Yesterday Binance launched Binance Pool, a new product offering Proof of Work (PoW) and Proof of Stake (PoS) services for a variety of coins and tokens. The launch comes only days before what is arguably the most anticipated cryptocurrency mining event of the year, the third Bitcoin (BTC) halving.
Changpeng Zhao, the CEO of Binance , stated: “As an integral part of the global crypto market, empowering miners will therefore enable significant growth and scale in the larger industry.”
The first product offering at Binance Pool will be Bitcoin mining, using a FPPS payment method. Binance Pool will support both PoW (proof-of-work) and PoS (proof-of-stake) mechanisms for mining, made possible by Binance ’s technology and computing power. The platform is first launching bitcoin mining service, with support for more cryptocurrencies and more customized services to come.
From 27th of April until 1st of June 2020, users will be able to enjoy a zero commission fee discount on Binance Pool services
About Binance Pool
Binance Pool seeks to complement the existing Binance exchange by providing users with mining services. Income from mining can be directly tradad on the Binance exchange, with direct access to P2P platforms.
With Binance Pool, Binance is trying to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining and financial services. By leveraging the benefits of an exchange platform, Binance Pool offers users lower fees and more comprehensive services to increase opportunities and enable miners to earn more. Binance Pool connects miners to Binance’s suite of financial products, including Binance Futures, Spot & Margin trading, Binance Lending, and Binance Staking.
Binance Pool benefits:
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Lowest fees in the market. Exchange-powered mining pools offer lower fees in general.
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Global tech expertise. Right from its launch, Binance Pool is led by the team of seasoned professionals, with top-notch operating expertise and know-how of the latest mining technologies and equipment.
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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.
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More secure blockchain networks. The further decentralization of Bitcoin mining also results in more difficulty when it comes to attacking the Bitcoin network.
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Comprehensive financial services. Crypto mining will be connected to the most wide-reaching product suite of crypto financial services in the market.
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Better services for miners. Binance is synonymous with constant enhancement, and Binance Pool will aim to be the most rewarding mining pool in the market.
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Protection to miners regardless of the market. Binance committed to fully leveraging the global influence 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.
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Support for both proof-of-work and proof-of-stake mining mechanisms. Binance Pool will begin with a Bitcoin mining service, and will expand into more cryptocurrencies soon.
Binance Ecosystem
Binance Pool will be integrated into the Binance ecosystem as the newest addition to the suite of financial crypto platforms. The comprehensive suite of crypto services will complement one another.
The complete platform will allow users to buy cryptocurrencies on Binance.com, and then trade them on several markets such as Binance Spot, Binance Margin, Binamce Futures.
HODL adepts can grow the crypto portfolio through crypto finance services such as Binance Savings and Binance Staking.
Users can borrow crypto that they need through Binance Loans to obtain the USDT or BUSD or transact large amounts of cryptocurrencies through Binamce OCT services, for trading large volumes without moving.
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