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#1 30-04-2020 13:44:09

johnedward
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From: Paris - France
Registered: 21-12-2009
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Binance officially launches a bitcoin mining pool

Binance officially launches a bitcoin mining pool


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Binance's cryptocurrency exchange has announced the launch of its long-awaited bitcoin mining pool.

Named Binance Pool, it will be integrated into the ecosystem of stock market products, including the cash market, derivatives, loan services, etc.

Commenting on this new service, Changpang Zao, chief of Binance, says "As an integral part of the world's cryptocurrency market, empowering miners will allow significant growth and scale in the industry at large. With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more opportunities to the mining industry by bridging traditional mining and financial services."

The mining pool will support both proof of work (PoW) and proof of stake (PoS) consensus mechanisms for mining. However, only Bitcoin mining services will be offered at this point.

With a mining royalty of 0%, the new Bitcoin mining pool adds nearly 35,500 workers, generating a total hash rate of 1.69 PE per second, as of today.

Some Binance competitors - OKEx and Huobi - also offer similar services. The two exchanges launched their own mining pools in 2019, which quickly gained their place in the list of the top mining pools.

Meanwhile, BytePool, one of the top ten bitcoin mining pools, closed its operations to enter the altcoin market.

Binance has a massive user base on its trading platform and now the platform is expanding to all possible activities related to cryptocurrencies, creating a monopoly in the market.

Its recent acquisition of Coinmarketcap.com, a cryptographic market data aggregator, for over $350 million, has raised eyebrows in the industry because it is such a renowned platform for traders.

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