According to the post on the official blog that was published on October 14, the Binance Pool will grant access to a loan fund with a total value of $500 million on the condition that borrowers meet a number of requirements. These requirements include an 18-to-24-month repayment term, interest rates ranging from 5% to 10%, and the provision of some physical or digital assets as a security. When determining the borrower’s creditworthiness, the corporation will take a broad variety of criteria into consideration, such as the borrower’s current performance, mining power, and security quantity.

Additionally, Binance Pool will introduce cloud mining goods, after which they will directly purchase the hashing power required for cloud mining from Bitcoin mining and digital infrastructure providers.

A spokesman for Binance defined the criteria for designating a prospective borrower as a “blue-chip”:

• has a Binance VIP user;
• connects at least 500 PH/s for a min of 24 months.

The organization did not indicate the maximum amount that may be borrowed for a single loan, instead referring to the individual circumstances of each applicant.

Even if the market is in a bearish state, Binance is continuing its plan of growth. It launched local offices around New Zealand in September, at the same time that it registered with the Ministry of Business, Innovation, and Employment in New Zealand.

Since Changpeng Zhao’s trip to Brazil in the spring of 2021, the local team has more than doubled in size thanks to the opening of two new offices in Brazil at the beginning of the month of October.

The post Binance Introduces a $500 Million Loan Program to Miners appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to one of the reports from the Tehran Times, the decision is purely for the government to ensure there is enough energy supply for the citizenry.

A spokesman for the Iranian Energy Ministry, Mostafa Rajabi Mashhadi, said that the Asian country is anticipating a higher energy consumption rate from next week. Week.

Further, he revealed that the country had recorded a record consumption of 62,500 MW during the peak period last week.

This has forced the government into action to avoid a blackout.

Why is Iran Crypto Miners Backing Out?

Per Tehran Times, since Iran approved crypto mining as an industrial activity, the government has issued over 1,000 crypto mining licenses to several companies.

Apart from licensed operators, the country also has numerous unauthorized crypto miners. These miners are placing more pressure on the national grid. Further, the government has tried to crack down on these players at different times without much success.

Teh value of crypto continues to tumble to new lows, crypto miners are beginning to discover. They are discovering the cost of mining these assets is becoming unprofitable.

According to data from CryptoRank, the drop in Bitcoin price has significantly made mining unprofitable. Per the data, the average mining cost and Bitcoin price are now at par. 

This data is actually by June 17. This was when Bitcoin was trading above $20,000. 

Since then, its price briefly fell below $18,000, meaning that mining the flagship asset would be more unprofitable.

Read More: Crypto News: Will the crypto market go back up?

The post Crypto Miners in Iran to Confront Blackout as Mining Becomes Unprofitable appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Understanding about Tax Implication on Cryptocurrency

Also, the losses that incurred from one kind of the virtual digital assets might not get set off against any kind of gains from the transaction. It involves any kind of the digital tokens. Even, income from sale of digital assets like the NFT and Cryptocurrency will also get tax at the flat rate of almost 30 per cent

Even there will be not any such deduction for the expenses that incurred on the cryptocurrency transactions. It is apart from the cost of attaining these assets. The Loss that incurred from cryptocurrency and other virtual assets will not get set-off against other income. Here, other income means the gains from mutual funds and shares of the taxpayer. Thus, all the loss transactions are ignoring for the purpose of tax calculation and simply profit gets calculate.

The Loss arising from different digital asset may not carried ahead to next year. As an addition, the payment of proceeds to the taxpayer from sale of various virtual assets will definitely attract some TDS on the transactions in a year.

Hereby, gifting of the cryptocurrency and NFTs will be taxable for recipient. As per the latest law of income tax, there will be some tax liability. It should mentioned that the loss of virtual assets may get settle against the loss of digital assets.

The post Rules of Cryptocurrency Tax Explained for NFT Investors, Bitcoin and Crypto Miners appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.