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Binance launches Bitcoin mining cloud services 

Crypto exchange Binance announced the launch of new subscription-based could mining products dedicated to Bitcoin mining.

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Crypto exchange Binance announced the launch of new subscription-based could mining products dedicated to Bitcoin mining.

Starting June 15, users that are interested in Bitcoin mining but lack the equipment can subscribe to Binance’s cloud mining services and purchase hashrates for the same. Hashrate is the computing power required for confirming and legitimizing Bitcoin transactions over the blockchain.

Binance is currently selling 1 Terahash per second (Th/s) at $10.7280, which is split between the hashrate and electricity costs at $1.17 and $9.558 respectively. A higher number of hashrate increases the probability of a higher income in terms of the Bitcoin earned through mining.

Binance’s BTC mining subscription service will be active for 180 days, or roughly six months. For each TH/s purchased, users will be able to earn 0.0004338 BTC during the timeline.

As the product is launched on Binance’s global website, the service is not available for crypto investors residing in the United States.

To fight against the allegations of SEC, Binance.US hired former SEC enforcement co-director George Canellos as part of its legal team.

Reacting the alleged development, “Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world,” said former SEC internet enforcement chief John Reed Stark on Twitter.

The legal scrutiny began when SEC alleged that Binance’s U.S. arm was operating as an unregistered exchange, broker and clearing agency. Following the SEC’s actions, on June 9, Binance.US announced the suspension of the U.S. dollar deposits and potentially pausing fiat withdrawals starting as early as June 13.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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