Binance Officially Launches Bitcoin Mining Pool

Monday, 27/04/2020 | 11:51 GMT by Arnab Shome
  • The mining pool will support both PoW and PoS consensus mechanisms for mining.
Binance Officially Launches Bitcoin Mining Pool
Binance CEO Changpeng Zhao

Binance, a leading crypto exchange, announced on Monday the launch of its much-anticipated Bitcoin mining pool.

Dubbed Binance Pool, it will be integrated with the exchange’s ecosystem of products including spot exchange, derivatives products, lending services, and many more.

Commenting on the new service, Changpeng Zhao, founder and CEO at Binance, said: “As an integral part of the global crypto market, empowering miners will therein enable significant growth and scale in the larger industry. With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining to financial services.”

It will challenge the top mining pools

The press release shared with Finance Magnates detailed that the mining pool will support both proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms for mining. However, initially, only Bitcoin mining services will be offered.

With a 0 percent mining fee, the new Bitcoin mining pool has added almost 36,000 workers generating a total Hash Rate of 1.73 EH per second, as of press time.

Notably, other key Binance competitors – OKEx and Huobi - are also offering similar services. Both exchanges launched their own mining pools in August and September last year, respectively, which quickly gained their spot in the list of top ten mining pools.

Meanwhile, BytePool, one of the top ten Bitcoin mining pools, shuts its operations to jump into the altcoin market.

Binance has a massive user base on its exchange platform and now the platform is expanding to every possible crypto-related business, creating a monopoly in the market.

Its recent acquisition of Coinmarketcap.com, a crypto market data aggregator, for $400 million raised a lot of eyebrows in the industry as it is a go-to platform for traders.

The exchange also launched a new proprietary Blockchain recently, supporting smart contracts and all existing apps on Ethereum.

Binance, a leading crypto exchange, announced on Monday the launch of its much-anticipated Bitcoin mining pool.

Dubbed Binance Pool, it will be integrated with the exchange’s ecosystem of products including spot exchange, derivatives products, lending services, and many more.

Commenting on the new service, Changpeng Zhao, founder and CEO at Binance, said: “As an integral part of the global crypto market, empowering miners will therein enable significant growth and scale in the larger industry. With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining to financial services.”

It will challenge the top mining pools

The press release shared with Finance Magnates detailed that the mining pool will support both proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms for mining. However, initially, only Bitcoin mining services will be offered.

With a 0 percent mining fee, the new Bitcoin mining pool has added almost 36,000 workers generating a total Hash Rate of 1.73 EH per second, as of press time.

Notably, other key Binance competitors – OKEx and Huobi - are also offering similar services. Both exchanges launched their own mining pools in August and September last year, respectively, which quickly gained their spot in the list of top ten mining pools.

Meanwhile, BytePool, one of the top ten Bitcoin mining pools, shuts its operations to jump into the altcoin market.

Binance has a massive user base on its exchange platform and now the platform is expanding to every possible crypto-related business, creating a monopoly in the market.

Its recent acquisition of Coinmarketcap.com, a crypto market data aggregator, for $400 million raised a lot of eyebrows in the industry as it is a go-to platform for traders.

The exchange also launched a new proprietary Blockchain recently, supporting smart contracts and all existing apps on Ethereum.

About the Author: Arnab Shome
Arnab Shome
  • 6414 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6414 Articles
  • 84 Followers

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