Binance will not jump in the Bitcoin mining business

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The Binance co-founder explained why Binance exchange is not expanding its business empire toward the Crypto mining business.

Binance is a top-ranked crypto firm. The crypto trade volume on this exchange is highest over any other exchange. The services of this exchange are available in almost every type of crypto business. Under the roof of Binance, we can see a decentralized crypto trade wallet Trust wallet, crypto news media platform Cointelegraph, centralized crypto trading, blockchain intelligence team, etc. 

On 3 June 2023, Binance CEO Changpeng Zhao (CZ) held a Ask me anything (AMA) session via Twitter space, and there he talked about Binance’s zero interest in the crypto mining business.

First of all, CZ shared his opinion on the crypto Web3-focused infrastructure growth in Dubai & Binance’s road ahead with such plans. 

On the Bitcoin mining business, CZ said that there are huge numbers of players already in this sector & they are doing this business at a very big level. 

Furthermore, CZ said that the Bitcoin mining business requires huge technical knowledge, expertise, & also high-cost mining equipment. 

In this way, CZ hinted that Binance is not interested in low-profitable business ideas. Further, he said that Binance will remain engaged with its crypto mining pool (Binance pool).

CZ stated:

“We’re happy that miners use our pool and have Binance’s liquidity to help cover their operational costs. We provide miners with an integrated service but don’t do the mining itself. I believe mining is very important, and there are many misconceptions about it, but it isn’t our core expertise.”

BNB coin price

Binance coin (BNB) is the native coin of the Binance exchange. The core team behind BNB coin is fully independent of Binance but surely Binance supports development activities in the Binance smart chain (BSC) environment.

The current trade price of the BNB coin is $306 & this trade price is 6% down over the last 30 days of trade price. 

Read also: BitMex co-founder says Gold & Bitcoin will surge as govt will print huge money

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