Binance Debuts Bitcoin Cloud Mining Services Amid Ongoing SEC Scrutiny

Binance Debuts Bitcoin Cloud Mining Services Amid Ongoing SEC Scrutiny

Binance's Bitcoin Cloud Mining Service

Commencing from June 15, Binance, the cryptocurrency exchange, is rolling out its new cloud mining services dedicated to Bitcoin. This subscription-based offering is designed for those who wish to partake in Bitcoin mining but lack the necessary hardware.

Subscription Details and Earnings

The new service allows subscribers to purchase hashrates, which represent the computational capacity needed to authenticate and validate Bitcoin transactions on the blockchain.

As of now, Binance is retailing 1 Terahash per second (Th/s) for $10.7280. This fee is divided between the hashrate and electricity expenses, costing $1.17 and $9.558, respectively. Purchasing a greater hashrate proportion increases the likelihood of accruing higher Bitcoin rewards from mining.

Duration and Availability

The Bitcoin mining subscription from Binance will be valid for approximately six months or 180 days. During this period, for each TH/s procured, users can expect to earn 0.0004338 BTC.

Binance Debuts Bitcoin Cloud Mining Services Amid Ongoing SEC Scrutiny

Although the service is launched via Binance’s global platform, it is not accessible for cryptocurrency investors based in the United States due to the ongoing scrutiny from the Securities and Exchange Commission (SEC).

The Binance-US and SEC Standoff

In response to the SEC's allegations, Binance previously clarified to Cointelegraph that " operates independently, and the issues affecting Binance.US won't impact our users."

In an effort to counter the SEC's allegations, Binance.US has onboarded George Canellos, former SEC enforcement co-director, to its legal team.

John Reed Stark, former SEC internet enforcement chief, commented on this move on Twitter, stating, "Binance is visibly bracing for a criminal prosecution by employing some of the world's top defense attorneys."

The legal probe initiated when the SEC accused Binance's U.S. branch of operating as an unregistered exchange, broker, and clearing agency. Following the SEC's move, Binance.US declared the suspension of U.S. dollar deposits and potentially halting fiat withdrawals as early as June 13.