As part of its unrelenting drive towards advancement in the cryptocurrency world, Binance has adopted blockchain mining. It has officially launched its cryptocurrency mining platform known as the Binance Pool.
Last week, the Binance CEO, Changpeng Zhao (CZ), gave updates stating the release of Binance Pool in a closed-beta stage. CZ also revealed that it had already found success by mining its first block of Bitcoin.
On April 27, Binance officially announced the release of Binance Pool to the public. The platform is dedicated to improving miners and the global cryptocurrency mining system.
Offering more possibilities to miners
Binance Pool is launched to establish an inclusive platform for miners. This platform will offer more possibilities to the industry as it seeks to bridge traditional mining and financial services.
Binance seeks to leverage its achievement of being the world’s largest cryptocurrency exchange by trade volume by offering benefits to miners.
As part of its initiative, Binance Pool offers users lower transaction fees and a broader range of services. The platform sees this as the opportunity to multiply advancements and allow the miners to gain more.
Besides, Binance Pool links miners to a range of its exchange’s financial products. These financial products include Binance futures, Binance lending, spot & margin trading, and Binance staking.
Support for PoW and PoS services
With this latest addition, Binance Pool will support proof-of-work (PoW) and proof-of-stake (PoW) mechanisms for mining. This is as a result of the computing power and technology of Binance. These mechanisms provide services for different coins and tokens.
However, the blockchain mining platform is launching with a Bitcoin mining service at first. Later, the platform has plans to offer more cryptocurrencies and customized services.
Lowest fees in the mining industry
Users can enjoy a zero-commission fee on services offered on the Binance Pool platform. This would be an additional benefit for Bitcoin miners within the first month of launch. All they need to do to enjoy this zero-fee startup is to sign in.
Both new and existing users will have access to the mining platform directly from Binance.com. Also, they have the additional benefit of enjoying fee rates under 2.5%.
Through the launch of the Binance pool, Binance has proved to be expanding in the cryptocurrency space. Considering the platform’s large user base, it would pose a serious competition to other top mining pools.
Recently, we reported a new digital asset called ONT-33D launching on Binance Chain. Binance DEX also listed the new asset and made it available for trading from April 21.