Binance launches mining pool for Ether: zero commission for the first month

After its Bitcoin mining pool in April, Binance also launched an in-house pool for Ether

Following its Bitcoin mining pool (BTC) in April, the well-known crypto currency exchange Binance launched an in-house mining pool for the second largest crypto currency on the market, Ether (ETH).

For the first month, between 12 November and 12 December, in order to promote the service Binance will allow miners to use the pool without any additional fees. After this period, pool participants will have to pay a fee of 0.5% of their earnings.

The following minimum requirements will be required to Bitcoin Future enter the mining pool: Windows or Linux operating system, Nvidia or AMD GPU with at least 4GB of memory, 5GB of virtual memory per GPU and the use of mining software such as HiveOS or Easy Miner.

Ethereum’s mining pool will use a payment system similar to Bitcoin’s, called Full Pay Per Share (FPPS), which eliminates the luck element and reduces the variation in rewards for miners. The Bitcoin pool offered by Binance also offers the attractive Smart Pool feature, which allows participants to automatically extract the most profitable cryptocurrency, provided it is based on the SHA-256 algorithm: Bitcoin, Bitcoin Cash or Bitcoin SV.

According to BTC.com data, Binance Pool currently accounts for 9.4% of the total hash rate on the Bitcoin network. Currently 50% of BTC’s hash rate is in the hands of only four large pools: F2Pool (18.5%), Poolin (12.2%), BTC.com (11.6%) and AntPool (11.5%).