Binance Pool, a cryptocurrency mining platform dedicated to empowering miners and the global crypto mining industry, announced today that it has recently launched a Smart Pool service to enable higher returns for miners.
By auto-switching hash rates to mine different currencies with the same algorithm, the Smart Pool service provides higher hash rates and an increase of returns to its users, according to the firm.
Since launching the service from an exchange-backed mining pool, Binance Pool users and miners gained a 50 percent increase in average returns. Binance Pool has garnered more than 6,000 miners who delivered over 6.52 EH/s in hash rate from its launch last April to date.
Binance Smart Pool is able to allow all Binance Pool miners to increase their mining revenue by automatically mining the most profitable cryptocurrency and auto-switching their hash rate to mine different cryptocurrencies with the same algorithm, the firm explained.
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Currently, Smart Pool supports the SHA256 algorithm which allows miners to use their computing power to mine BTC, BCH and BSV. Even if miners are mining different cryptocurrencies, Binance Pool pays them the final mining settlement in BTC.
Smart Pool features
Binance Smart Pool features include instant settlements in BTC and a guaranteed minimum of BTC income.
With real-time hedging, it ensures that final revenues are never lower than the general income from the FPPS models. If a final revenue hits levels lower than the general FPPS income, Binance Pool pays the difference.
Existing Binance Pool users are able to easily switch to Smart Pool with a one-click switch available on the Binance Pool interface without changing the mining stratum URL or user ID.