Cryptocurrency exchange Binance has officially announced the launch of its Bitcoin cloud mining products.
From June 15th, those who are interested in Bitcoin mining but don’t have the right equipment can sign up for Binance’s cloud mining service and buy hashrates. Hashrate is the computing power required to confirm and record Bitcoin transactions on the blockchain.
Binance is currently selling 1 Terahash per second (Th/s) for $10,7280. This amount is split between the hash rate and the electricity cost, which is $1.17 and $9,558 respectively. A higher hashrate will increase the probability of earning Bitcoin through mining.
Binance Launches Cloud Mining Service service will be active for 180 days, which equates to six months. Users who buy every TH/s will be able to earn around 0.0004338 BTC during this time.
As this service was launched on Binance’s global website, it is not open to crypto investors residing in the United States. Earlier, in a statement regarding the investigation by the US Securities and Exchange Commission, Binance emphasized that “Binance.com is an independent entity and our users will not be affected. by problems at Binance.US”.