Cryptocurrency exchange Binance has allocated $500 million to support miners

The company will launch loans for bitcoin miners who can back up their applications with physical or digital assets.

According to an Oct. 14 Binance blog post, Binance Pool will provide access to a $500 million loan fund under several terms, including a period of 18 to 24 months, interest rates of 5% to 10%, and some physical or digital assets as collateral.

To give you a loan, the company will look at many factors, even the capacity of your mining farm and the number of securities in your portfolio, to assess your solvency.

In an interview with a foreign media outlet, a Binance employee explained how to become this "blue chip" and get a loan approval:

"One of the requirements is that the applicant must be classified as a Binance VIP and connect at least 500 PH/s to the Binance pool for at least 24 months after the loan is made."

Binance continues its expansion strategy even in a bear market. Therefore, one can only commend the courage and belief that the current effort will pay off handsomely on the bull run.