JAKARTA - Binance, one of the largest crypto exchanges in the world, announced the launch of their new products and services, namely Binance's cloud mining service. Despite the increasing regulatory pressure from the US Securities and Exchange Commission (SEC), Binance continues its activities by launching a service that allows users to mine Bitcoin.
Binance's cloud mining service has been officially active since Thursday, June 15, and can be accessed via subscription. With this service, Binance users who want to mine Bitcoin but do not have adequate computing capacity can subscribe to this service and access hashrates for mining.
Hashrate is the computational power measure used to mine and process transactions in Proof-of-Work blockchain networks like Bitcoin. Binance sells 1 Terahash per second (Th/s) for 10.7280 US dollars (around Rp160 thousand). The price includes an electricity cost of around 9.558 US dollars (Rp142,713) and a hash rate of 1.17 US dollars (Rp17,400).
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Binance's cloud mining service will be active for 180 days or so. During that period, every TH purchased by users will only generate about 0.0004338 BTC. However, this service is not available to users living in the United States as Binance has suspended operations in the US after under pressure from the SEC. Even so, Binance stressed that their users on the Binance.com platform will not be affected by the problem at Binance.US.
On June 6, the SEC filed a lawsuit against Binance.US on charges of violating US securities laws. However, Binance.US denied the claims and hired some of the best lawyers, including George Canellos, the former SEC's enforcement director, to defend them in this case. Meanwhile, Binance.US has suspended deposits and withdrawals in the US dollar starting June 13.
Despite facing regulatory pressure, Binance continues to innovate and provide new services to their users. The launch of this Bitcoin cloud mining service is Binance's new step in providing mining options to their users and expanding their services in the crypto sector.
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