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What is the purpose of launching Binance mining pools? 

What is the purpose of launching Binance mining pools? 

  • 15 November 2020
  • 423 View

According to Digital currency market news and analysis of the Cointelegraph, On November 12, Binance Exchange announced its mining pool. Binance has launched its Ethereum mining Pool and users can register to use it. According to Binance, the fee for this pool will be free for the first month.

According to the same report, Binance Exchange, which launched its BTC mining pool in April, announced the setting up of an Ethereum pool. Binance has launched the new mining pool only 200 days following launching a BTC mining pool. It means Binance Pool users can now mine both ETH and BTC, unlike certain cryptocurrency cloud mining services that offer more than two options for mining.

For the first month (between November 12 and December 12), the mining fee in this pool will be zero and free. After this period, miners are required to pay a 0.5% commission. Charging a 0.5% pool fee for ETH mining is half of the competitors’ charge. Ethermine and SparkPool, for example, charge a 1% fee for the ETH mining bonus.

What is the payment system of ETH Binance Mining Pool?

The payment system of Ethereum Binance Mining Pool is the same as the Bitcoin Mining Pool of this exchange. That is, it uses “full payment per share” (FPPS). Bitcoin Binance Mining Pool uses the “Smart Pool” feature. Miners can change digital currencies based on SHA256‌ encryption automatically by this feature. In other words, miners can automatically switch between BTC mining, bitcoin cash, and bitcoin SV mining to get the most profit.

According to BTC.com, which monitors the status of mining pools, 9.4% of Bitcoin network hash rates were owned by the Binance pool last week. The data from this website shows that other mining pools had higher hash rates in the Bitcoin network.

Are ASIC devices used to Mining Ethereum?

Bitmain Company has officially introduced a new digital currency mining machine called Antminer E3 for mining currencies. This new machine creates tokens based on the Ethash algorithm. It is available in its online store for selling to the customers.

According to the Bitmain news, this Chinese company, which specializes in the production of special hardware tools for mining operations, has officially announced that it has opened the door to ASIC mining devices in the Ethereum world.

This ASIC device has a hash power of about 180MH / S and a power consumption of 800 watts. It is currently being pre-sold on the company’s website for $ 800. The features of this device include less power consumption, low heat generation, and a high hash rate compared to its price.

Are ASIC devices used to Mining Ethereum?

Do Ethereum miners agree with ASIC mining?

Ethereum developers do not agree to start using ASIC devices to produce Ethereum. Of course, there is resistance going on in the Ethereum community, to the point that many of these people are looking for a way to keep Ethereum safe from such devices. Their goal is to prevent Ethereum rewards if private companies wish to manipulate them with high financial backing.

Some users believe that they may repeat the Bitcoin scenario as the popularity of these devices increases among Ethereum users. Using these devices will produce a large volume of Ethereum. So, the difficulty and competition for Ethereum mining will increase.

4 responses to “What is the purpose of launching Binance mining pools? ”

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  2. Herve Fodouop says:

    Good to know

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