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April 13, 2021
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Altcoin

Binance launches Ethereum mining pool at the lowest rate.

The expansion means that Binance Pool users can now also mine Ether (ETH) in addition to Bitcoin (BTC). Binance will charge a 0.5% rate for ETH mining, half of what your competitors are charging. Ethermine and SparkPool, for example, charge a 1% fee for ETH mining rewards.

In the first month, however, that is, until December 12, Binance will not charge a fee for mining ETH. This means that users can connect their Ethereum hash power to Binance Pool and earn rewards without sharing any commission with the exchange.

Binance’s Ethereum mining pool uses the full pay-per-share (FPPS) method for reward payments, similar to its Bitcoin mining pool. This method distributes rewards per block, as well as transaction fees to miners.

It remains to be seen whether Binance’s Ethereum mining pool gains traction similar to its Bitcoin mining pool, especially when Ethereum is set to move from a proof of work mining system to a bet proof system in the near future (Ethereum 2.0). Binance’s Bitcoin mining pool had about 7% of the network’s hashrate in October, according to the tracker BTC.com.

Image: BTC.com, The Block Research

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