Binance, the world’s largest cryptocurrency exchange by volume, has announced a $500 Million fund to provide loans to struggling Bitcoin miners.
Bitcoin miners have been struggling, with revenues down approximately 60% since the start of the year on top of drastically increasing energy bills. This is putting even the biggest miners in a precarious position, whereby they are needing to sell previously mined Bitcoin to stay afloat.
This lending scheme is bullish for the crypto, with miners able to use loans to fund their operations instead of selling the Bitcoin they hold, intending to repay once the market health has improved.
Cryptocurrency companies, which are generally looked down on by traditional banking firms, struggle to find places to borrow capital in times of need, and so this move from Binance will assuredly inject some stability into the market.
Since the news, Bitcoin has found itself keeping afloat, potentially by the lack of miners now selling to stay running. All of this shows that producing yield within cryptocurrency is still highly in demand, even from the biggest whales and institutional investors.
If that is the case, due-to-launch projects such as Oryen Network will likely garner significant interest. With a guaranteed APY of 90%, investors can ensure their yield remains constant, unlike mining, which does not generate static returns. This means that investors can allocate capital and calculate their returns beforehand rather than leaving profits to hope.
In addition, the signature Oryen Autostaking Technic means that users get their returns simply from holding the tokens in their wallet, rather than placing them into a staking contract or having to spend thousands of dollars on mining equipment and energy costs. This allows the protocol to be open to investors of all knowledge levels and walks of life, increasing the potential user base exponentially versus other platforms.
Oryen Network, currently in the first stage of presale, is due to launch in December to a wave of new investors. The ICO has already seen a quickly increasing inflow from bullish investors at this early stage where prices are lowest, signaling it may be time to buy.
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