The crypto winter is taking a toll on companies that man the virtual mines, which has led to cryptocurrency exchange Binance starting a lending facility for bitcoin (BTC) miners.
-
Binance Pool has started a $500 million lending project for private and public miners. The miners will need to pledge security in the form of physical or digital assets for the loan, which will have a duration of 18-24 months.
-
Binance Pool recently opened up a mining pool for ETHW, the forked version of Ethereum that retains the blockchain's original proof-of-work (PoW) underpinnings.
-
Binance isn't the only firm that is looking to support the struggling crypto mining industry, Jihan Wu, the founder of crypto mining rig-maker Bitmain, is also setting up a $250 million fund to purchase distressed assets from mining firms.
-
Decentralized Finance (DeFi) platform Maple Finance has also established a lending pool with a 20% interest rate to provide miners with working capital. Crypto asset management firm Grayscale has also formed an investment vehicle to help investors take advantage of the low prices of bitcoin mining infrastructures.
-
Grayscale is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.
-
The downturn in the crypto market and the planned transition of Ethereum to proof-of-stake (PoS) has hit miners hard. In late September, crypto miner Compute North filed for bankruptcy with $500 million in outstanding debt owed to at least 200 creditors.
-
Publicly traded mining company Riot Blockchain (RIOT) is down 70% year-to-date, while Marathon Digital Holdings (MARA) is down 65% for the same period.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks

Bitcoin celebrates annual Pizza Day with a new all-time high
Bitcoin (BTC) enthusiasts are celebrating Bitcoin Pizza Day with a banger. BTC made a new all-time high on Wednesday and has entered price discovery mode. The OG cryptocurrency is trading above $110,000 for the first time ever.

XRP Price Forecast: Open Interest skyrockets as Volatility Shares to launch XRP futures ETF on NASDAQ
Ripple's (XRP) price accelerates the uptrend to around $2.43 at the time of writing on Thursday, propelled by improving sentiment in the broader crypto market after Bitcoin (BTC) rapidly rallied to new all-time highs at approximately $111,880.

The Graph aims to enable secure cross-chain GRT transfers with Chainlink’s CCIP
The Graph (GRT) plans to adopt the Chainlink (LINK) interoperability standard (CCIP) to enable GRT transfers across three ecosystems. A successful deployment of GRT bridges across Arbitrum (ARB), Base (BASE), and Solana (SOL) will significantly expand its cross-chain functionality.

Top 3 Gainers Fartcoin, Dogwifhat, Popcat: Meme coins lead altcoins rally exploding alongside Bitcoin
Cryptocurrencies broadly extend gains on Thursday, propelled by Bitcoin’s (BTC) surge to new all-time highs at around $111,880. Meanwhile, altcoins continue to gain strength, with Bitcoin dominance (BTC.D) sliding to approximately 63.84%, buoyed by significant rallies in meme coins such as Fartcoin (FARTCOIN), Dogwifhat (WIF) and Popcat (POPCAT).

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.