The mining pool will support Proof of Work and Proof of Stake blockchain protocols.
However, its first focus will be Bitcoin (BTC).
The crypto exchange of Binance continues on its mission of building and providing its loyal users with superior services. The newest of these services is the Binance Mining Pool that was launched earlier today. The primary focus of the service will initially be Bitcoin (BTC) mining. With time, it will continue to evolve to offer mining services for coins and tokens with both Proof of Work (PoW) and Proof of Stake (PoS) protocols.
The team at the exchange further explained how users can benefit from the new service.
With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining and financial services.
By leveraging the benefits of an exchange platform, Binance Pool offers users lower fees and more comprehensive services to increase opportunities and enable miners to earn more.
Binance Pool connects miners to Binance’s suite of financial products, including Binance Futures, Spot & Margin trading, Binance Lending, and Binance Staking.
Binance Mining Pool Already Ranked 11th
The team at the exchange first made hints of launching a mining pool as early as April 24th. At the time of writing this, the Binance Pool for mining Bitcoin (BTC) is currently ranked 11th according to BTC.com. The exchange’s CEO, Changpeng Zhao, had also noted the monumental milestone that now has many crypto enthusiasts wondering when the exchange will be ranked first.