Binance Pool launched a $500 million fund to support bitcoin miners

Binance Pool announced the launch of a $500 million fund to provide debt financing to struggling bitcoin miners.

The initiative targets both public and private industry players.

The loan will have a term of 18 to 24 months, secured by cryptocurrencies and.

Recall that digital asset manager Grayscale Investments launched its bitcoin hardware co-investment product in October.

In September, mining services provider Bitdeer created a $250 million fund to buy back assets from “troubled” companies in the industry.

In the same month, mining company and provider of infrastructure solutions for cryptocurrency mining in cloud services Compute North filed for bankruptcy.

According to Arcane Research, an overwhelming number of public companies in the industry reported an unallocated loss on their balance sheets, despite a successful 2021.

Earlier, Binance launched a mining pool focused on mining Ethereum’s PoW fork tokens.

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