After launching a Bitcoin (BTC) mining pool in April, Binance launched a separate mining pool for the largest alternative digital currency on the market by market value, Ether (ETH).
In the first month, from November 12 to December 12, Binance tries to lure miners by introducing a tax-free status. Then, those who contribute the retail force to the pool will be charged a competitive commission of 0.5% of their income.
Binance’s instructions for setting up a mining account state that participants must use a Windows or Linux operating system, a GPU (minimum 4G NVIDIA or AMD graphics card memory), 5 GB of virtual memory per GPU, and mining software such as HiveOS or Light Miner. .
Ethereum mining pool will use a system similar to the existing Bitcoin aggregator called FPPS or Full Pay Per Share. In particular, Binance’s Bitcoin Pool also provides a feature called Smart Pool that allows members to automatically exchange retail prices to extract the most profitable SHA-256-based backed coins: Bitcoin (BTC), Bitcoin Cash (BCH), or Bitcoin SV (BSV) . The settlement is still being paid in bitcoin.
The Bitcoin mining pool’s online allocation tracker, BTC.com, shows that the Binance pool accounted for 9.4% of the total bitcoin hash rate last week.
Centralization appears to remain an issue for those committed to decentralizing cryptocurrency. BTC.com data shows that more than 50% of Bitcoin’s current hash rate comes from four mining pools: F2Pool (18.5%), Poolin (12.2%), BTC.com (11.6%), and AntPool (11.5%).