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Binance is expanding its mining pool with a profit maximization service

June 22, 2020

Shortly after launching its own cryptocurrency mining pool, Binance adds special features that help miners make more money.

Earlier this month, Binance Pool introduced a new feature called “Smart Pool”. Allows miners to automatically change hash rates to mine the most profitable Of the three supported currencies based on the SHA-256 algorithm, be it Bitcoin (BTC), Bitcoin Cash (BCH) or Bitcoin SV (BSV).

Lisa He, director of Binance Pool, said that Smart Pool recognizes difficulties in different chains using the same algorithm and “helps users transfer their computing power to chains with less difficulty and bigger rewards”.

Binance is expanding its mining pool with a profit maximization serviceBinance is expanding its mining pool with a profit maximization service

Binance pays miners final settlement on BTC regardless of which cryptocurrency they mine. Lisa suggested that this new feature could increase the profit of those who use it by an average of 1%.

In line with the promise to ensure maximum profitability for miners, Smart Pool uses real-time coverage to ensure that the revenue generated by the service is no less than the revenue generated by its standard option called FPPS (Full Pay Per Share).

In cases where the earnings are less than what would have been generated by the FPPS, the exchange promised to return the difference to the users.

The Smart Pool service can be activated with a single click in the regular mining pool interface. Miners do not need to change their user ID or mining layer URL.

Mining pool competition

Although there were concerns about the potential impact of centralization after the launch of the Binance pool, it currently doesn’t seem to dominate a significant part of the Bitcoin network.

Last week, However, Binance Pool temporarily produced more BSV blocks than any other group on the market, even though the coin itself was removed from the exchange itself.

At press time, Huobi is the largest mining consortium in the BSV network, accounting for 21.53%, compared to 11.11% for Binance.

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