Binance launches Bitcoin mining pool

Binance continues to expand its influence in the crypto world. After the world’s largest crypto exchange published a white paper a few days ago for the integration of smart contracts into the BNB ecosystem, the Bitcoin mining pool Binance Pool started on Monday.A bonus program runs until June 1. Miners who delegate their computing power to the Binance mining pool do not pay pool fees. On April 24, according to Changpeng Zhao, aka CZ, the first block in beta mode was mined.

Binance Pool is currently number 11 on the list of the largest mining pools by hash performance. At around 1772 petahashes / second, it takes up approximately 1.6% of the total hash output.

 

How does a mining pool work?

All Coinbase transactions (the transaction in the Bitcoin block where the block reward is distributed) go to the pool. The latter then distributes them pro rata (hash performance) to all miners minus the fee. The miners regularly send block headers with less difficulty to the pool operator. Although these are irrelevant for the block reward, they provide proof of work and the pool operator can check the hash performance of the respective miner.Mining pools mean that miners have a more regular income and can plan better. Individual miners often have to work long to find a block. This could be fatal for miners working at the profitability limit if no block is found for a longer period.