Binance Pool ETH mining - 7 days experience

Binance Pool ETH mining - 7 days experience

By Quaro | the dev diary | 21 Nov 2020


Here we are, 7 days after my post about Binance Ethereum mining pool 
These are my first impressions after using this new tool for Ethereum mining:

 

My setup

I used my GeForce GTX1060 6GB, no overclock, to GPU mine Ethereum for approximately 13/14 hours each day, for 7 days, using ethminer.exe.

 

The results
day  earnings      hours   earnings / hour
1 0.0003748900 8 0.0000468613
2 0.0006926800 14 0.0000494771
3 0.0006347900 13.5 0.0000470215
4 0.0005439300 13 0.0000418408
5 0.0007863300 15.5 0.0000507310
6 0.0008331100 15 0.0000555407
7 0.0007043400 14 0.0000503100

So, I had a total income of 0.00457007 eth (about 2.44$ at current exchange value) and an average income of 0.000049 eth (0.024$) per hour.

Of course this will never be a second salary for me, but at this rates I could easily earn about 10$ every month, that hopefully will gain more value as Ethereum will grow in the future.
There's another option that makes me think that Binance pool could be a nice place for mining: with Bitcoin, they already offer the possibility to invest your earnings inside the pool instead of moving them to your wallet, giving an annual 30% interest rate: this option, called "pool savings", isn't activated for ethash yet, but the page is already there, so it will hopefully be available soon.

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Stability

Unfortunately, in these first 7 days the pool didn't prove itself very stable: I had a total of 6 crashes of the mining software. From my inspections, I noticed that the pool failed to respond to the software; Since ethminer closes itself after 2 failed connections, and has no option to change this setting (or at least I couldn't find it in the documentation or online help), a manual restart is needed in this case.
Even worse, the pool stayed offline for at least one minute, so the first attempts of re-connecting were unsuccessful as well.

Obviously, I hope these stability issues happen because the pool is still very young and needs some maintenance, and to be fair I had no problems in the latest 3 days, so I'm confident this pool can be as stable as others.

 

Conclusion

I think I will continue to use this pool, even when the fees-free promotional month will be over: after all, a 0.5% fee is more than fair and I'm sure I won't even notice the change.

Thanks for reading and see you in the next post! 


Quaro
Quaro

web / gis developer and freelance illustrator


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