Binance to Launch Cloud Mining Business in November

The move opens a front of competition with Jihan Wu’s Bitdeer, a cloud mining operator that also launched a $250 million fund to buy distressed assets in late September. Wu is the ousted co-founder of Bitmain, the largest manufacturer of crypto mining machines in the world. Another big player in the cloud mining space is BitFuFu, backed by Bitmain’s other founder, Ketuan Zhan.

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