Binance, which is the leading Cryptocurrency exchange worldwide recently announced the creation of it's mining pool to help it's users mine BTC and exchange when they have enough.
The exchange is good for competition with other mining pools but will Binance dominate the market on the mining pool?
This is a very good question to ask.
Experts say that though competition from Binance is good but concerns and challenges still remain and that Binance can not dominate the mining pool business.
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On the question, Alejandro De La Torre , Vice President of Poolin, is quoted as saying:
"I believe this to be a resounding negative. Binance CEO Changpeng Zhao not too long ago wanted to reorg the bitcoin blockchain because of a hack on their exchange. This is unacceptable and very concerning for us.
Another concern is centralization, De La Torre argued. Binance holds "a lot" of bitcoin and now the exchange also creates it, which is what I call centralization.
Further, as Binance wants miners in its pool to use its exchange to sell their mined bitcoin, in the event that the exchange suffers a security incident (which has happened before), it is risky for miners."
Do you agree with De La Torre's argument or you think Binance will dominate the mining pool in some few months?
