By Shelly Melancon (Switzerland)
Binance will collaborate with a leasing cloud mining firm, CryptoUniverse, for a new mining initiative. This new mining initiative will enable users to form teams, buy mining contracts, and share the proceeds afterward.
CryptoUniverse Has Prior Experience
CryptoUniverse was launched four years ago, and it has an accredited leader in the global mining space. The mining center for this Binance-CryptoUniverse mining initiative is situated in the Karelian Republic (in Russia) because energy is cheap. More than 40,000 state-of-art miners in this facility have enough power for teams who wish to earn rewards without paying high entry fees.
CryptoUniverse has vast experience in this regard as it has been practicing this method for some years now. Hence, it has a sizeable user-base who prefer to invest in mining as a team instead of the standard mining operations. Most of whom won’t have been involved in the mining space because of several factors such as high electricity tariff and high cost of mining equipment. Now, CryptoUniverse is looking to explore cloud mining.
Details About The New Collective Mining Service
While CryptoUniverse provides its users with world-class mining services (such as purchases and miner rentals), it’s about to partner with Binance to create a collective mining contract service. This new collective mining service will enable individuals to team up with their friends or trusted users on the CryptoUniverse platform and buy a specified amount of hashrate. But CryptoUniverse’s experts will be the ones maintaining it.
Also read:There are daily rewards for each purchased mining power. Then, the team shares these rewards based on the percentage of hashrate bought by each person. This service is based on perpetual contracts. That is, each purchased contract remains valid till mining no longer makes profits or equipment ceases to function effectively.
A side benefit of these contracts is that users can also choose to sell them to any interested party. The exchange giant is running this program through its pool platform. The Binance pool equipment secures all the collective mining contracts.
Also, the pool is responsible for calculating and sharing all daily mining rewards. Also, Binance checks and verifies the CryptoUniverse’s mining capacity independently.
Hence, users can track their equipment’s performance and estimate their daily rewards. They do this using the Binance pool-generated watcher links. This collaborative mining program exposes owners to less risk because mining power is shared. There have been several calls for more sustainable mining models. So, these CryptoUniverse might well be the answer to that call.
Good News For Binance Amidst Recent Struggles
This Binance-CryptoUniverse partnership is the only good news about Binance recently. Binance has been facing various challenges in its operations. One of the recent challenges is cutting ties with Clear Junction (its U.K. payment partner).
Hence, Binance has been forced to suspend fiat withdrawal options for its U.K. Customers. The exchange’s woes started when U.K’s Financial Conduct Authority issued a warning to it about its lack of an operating license. Since then, the exchange has lost several of its top partners in the country.
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