After the start of the Bitcoin Mining Pool (BTC) in April, the crypto exchange takes place Binance now Start of an internal mining pool for the largest altcoin by market capitalization, ether (ETH).
In the first month between November 12th and December 12th Binance is trying to lure miners in by offering a zero-fee regime. After that, those who bring their hashing power to the pool You will be charged a competitive commission of 0.5% of your income.
Binance’s instructions on how to set up an account in the mining pool state: Participants must use a Windows or Linux operating system, a GPU (at least 4G NVIDIA or AMD graphics card memory), 5 GB of virtual memory for each GPU, and mining software such as HiveOS or EasyMiner.
The Ethereum mining pool uses a similar system to the existing Bitcoin pool FPPS or Full Pay Per Share. Binance’s Bitcoin pool also offers a feature called Smart Poolwhich allows participants to automatically change the hash rates mine the most profitable of the three supported currencies based on the SHA-256 algorithm: Bitcoin (BTC), Bitcoin Cash (BCH) or Bitcoin SV (BSV). The deal will continue to be paid in BTC.
An online pool distribution tracker for bitcoin mining pools, BTC.com, indicates that The Binance Pool accounted for 9.4% of Bitcoin’s total hash rate for the past week.
It seems that centralization will remain a concern for those who advocate the basic spirit of decentralization in cryptocurrency.. Data from BTC.com shows that more than 50% of the current Bitcoin hash rate is explained by four mining pools: F2Pool (18.5%), Poolin (12.2%), BTC.com (11, 6 %) and AntPool (11.5%).