The mining of the first cryptocurrency has become very popular, especially, during the last years. This path (of mining) provided many individuals and companies with a huge profit. Sometimes mining becomes the reason for people of becoming millionaires and even billionaires.

This year’s downfall, of course, has had a huge impact on the sphere, but it didn’t scared many participants, for whom, Binance has launched a fund.

Half of the Billion to Develop the Mining Industry

Today (October 14), Binance officially announced, that it is launching a fund in order to support the BTC mining. The fund with $500 million will support people to get a starting capital for mining. Binance announced, that the fund is a way to support the healthy digital token ecosystem. 

These credits that the exchange platform offers will depend on some conditions and terms (for instance: interest rates, which vary between 5% – 10% or the term, which can be 18 or 24 months). The lenders will also have to provide a kind of security for these loans. Moreover, Binance is trying to find cloud mining providers to cooperate with it. 

It Becomes Difficult to Mine

The decrease of cryptocurrencies’ market values is not the only problem of BTC miners. A lot of people understood, how profitable is the industry, so more and more people are joining the game and that makes it pretty difficult to make a big profit.

The appearence of innovative mining machines in the field increased the hashrate and made it more difficult to mine. In the beginning of the week, the BTC faced one of its biggest difficullties for the year of 2022, when its price grew by 13,5%. Consequently, for mining a single block, people now need a higher hashrate.

Hence, the miners must increase their hash-rates to stay in the game (mining industry) and the credits, which are offered by the Binance fund , will support them (miners) to continue their operations. These loans are not suggested only to specific groups of miners, credits will also been allocated to individuals or to companies, which are in the digital industry.