Binance launches a zero fee mining pool for Ether

Binance launches a zero fee mining pool for Ether

By Roberto D. | CryptoFarm | 15 Nov 2020


Binance launches a zero fee Ether mining pool for the first month.

Note: Whenever I write "Binance" in the article, you can click to be redirected directly to the exchange, if you are not registered (and you register) you will have a lifetime discount on fees, as by inviting people to the site I get as a reward part of your fees but I can decide what percentage to keep this reward, for me I have set 0% and for you 20%.
In short, if you were thinking of signing up for Binance, this is the right time.

 

After its Bitcoin (BTC) mining pool in April, the Binance exchange also launched an "in-house" mining pool for the market's second largest cryptocurrency, Ethereum (ETH).

For the first month, i.e. between November 12 and December 12, in order to promote the service, Binance will allow miners to use the pool without any additional fees. After this period, pool participants will pay a 0.5% fee on their earnings. (which in my opinion, is still low)


How this mining pool works

To enter the mining pool you will need the following minimum requirements: Windows or Linux operating system, Nvidia or AMD GPU with at least 4GB of memory, 5GB of virtual memory for each GPU and the use of mining software such as HiveOS or Easy Miner .

Ethereum's mining pool will use a Bitcoin-like payment system called Full Pay Per Share (FPPS), which reduces the variation in rewards for miners.

Binance's offered Bitcoin pool also offers the attractive Smart Pool feature, which allows participants to automatically mine the most profitable cryptocurrency, as long as it is based on the SHA-256 algorithm [Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV)].

According to data from BTC.com, Binance Pool accounts for 9.4% of the overall hash rate on the Bitcoin network.

50% of BTC's hash rate is in the hands of only four large pools: F2Pool (18.5%), Poolin (12.2%), BTC.com (11.6%) and AntPool (11.5%).


Are you mining? If so, alone or in a pool? And what do you think of the Binance pool? Let me know yours in the comments

As always, thank you if you have come this far, and see you next time!

 

 


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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 Telegram channel: https://t.me/freewaystoearn


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