Binance Pool: Review of a Mining Pool from Binance Crypto Exchange, Setting Up, Tracking, Advantages and Disadvantages

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Binance Pool is a comprehensive platform for miners from the Binance exchange. You can go to it through the “Finance” – “Binance Pool” section on the binance.com website. Combines services related to mining and financial matters, so that users have the opportunity to increase their potential profit. The Binance pool supports PoW (Proof of Work) and POS (Proof of Stake), which expands the possibilities for mining coins. The editorial staff of Btcnewsweb.com has prepared an overview of the site with all its features and benefits.

Binance Pool Service Page: pool.binance.com

The main features of the Binance Pool:

✅ Professional approach. The platform is handled by experts with extensive experience in creating developments for the mining industry.

✅ Comprehensive financial services. Mining is integrated with many other services provided by Binance (futures and spot trading, lending, etc.).

✅ Constant updates and improvements to make the pool the most useful on the market today.

✅ Low fees. In general, mining pools associated with exchanges have lower fees than standalone mining pools.

✅ Binance’s global reach allows the company to tap into industrial resources and provide profitable financial services to users.

✅ Support for both Proof-of-Work and Proof-of-Stake. Already, a number of promising currencies are supported in both versions, and it is planned to increase their number in the future.

The entry of another pool to the market helps the bitcoin network as a whole, making it more decentralized and, as a result, secure. After all, previously the overwhelming amount of capacity was concentrated in only 3-4 large pools – and this entails vulnerability in the face of attacks by malefactors.

General information

NameBinance Pool
Websitehttps://pool.binance.com/ru
Russian languageNo
Year of foundation2020
Kind of activityMining pool (PoW, PoS), financial services
CompanyBinance Holdings Ltd.
CEOChangpeng Zhao
Supported algorithmsSHA256, Ethash
Supported currenciesBTC, BCH, BSV
Pool commission2,5%
Profitability calculatorIs on the main page (you can only enter the power in Th / s)
Technical supporthttps://binance.zendesk.com/hc/en-us/requests/new

How to start mining on the Binance pool:

Getting started: creating a worker

Pool from Binance includes Smart Pool – that is, it supports automatic hash rate switching between different currencies (BTC, BCH, BSV) in order to maximize profits. The final mining income is credited in BTC. Remember that mining requires professional equipment; a regular computer is not used to mine bitcoins.

Binance Pool is convenient for both experienced users and newbies. You can switch between regular or smart mining in one click, without having to edit the URL or user ID. Also, by hedging the smart pool in real time, Binance guarantees that users’ mining revenue will be higher than the total revenue of the FPPS distribution method. Otherwise, compensation for user losses is provided.

To get started, you need to create a Binance Mining account associated with your main account. These accounts (workers) are mainly used to classify and set up miners and to connect to the platform for custom hardware. Once created, the account cannot be deleted. Depending on the needs, it is allowed to create several different workers (the maximum number is 3000).

Log in to the exchange using your credentials and go to https://pool.binance.com/en. Hover over the account icon and select Mining Account.

Click on the Create Mining Account button.

Enter any name you want from 2 to 32 characters long. Additionally, you can leave some kind of mark so that you know exactly what kind of worker it is. And click Create. The worker will appear in the list.

Mining setup

Set the settings on the mining hardware configuration page to link it to the Binance pool:

Url:

stratum + tcp: //bs.poolbinance.com: 3333

stratum + tcp: //sha256.poolbinance.com: 8888

(supported ports 8888, 3333, 1800 and 443)

Then select the payout options. Hover over More Settings for the required worker and select Payment Settings.

Select the Smart Pool option and click the Save button. The Binance Pool is designed in such a way that it takes effect one day after installation, and the first income is accrued after two days.

Track results

At any time, you can go to the statistics page and monitor your income in real time (including the estimated one for today).

And on the Earnings page, all the income received is displayed, there is also an Extra Bonus tab – it shows additional income from the use of the smart pool. Daily earnings from 08:00 of the previous day to 08:00 of the current day are calculated exactly at 08:00 (UTC + 8) of the current day. Revenues go directly to the Binance Mining Pool wallet after settlement.

At the moment, the Binance pool uses the FPPS calculation method: income and commissions are distributed among the workers based on their hash rate. The calculation method uses the formula:

FPPS = Theoretical Average Daily Estimated Earnings * (1 + Transaction Fee Rate) * (1 – Pool Fee Rate)

Pool commission is 2.5% and theoretical earnings and transaction fees can be found in the blockchain explorer.

The Binance Pool has the ability to create a so-called Watcher Link. This is a link that anyone can click on to view progress and earnings statistics without logging into an account.

To create a link:

✅ Go to the worker management section.

✅ Click Watcher Link on the required worker.

✅ Set permissions for the observer – what he can see (statistics, earnings, workers). At least one item must be selected.

✅ Enter a note if necessary.

✅ Click Create.

After creating a link, you can quickly copy it by clicking on the corresponding button.

Staking

In addition to PoW mining, the Binance pool supports the mining of a number of popular coins and tokens using the Proof-of-Stake mechanism. Everything here is arranged as simply as possible: the participant must buy or deposit a certain minimum of cryptocurrency into the account, after which, in a day, his deposit will participate in the calculation of profit.

Profit is calculated once a month. At the same time, it is not necessary to keep coins in the account for the whole month. The system automatically calculates the duration of the retention and the volume of the cryptocurrency, and based on this, income will then be accrued. The only condition is that, as already mentioned, the funds must remain in the account for more than 24 hours.

Advantages and disadvantages

Pros:

✅ Belonging to the Binance company, which in itself is a quality mark.

✅ Switch between regular and smart pool.

✅ Quickly connect and get started.

✅ Link to the main Binance account.

✅ Possibility of staking 20+ promising tokens.

Cons:

❌ Support for only one PoW algorithm and only three cryptocurrencies on it.

Questions and answers

What do you need to start mining?

The first is to acquire the right equipment, namely ASIC miners, since today only they are capable of decrypting the SHA256 algorithm. The second is to create an account on the Binance exchange. The third is to create a worker. The fourth is to set up the equipment. All the necessary settings are listed on the site.

What algorithms does Binance pool support?

So far, only SHA256.

What cryptocurrencies can you mine?

Bitcoin, Bitcoin SV, Bitcoin Cash. The list is planned to be expanded.

Can PoS cryptocurrencies be mined?

Yes. More than 20 coins can be mined by staking, including Tezos, KAVA, LOOM, Lisk, EOS, Komodo, etc.

Can I share my results without giving access to my Binance exchange account?

Yes. To do this, there is Watcher Link – a read-only link that can be created for any worker.

What commission does the pool take?

2.5%.

When is income accrued?

At 8:00 every day. The first profit comes only 2 days after the start of mining.

Do I need verification on the Binance exchange to participate in the pool?

Not.

Conclusion

Opinions of users about the launch of a new pool from Binance were divided – some positively perceived the new opportunities for mining, others thought about the future. The high popularity of the exchange may lead to the fact that this pool will soon supplant all others, which ultimately will still lead to centralization. While it is difficult to predict how events will develop, the numerous advantages of the Binance Pool are attracting more and more participants in one way or another.

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