Cryptocurrency miners now have the opportunity to use Bitcoin-backed loans thanks to M2's partnership with NiceHash.

Abu Dhabi-based cryptocurrency exchange M2 has partnered with cryptocurrency mining service provider NiceHash to offer flexible lending solutions for miners. According to a press release shared Tuesday via crypto.news, the initiative aims to help miners access liquidity without selling off their Bitcoin (BTC) holdings.

As a result of this collaboration, M2 intends to provide loans in the stablecoin Tether (USDT) to crypto miners using BTC as collateral. Such loans are expected to help miners expand their operations, cover expenses, and manage cash flow more efficiently.

“At M2, we understand the challenges miners face in maintaining liquidity while simultaneously preserving their Bitcoin holdings. Our partnership with NiceHash reflects our shared commitment to providing miners with smarter financial solutions that allow them to grow their businesses without sacrificing their Bitcoin holdings.”

— Sudhu Arumugam, Chief Product Officer, M2

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M2 Lending Basics

According to M2, miners can obtain liquidity by using their bitcoins as collateral and receive “flexible repayment terms, including sharing a portion of their hash power.”

NiceHash, the operator of the hashrate marketplace, stressed that it is not just a temporary partner in the project, saying that its technology is now “the foundation of the technology that M2’s lending solutions are built on.”

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Source: cryptonews.net