Share this article
Binance Pool Starts $500 Million Fund to Support Bitcoin Mining
The entity is the latest to join the growing ranks of alternative lenders looking to provide capital to the distressed mining industry.
By Sam Reynolds
Updated Apr 9, 2024, 11:24 p.m. Published Oct 14, 2022, 5:20 a.m.
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 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 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 formed its own 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 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.
Read more: Binance Starts Ethereum Proof-of-Work Mining Pool, Initially With No Fee
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
What to know:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
