

In the same month, Compute North, a mining company and provider of infrastructure solutions for mining cryptocurrencies in cloud services, filed for bankruptcy.

According to Arcane Research, the vast majority of public companies in the industry have retained losses on their balance sheets despite a strong 2021.

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Earlier, Binance launched a mining pool focused on the mining of Ethereum PoW tokens.