What is Binance pool?
Binance Pool is a mining platform, providing crypto-powered financial service to increase income of miners. It is a comprehensive platform for miners to bring more potential to the cryptocurrency mining industry.
What is Binance Pool? It is part of Binance Earn‘s ecosystem which provides multiple solutions to generate passive income from cryptocurrencies for investors.
Binance Pool also connects miners to other familiar financial platforms such as Binance Futures, Spot and Margin, Binance Lending and Binance Staking. Binance Smart Pool allows users from individual to institutional investors to join in the Mining Pool.
Mining algorithm on Binance Smart Pool
Binance Pool supports mining algorithms, both PoW (Proof-of-Work) and PoS (Proof-of-take). The platform will first deploy Bitcoin, Bitcoin Cash, Bitcoin SV and Ethereum mining services, and in the near future it will support more cryptocurrencies and other services.
Advantages of Binance Pool
- Low transaction fees: Miners will be supported with fees by Binance ecosystem. It will offer user lower fee in the future to provide the most attractive service in the cryptocurrency market.
- Top-notch technology: Binance Pool is developed and operated by a strong team of seasoned experts. They will always produce and exploit advanced technologies to optimize performance.
- Competitiveness: The arrival of Binance Smart Pool will compete on equal par with other mining pools.
- High security: Applying a decentralized platform in bitcoin mining increases security and safety of the network in the Blockchain platform.
- Synchronization services: The services and features on Binance will be linked together.
- A variety of ways to make a profit: It not only supports mining services but also staking. Staking on Binance Smart Pool may be more profitable than others.
How is the profit calculated?
- The Binance mining team uses the FPPS model that assumes completed blocks so miner don’t have to count. Theoretically, income and transaction fees are distributed to miners/workers based on hash rates. The calculation method is as follows:
- FPPS = Theoretical average daily settlement earnings * (1 + Transaction fee rate) * (1 – Mining pool fee rate)
- Theoretical earnings and Transaction Fee Rates can be viewed in Block Explorer in the average block transaction fee rate for the current settlement period.
- The mining fee on Binance Smart Pool is 2.5%.
If you want to know how to register Binance, click here to go to the Binance registration homepage.
Hopefully the article brings useful information about Binance Pool and helps you to do it easily and quickly. If you have a question, leave a comment below and WikiBinance will help you answer.