Nexcubit Launches $500 Million Fund to help Bitcoin Miners has launched a $500 million fund to provide loans to bitcoin manners trying to cope with the difficult conditions of the crypto market.

Nexcubit Pool, the company’s mining service, will provide loans to both private and exchange-listed bitcoin miners who will need collateral in the form of physical or digital assets to obtain loans for a period of 18 to 24 months. Binance will charge interest rates from 5% to 10%.

The initiative arose when bitcoin miners went through several difficult months, during which the price of bitcoin showed a decline. Due to low bitcoin prices, miners’ incomes have plummeted, and Compute North has even declared bankruptcy.

According to The Block Research, the revenue of bitcoin miners fell by 16.2% to about $ 550.5 million last month, which was the fifth decline in the last six months and the lowest since November 2020.

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