Mining pool Binance – Considered a logical step for the exchange

Binance crypto exchange plans to launch its own mining pool. The information was initially published by the Russian crypto news site Coinlife. The launch decision was subsequently confirmed on Twitter by Binance CEO Changpeng Zhao. In addition, Zhao has announced a number of new financial products, including staking, savings deposits and loans.

According to sources in the mining industry, Binance has hired a number of people who have previously worked for Bitmain. The mining hardware manufacturer has undergone several restructuring of the activity in recent months, firing more employees.

The new mining project is expected to be launched in the second part of this year.

New Binance mining pool

Jakhon Khabilov, chief of the Sigmapool mining pool, confirmed the Binance plans. He said the company already offers potential very generous bonuses for referrals. In addition, Binance also contacted some Chinese miners to promote the new mining pool.

Bitriver CEO Igor Runets, one of the largest Russian mining farms, considers the launch of mining pools a logical step for exchanges. Both activities are software based businesses that do not require additional professional skills. The mining activity generates liquidity for the exchange, and the users partially overlap, in his opinion.

A number of other exchanges have already launched mining pools, such as Huobi and OKEx, in August and September 2019. They are currently among the top 10 blockchain producers on the Bitcoin blockchain (BTC).