Post
Topic
Board Bitcoin Discussion
Re: Binance Provides $500M Loan for Bitcoin Miners
by
hyudien
on 17/10/2022, 07:01:57 UTC
It's a win-win for Binance. Give out a loan to a struggling miner, using their assets as security. Either they pay back the loan and Binance make a profit, or fail to pay the loan and Binance take their assets, which will likely include all their mining gear, meaning Binance get to grow their own operation.
Binance signing a loan contract will only keep him profitable. Meanwhile, the fate of miners who are getting more and more difficult by the day has an additional burden, namely having to pay their loans to Binance along with the interest. I think for Binance this is big business because whenever it is difficult for miners to meet payments the fear is changing hands where miners have to hand over some mining products to Binance, and little by little we will see that miners are being used as alibis to not be able to pay debts they.