Binance’s Ethereum mining pool is set to checkmate competition
Seven months after the crypto exchange Binance launched its Bitcoin mining pool, the world’s largest crypto exchange is now starting an Ethereum mining pool – what does that mean?
According to an official announcementFrom Binance, users of the Binance mining pool can now mine not only Bitcoin (BTC) but also Ether (ETH). The fee for the ETH mining pool should be 0.5 percent.
Free rewards only while stocks last
The crypto exchange makes a clear statement to the competition, which often demands twice as much. The well-known Ethereum mining pools Ethermine and SparkPool, for example, raise one percent of ETH mining rewards.
Until December 12, Binance does not charge any fee for ETH mining. This means that users can connect their Ethereum hash power to the Binance pool without having to share part of their profits with the exchange.
The Ethereum Mining Pool, like the Bitcoin Mining Pool, uses the Full Pay-per-Share (FPPS) method for paying out the rewards
As a result, the miners should receive even more rewards than with many competitors.
It remains to be seen whether Binance’s Ethereum mining pool can build on the success of the Bitcoin Mining P ool.