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Cryptocurrency exchange Binance has announced the launch of new subscription-based mining products designed for Bitcoin (BTC) mining.
Starting June 15, users who are interested in mining Bitcoin but do not have the necessary hardware can subscribe to Binance cloud mining services and purchase hashrates for them. Hashrate is the computing power required to confirm and legitimize bitcoin transactions on the blockchain.
Binance is currently selling 1 Terahesh per second (Th/s) at a price of $10.7280, which is split between hashrate and electricity costs of $1.17 and $9.558 respectively. A higher hashrate increases the likelihood of a higher return in terms of Bitcoins earned from mining.
The Binance BTC Mining Subscription Service will be active for 180 days, or approximately six months. For every TH/s purchased, users will be able to earn 0.0004338 BTC over the timeline.
Since the product is launched on the global Binance website, the service is not available to cryptocurrency investors residing in the US. In a previous statement to Cointelegraph about the recent U.S. Securities and Exchange Commission (SEC) crackdown, Binance clarified that “Binance.com is a separate entity, and Binance’s concerns. US won’t affect our users.”
Related: Binance Files for Deregistration in Cyprus, Says Focus Is on ‘Large Markets’
To fight SEC allegations, Binance. The US has hired former SEC co-director of enforcement George Kanellos as part of its legal team.
Reacting to the alleged developments, “Binance is clearly preparing for criminal prosecution and continues to hire the best defense lawyers in the world,” former SEC head of Internet security John Reed Stark said on Twitter.
The due diligence began when the SEC said that the US division of Binance operates as an unregistered exchange, brokerage and clearing agency. Following the SEC action on June 9, Binance. The US has announced a suspension of USD deposits and a possible suspension of fiat withdrawals effective June 13th.