Binance’s service platform dedicated to improving the income of miners – Binance Pool – announced the launch of the Bitcoin Cash (BCH) mining service.
The new offering leverages the FPPS settlement method. As part of the move, mining rewards will be automatically credited to users’ Funding Wallets by 10:00 (UTC) on a daily basis.
- According to the official update, account verification is a prerequisite for users to take part in the Bitcoin Cash (BCH) mining service.
- Binance Pool launched a $500 million lending project in October last year to support the Bitcoin mining industry, which was battered as a result of falling prices and multiple collapses of prominent players in the space.
- The crypto giant is focused on working with several cloud mining products in recent months. The aim was to provide relief to crypto miners seeking capital support amid crypto winter.
- It also released multiple batches of Cloud Mining products for BTC mining.
- The development comes as Binance continued to be embroiled in regulatory issues in the US.
- The Commodity Futures Trading Commission (CFTC) launched a lawsuit against the exchange and its CEO Changpeng ‘CZ’ Zhao in March this year.
- The Securities and Exchange Commission (SEC) followed suit early last month as it slapped Binance with charges of securities law violation and accused it of manipulating trading volume with the help of a CZ-headed company called ‘Sigma Chain.’
- Mounting regulatory pressure has led to a significant loss in Binance’s spot market share. The latest data suggest the figure has plunged from 64% to 50% in a span of seven months.
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