Binance has officially launched its very own Ethereum mining pool within its Smart Pool service offering competitive rates for ETH miners.
The Binance Ethereum mining pool runs on the FPPS mining method and users can benefit from the platform’s 0.5% pool fee for mining ETH. According to the release, Binance Pool has set up mining nodes across the world to support participation from the wider mining community.
Ethereum miners can also take advantage of a 0% pool fee rate from November 12 to December 12 by connecting their Ethereum hash power to Binance Pool.
The Binance website also outlines minimum system requirements for miners that want to use the Ethereum pool. Miners need to have either Nvidia or AMD graphics cards with memory higher than 4 gigabytes and use either Windows or Linux operating systems. The supported mining software includes HiveOS, MinerOs, Easy Miner, ASIC, NCard and others.
Following on the heels of Bitcoin mining pool
The launch of the Ethereum mining pool is timely considering that the network has been strained by the massive boom of Decentralized Finance platforms running on the Ethereum blockchain.
With so much activity taking place on the Ethereum blockchain, miners are crucial to keeping the network running by processing transactions and batching them into blocks.
The launch of the Ethereum mining pool comes a few months after the Binance Smart Pool was officially launched in April 2020. The service touts higher profits for users by auto-switching hash rates to mine cryptocurrencies that use the SHA256 algorithm – which is currently BTC, BCH and BSV on the Binance Smart Pool. No matter which actual cryptocurrency is being mined, users receive mining income in BTC.
To date the Binance Bitcoin mining pool accounts for around 11% of the share of the global Bitcoin mining hash rate – as Binance founder Changpeng ‘CZ’ Zhao shared on Twitter this week:
This makes Binance the fourth biggest contributor to the Bitcoin mining hashrate behind heavyweights F2Pool, Poolin and AntPool.
Having just launched on November 12, the Binance Ethereum mining pool has over 800 active workers producing around 181.87 GH/s.