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Binance, a prominent global cryptocurrency exchange, is embarking on a new chapter in the Bitcoin mining landscape by launching its own subscription-based cloud mining services, starting from June 15. This service aims to cater to individuals with a keen interest in Bitcoin mining but lack the necessary tools.
Essentially, Binance provides an opportunity to purchase "hashrates," which represent the computational power required to verify and authorize Bitcoin transactions on the blockchain—the network where all the magic happens.
The pricing for these services is set at $10.7280 for 1 Terahash per second (Th/s), divided into the charges for hashrate and electricity, which amount to $1.17 and $9.558 respectively. A higher hashrate offers the potential for increased Bitcoin earnings over the mining period. A user purchasing each TH/s is projected to accumulate 0.0004338 BTC over a span of approximately six months.
However, not everyone can participate in this crypto venture. Binance's global site, where this service is available, excludes crypto enthusiasts based in the United States due to regulatory constraints.
This exclusion is a result of an ongoing dispute between Binance and the U.S. Securities and Exchange Commission (SEC). The SEC accused Binance's U.S. operations of operating as an unlicensed exchange, broker, and clearing agency. In response, Binance.US announced the suspension of U.S. dollar deposits and potentially a freeze on fiat withdrawals.
In its efforts to address these allegations, Binance.US has brought George Canellos, a former co-director of SEC enforcement, onto its legal team. Binance's proactive legal measures have caused a stir, demonstrating the company's commitment to innovation in the face of regulatory challenges. The introduction of this Bitcoin mining service marks their latest stride forward.
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