Binance once again shows that it is rightly one of the best stock exchanges in the world. She presents us with news on her platform every month, but now it's even bigger. The exchange introduced its own Binance Pool platform, which is used for cryptocurrency mining.

The platform is already available to the public

Binance CEO Changpeng Zhao (CZ) shared information about the new mining platform on Friday last week, adding that Binance Pool was launched in a closed beta phase. However, the new service is also available to the public after a week of testing.

The launch of a comprehensive mining platform is part of Binance's efforts to develop the global cryptocurrency industry. At the same time, it wants to give miners more opportunities and financial instruments.

Compatibility with other Binance tools

Binance Pool is integrated into the Binance ecosystem. This allows users to access a list of exchange derivatives products including Binance Futures, Spot and Margin trading, Binance Staking and more.

In addition, Binance's new mining fund supports Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. However, the platform will start mining services for Bitcoin. The platform takes a rate of up to 2.5%, with Bitcoin miners paying 0% in the first month of launch, which is meant until now until 31 May 2020.

There is no doubt that Binance's entry into the mining sector is a challenge for large mining companies given the company's massive user base. At the time of writing, Binance Pool has already created an estimated hash rate of 1.74 EH / s with more than 40,000 active miners.

Binance's entry into the mining industry is not a surprise. There have been reports that they are testing their own mining pool before, and now this report is a reality. Personally, I am very curious how other companies will react to this and whether it will force them to take more fundamental steps in their operation. If Binance adds more cryptocurrencies, I dare say that it will become a unit in the field of cryptocurrencies.