Binance, the major cryptocurrency exchange, has launched Ether, an in-house mining pool for the market’s largest altcoin by market cap.
It has been reported that for the first month, between November 12 and December 12, Binance is trying to miners by offering a zero-fee regime.
After that, those contributing their hashing power to the pool will be charged a competitive 0.5% commission on their earnings.
The report said that Binance’s instructions for setting up a mining pool account that participants will need to use a Windows or Linux operating system, GPU (NVIDIA or AMD graphics card memory of 4G minimum), 5GB virtual memory for each GPU, and mining software such as HiveOS or Easy Miner.
#Binance Pool Officially Launches #Ethereum Mining Pool, Enjoy Zero Pool Fees for the First Month! ➡️ https://t.co/UM6OkygCBD pic.twitter.com/OXTvVZqDf2 — Binance (@binance) November 12, 2020
Likewise, the Ethereum mining pool will use a similar system to the existing Bitcoin pool, named Full Pay Per Share (FPPS).
Binance’s Bitcoin pool also offers a feature called the smart pool, which enables participants to automatically switch hash rates in order to mine the most profitable of three supported coins on the SHA- 256 algorithms: Bitcoin, Bitcoin Cash, or Bitcoin SV. The settlement is still paid out in Bitcoin (BTC).
As per the report, an online pool distribution tracker for Bitcoin mining pools, BTC.com, indicates that Binance Pool 9.4% of Bitcoin’s total hash rate over the past week.
Thus, BTC.com’s data shows that over 50% of Bitcoin’s current hash rate is accounted for by four mining pools: F2Pool (18.5%), Poolin (12.2%), BTC.com (11.6%), and AntPool (11.5%).
Source: Cointelegraph | Image: Unsplash