Introducing Binance Pool: A New Way of Staking and Mining Bitcoin Using Your Binance Account

Introducing Binance Pool: A New Way of Staking and Mining Bitcoin Using Your Binance Account
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    Last updated on August 30th, 2020 at 02:03 am

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    Binance Pool opens services today. Binance Pool is launching with a bitcoin mining solution plus a special offer of zero-fee starting rate for Bitcoin miners for the first month.

    Binance, the largest crypto exchange by volume globally, has introduced the Binance Pool, a bitcoin and crypto mining platform to empower miners and the global crypto mining industry.

    With the new launch, all new and existing Binance users can access Binance Pool directly from their registered binance account with fee rates under 2.5 percent.

    It will operate as an exchange-based mining pool, where rewards go directly to the participants’ exchange accounts. Unlike in traditional mining pool where pool rewards goes to blockchain addresses of participating miners.

    It will create more opportunities and possibilities to the mining industry by leveraging its user base to contribute to the decentralization of bitcoin mining. 

    It will allow users to access comprehensive secure mining services to increase opportunities and enable everyone including miners to earn more. 

    See Also: Binance Launches Binance Mining Pool to Offer Bitcoin Mining Services.

    Bitcoin miners will be connected to Binance’s suite of financial products, including Futures, Spot & Margin trading, Binance Lending, Staking and Savings.

    It will support both PoW (proof-of-work) and PoS (proof-of-stake) mechanisms for mining, through Binance’s technology and computing power. 

    Here are some of the benefits of the Binance Pool according to the announcement;

    • Lowest fees in the market – Exchange-powered mining pools offer lower fees in general in the market
    • Global tech expertise – Right from its launch, Binance Pool is led by the team of seasoned professionals, with mining operating expertise
    • More decentralized mining field – The launch of Binance Pool represents the entry of one more competitor to the hashing power of Bitcoin and other cryptocurrencies.
    • More secure blockchain networks. The further decentralization of Bitcoin mining also results in more difficulty when it comes to attacking the Bitcoin network.
    • Comprehensive financial services – Now, you can connect crypto mining to the most wide-reaching product suite of crypto financial services in the market.
    • Better services for miners – Binance is synonymous with constant enhancement and will deliver various updates on Binance Pool to turn it into the most rewarding mining pool in the market
    • Protection to miners regardless of the market – It will fully leverage the global influence of Binance to connect the mining ecosystem to industrial resources and provide miners with financial services such as low fees and lending services with low loan-to-value ratios
    • Support for both proof-of-work and proof-of-stake mining mechanisms – Binance Pool will begin with a Bitcoin mining service, and we will expand into more cryptocurrencies soon.

    It will contribute to the strategic shifts now taking place in the crypto industry, most notably, the coming bitcoin halving and Ethereum’s impending shift to PoS consensus. And now the shift to decentralizing Bitcoin mining. 

    In a statement, Binance said:

    “With Binance Pool’s launch, we are contributing to the changes that will take place in the crypto mining industry. In itself, the launch of Binance Pool adds another player into the world of crypto mining and makes BTC hash power more decentralized.”

    Binance now offers exceptional services including buying and selling, trading, staking, saving, earning, borrowing, and now mining all under one roof.

    The platform will at first, launch with a bitcoin mining service and will provide support for more cryptocurrencies and customized services.

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