Binance also revealed that the BTC mining subscription service will only be active for around 180 days.
The weight of regulatory pressure from the U.S. Securities and Exchange Commission (SEC) appears to have had little to no impact on the activity of crypto exchange Binance. This follows the exchange’s recent announcement of Binance’s cloud mining products and services.
according to announcement, the service will go live on Thursday, June 15, and access will be subscription-based. That means, starting Thursday, Binance users who want to mine Bitcoin but lack the ability to do so will be able to sign up for a new service to access hashrates to do so.
please remember. Hashrate represents the computing power used to mine and process transactions on his Proof-of-Work blockchain, such as Bitcoin.
Exchange Announces Binance Cloud Mining Not Available For US-Based Users
For cloud mining subscriptions, Binance currently admits 1 terahash per second (Th/s) at $10.7280. The exchange explains that pricing is based on the total cost of electricity ($9.558) and the total cost of hashrate ($1.17).
Additionally, Binance revealed that its BTC mining subscription service is only valid for around 180 days. During the period, for each TH/s a user purchases, he will earn 0.0004338 BTC.
Meanwhile, Binance also confirmed that the service will be available to users worldwide, except those residing in the United States. But the reason is not outlandish. Due to the recent crackdown by the SEC, the exchange has suspended all operations in the continental United States. Nevertheless, the company claims that:
“Binance.com is a separate business entity and our users are not affected by issues with Binance.US.”
On June 6, the SEC filed a lawsuit against Binance.US for violating US securities laws. However, the exchange has since denied the allegations and has hired world-class lawyers to fight the allegations. Among the people Binance.US has hired to its legal team is former SEC Enforcement Co-Director George Canellos.
On the other hand, however, Binance.US has stopped accepting US dollar deposits and withdrawals since June 13th.
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