Despite the actions of the US Securities and Exchange Commission (SEC) on crypto firms in the US, Binance Global has launched its Bitcoin mining services. The new service will allow users who want to mint Bitcoin without the necessary equipment to subscribe to the platform’s services.
Binance’s Cloud-Based Bitcoin Mining Services
Beginning from June 15, individuals who want to mine Bitcoin yet lack the necessary hardware can now utilize Binance’s innovative+ cloud mining tools. Through this service, users can conveniently acquire hash rates, which are vital in verifying and validating Bitcoin transactions on the blockchain.
The world’s largest crypto exchange will sell 1 terahash per second (Th/s) at $10.7280. In addition, the cost is shared between the hash rate itself, valued at $1.17, and the electricity expenses, totaling $9.558.
However, choosing a larger hash rate can enhance the likelihood of earning a higher income in the form of mined Bitcoins. Moreover, the BTC mining subscription service Binance provides will be valid for approximately six months, equivalent to 180 days.
Users who purchase each TH/s within this period can earn an estimated 0.0004338 BTC. While the product has been introduced on Binance’s global platform, it is essential to note that the service is not accessible to crypto investors who are residents of the United States.
In response to the SEC’s recent crackdown on crypto firms in the US, Binance revealed that its users on Binance.com will not be affected by any matters about Binance.US, as the two entities are distinct. Meanwhile, Binance.US has taken a proactive step regarding the SEC’s stance regarding its operations.
It has recruited George Canellos, a former co-director of SEC enforcement, to join its legal team. Commenting on the recent development, John Reed Stark, a former SEC internet enforcement chief, expressed his observations on Twitter. He tweeted, “Binance’s evident preparations for a potential criminal prosecution include their strategic hiring of top-notch defense attorneys from around the globe.”
Will Bitcoin Benefit From The Fed’s Move?
In a highly anticipated move, the US Federal Reserve has reportedly implemented a predicted pause in its interest rate hikes. This marks the first such since 2021.
Despite this pause, the overall sentiment remains hawkish after Fed chair Jerome Powell hinted at a possible rate hike in the future to address the rising inflation.
According to Keith Alan (a top-level executive at on-chain analytical firm Material Indicators), the views held by the Federal Open Market Committee (FOMC) suggest that most participants expect the Fed to implement modest interest rate increases before the year ends. This expectation highlights the consensus among committee members regarding the possible need for further adjustments in interest rates.
Based on current data from CME Group’s FedWatch Tool, market analysts forecast a 70% hike in interest rates at the upcoming FOMC meeting scheduled for July. This observation reflects the market’s outlook and expectations regarding the likelihood of further rate hikes.
Meanwhile, the mixed signals also add pressure to the continued decline in the prices of crypto assets. Despite these prevailing market conditions, Alan and some other industry experts remain optimistic that there will soon be a positive reversal in the market’s fortunes.
He offered a different perspective on the Fed event, portraying Powell’s position as “all bark, no bite.” Furthermore, other analysts are confident that BTC’s price action will be bullish soon.
DecenTrader, a leading trading platform, echoed the similar sentiment that Bitcoin was nearing a zone characterized by an accumulation of leveraged long positions, thus suggesting the possibility of increased liquidity.
However, Maartunn, a famous on-chain analyst, noted that despite the price of BTC making sideways movement, there had been a significant rise in open interest, totaling $439 million. According to him, this rise contrasts previous instances as funding rates continue to exhibit a downtrend, approaching a neutral position.
Hence, Maartunn opined that this trend would lead to relatively balanced long and short positions.
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