After launching its Bitcoin [BTC] mining pool earlier in April, cryptocurrency exchange Binance has now revealed an in-house mining pool for the market’s leading altcoin by market capitalization, Ethereum [ETH].
For the primary month, between 12th Nov. and 12th Dec., Binance is trying to draw in miners by offering a zero-fee regime. Then, those contributing their hashing power to the pool are going to be charged a competitive 0.5% commission on their earnings.
Binance’s instructions for fixing a mining pool account note that participants will be got to use a Windows or Linux OS, GPU (NVIDIA or AMD graphics card memory of 4G min], 5GB virtual storage for every GPU, and mining software like HiveOS or Easy Miner.
The Ethereum mining pool will use a similar system to the prevailing Bitcoin pool, called FPPS, or Full Pay Per Share. Binance’s Bitcoin pool notably also offers a feature referred smart pool, that permits participants to automatically switch hash rates so as to mine the foremost profitable of three supported coins supported the SHA- 256 algorithms: Bitcoin [BTC], Bitcoin Cash [BCH] of Bitcoin SV [BSV]. The settlement remains paid out at BTC.
An online pool distribution tracker for Bitcoin mining pools, BTC.com, indicates that Binance Pool accounted for 9.4% of Bitcoin’s total hashing rate over the past week.
Centralization looks set to stay a priority for those committed to the founding decentralizing ethos of cryptocurrency. BTC.com’s data shows that over 50% of Bitcoin’s present hashing rate is accounted for by four mining pools: F2Pool [18.5%], Poolin [12.2%], BTC.com [11.6%], and AntPool [11.5%].