In April 2020, the Binance crypto trading platform opened a new mining pool. The launch of the Binance Pool coincides with a global change in the digital currency industry. The most significant ones are the already held halving in the Bitcoin ecosystem and the upcoming transition of the Ethereum blockchain to the Proof-of-Stake algorithm. In this review, we will tell you how to connect to the Binance Pool, and what advantages a shared mining exchange server has over regular pools.
What is Binance Pool
Not all traditional mining pools support the payment of remuneration to miners to the address of the exchange deposit. Some immediately warn participants about the impossibility of payments to the trading platform’s wallet, others seem to work with any addresses, but in reality, when transferring rewards to the trading platform’s deposit, failures occur. Working on the Binance Pool doesn’t have to worry about that.
Main coins available in the pool
Initially, in addition to the traditional PoW mining of digital gold, the Binance Pool supported the staking of EOS, GXS and Tezos tokens. Subsequently, a pool for the extraction of the Ethereum cryptocurrency was opened. The popular Binance brand guarantees the rapid development of the pool.
At the time of launch on 27.04. In 2020, the Binance pool SHA-256 hashrate was 1.74 EH / s, by February 26, 2021, it had already reached 18.69 EH / s. The total number of miners is 319,245.
Following the BTC / BCH / BCS pool, the administration of the exchange launched a server for collective mining of the Ethereum cryptocurrency. I must say that many miners were looking forward to this, because only this pool supports a unique scheme of daily reward payments. And although on the air Binance pool is still in 11th place, the income of miners here is no worse than Ethermine, Nanpool or any other solid service. You can find a detailed overview of ethash.poolbinance.com on our website by following the link https://altcoinlog.com/mining-ethereum-na-binance-pool/. It covers in detail the setting of gpu farms, as for ASICs, the scheme for launching these mining machines on any pool is approximately the same.
You just need to buy a model designed to work on the mining algorithm you need and enter the pool coordinates and the address for payments in the settings window. Now we will tell you how to set up an ASIC miner to mine Bitcoin on Binance. The procedure for setting up ASIK for Ether is almost identical.
How to set up equipment
To get started, register on the Binance Mining Pool. Enter https://pool.binance.com and login.
If you already have an account on the exchange, then re-registration is not required, it is enough to create a worker. One way or another, you may need to sell some of your earnings someday. Therefore, we recommend that you immediately pay attention to the PC application. The desktop client for trading on the Binance platform not only provides an increased level of crypto trading security, but also allows you to make transactions on the go using your laptop. The program is installed on Windows, macOS, Linux deb and Linux rpm.
To avoid problems, never download software from questionable sources. Download link: https://www.binance.com/ru/download
Click the drop-down menu on the right under the heading “Mining account management»To create an account. After creating an account, a new employee is created.
Configure the miner in the Worker column. User working name format: username.miner_ID… You can set up multiple mining accounts depending on your personal needs.
Users who are already registered on the binance exchange can enter the pool with their username and password and create a worker. Let’s move on to setting up a mining machine.
Start the ASIK miner and connect it to the same network as the computer used to control the worker. Use the IP retriever software to get the miner’s IP address.
Open the IP address on the PC that is used to control ASIK and set up the configuration. Setting options:
- stratum + tcp: //sha256.poolbinance.com: 8888 (supported ports: 8888; 3333; 1800; 443).
In the Binance Mining Pool, the Worker login is used for configuration in the format: worker_name.miner_ID.
When finished, save the settings, reboot the device and mining will start. You can check the hashrate of the worker at https://pool.binance.com/en/statistics.
For the convenience of monitoring, you can create a watcher link. This will allow you not to search for your account on the pool every time, but to enter directly on the page of your employee. Instructions for creating a link:
- Follow the link https://pool.binance.com/ru to create an account on the binance pool. If an account has already been created, just enter the pool with your username and password.
- Open the “Mining account management»In the upper right corner of the page.
- Open the observer settings section by clicking on the line “Watcher’s link”.
- Save the link in a convenient place on your PC.
You can additionally set the parameters of access to information for your observer (hash rate, payout size, etc.). If you want, you can share this link with a trusted person.
Pay attention to the number of rejected balls. The deviation level is usually in within 2%… If it exceeds 2%, check if the miner’s local network is stable. If the local network is okay, contact the pool support team for assistance.
Payment of remuneration and commission
Calculation period: 08:00 (UTC + 8) – 08:00 (UTC + 8) of the next day. Once the profit calculation is complete, the money will be transferred to your Binance Mining Pool account.
Pool commission is 2,5% from earnings. During the first month after the launch of the Binance Pool, miners mined bitcoin without paying for the service. If the power of your equipment is calculated in Ph / s, you can apply to participate in the Binance Pool Zero Commission Fee at https://docs.google.com/forms/. To find out more about the VIP program, write to email@example.com.
In this regard, Binance Pool Ethash compares favorably with other crypto mining services of high Ether, on which the minimum threshold for withdrawing the earned funds is set at 0.05 ETH and above. A farm of five GTX 1660S or Rx 580 (8GB) will collect the minimum 0.05 coins ether for about 6 days. Working on eisermine or another pool, you will receive money once a week, and on ethash.poolbinance.com the funds earned during the day will be available for withdrawal or trading the next morning. There is no such service anywhere else.
To withdraw funds to a personal wallet or sell on an exchange, you must first transfer them to Spot Wallet… Then you can enter the auction, withdraw funds or deposit at interest.
If you have a verified account on the exchange, you can immediately profitably sell tokens for fiat; very good counter offers can be found on the P2P platform of the Binance exchange.
Transfers from one account to another are not subject to commission, but you will need to pay 0.0004 BTC for withdrawal to a third-party service. The minimum withdrawal amount from a spot wallet is 0.001 BTC.
Key benefits and user feedback
Binance Pool, being an integral part of the company, provides miners with a unique chance to join the global distributed network, which is equal in power to the total user base of the crypto exchange. By creating an account on the pool, each miner automatically becomes a Binance client can participate in promotions and use exchange services such as:
- Trading. More than 200 cryptocurrencies are available to users for spot trading, as well as services Binance Margin for leverage trading and Binance Futures for working with derivatives.
- Staking. Store PoS cryptocurrencies on your Binance account to automatically receive developer rewards. The Binance exchange provides an opportunity to take part in the maintenance of the Ethereum 2.0 network and for this you do not need to invest 32 ETH at once, you can start with a small amount. At the same time, the client receives BETH tokens on his deposit in an amount equal to the invested Ether. They can be withdrawn or used for trading. The exchange periodically pays out staking rewards for Efirium. The amount of payments depends on the amount of BETH on your deposit.
- Saving. Go to the page https://www.binance.com/en/lending, and select one of the available cryptocurrencies to deposit at interest
- Loans. In the Binance Loans tab, the exchange client can borrow USDT or BUSD for trading.
The emergence of the Binance Pool contributes to an increase in the decentralization of the Bitcoin network, expands the possibilities of miners and increases the volume of mining in the global blockchain industry.
The pool is gaining power and the number of miners is growing. According to statistics https://btc.comBinance Pool ranks third in the hashrate rankings.
You can read reviews about the work of the service on social networks and on thematic forums. Ethereum has already been added, we are waiting for the expansion of the list of altcoins. By creating an account on the Binance Pool, you get access to a server for collective mining of digital coins, a crypto wallet and an exchange at the same time. It is convenient and safe. Join and happy mining!