Recently after the launch of its crypto mining pool, Binance is now adding specialized features thereto to assist miners make some extra money.
Earlier this month, Binance Pool revealed its smart feature named “Smart Pool.” It permits miners automatically switch hash rates to mine the foremost profitable of 3 supported coins supporting the SHA- 256 algorithm – either be its Bitcoin [BTC], Bitcoin Cash [BCH] or Bitcoin SV [BSV].
The head of Binance Pool, Lisa He, explained that the Smart Pool detects the difficulty levels in several chains using a smart algorithm, and thus “helps users transfer their computing power to chains with less difficulty and better rewards.”
Binance pays out the ultimate settlement to miners in BTC no matter which crypto they really mine. Lisa suggested that this new feature can increase earnings for those that use it by 1% on the average .
In line with the promise to secure maximum returns for miners, the Smart Pool uses real-time hedging to make sure that revenues generated by the service won’t be less than those generated via its standard option, called FPPS [Full Pay Per Share].
In cases where the revenue is less than what would are earned via FPPS, the exchange has pledged to pay back the difference to users.
Smart Pool service are often activated with one click within the mining pool’s regular interface. Miners don’t need to switch to other user ID or their mining stratum URL.
Bitcoin Mining & Rising Competition
Although there have been concerns about potential centralization effects following the launch of Binance’s pool, it doesn’t appear to presently be commanding a big share of the Bitcoin network.
Last week, Binance Pool was, however briefly, producing more BSV blocks than the other pool within the market – despite the very fact that the coin itself has been delisted from the exchange itself.
At the reporting time, Huobi is now the single-largest mining pool on the BSV network, commanding a 21.53% share as against Binance’s 11.11%.