On November 12, Binance’s mining platform, Binance Pool, announced the launch of an Ethereum mining pool, which will allow miners from around the world to operate through the platform’s nodes and increase their mining income.
While Binance Pool charges a standard fee of 0.5%, the new Ethereum mining pool will have a limited 0% pool fee rate for the first month after its launch, according to the announcement. Moreover, key clients of the platform can now apply for a Binance Pool VIP account and enjoy exclusive benefits and customized features when mining through the newly-launched Ethereum pool.
The Ethereum mining pool is said to utilize the Full-Pay-Per-Share (FPPS) mining method, which compensates miners with the transaction fee reward of the new-found blocks. This method is usually used in Bitcoin mining, providing high mining rates to miners.
Along with the innovative mining opportunities provided by the platform, Binance Pool offers a feature that enables users to automatically switch hash rates in order to increase their profitability. The software currently works with Bitcoin, Bitcoin Cash, and Bitcoin SV.
Binance also released an Ethereum Mining Tutorial, which describes the required mining equipment and environment for mining on the Binance Ethereum pool, and provides detailed information about the process of registration on the platform.
Users who want to set up their mining account will have to use a Windows or Linux operating system, a GPU with at least 4GB graphics card memory, and provide 5GB virtual memory for each GPU, using mining software HiveOS, MonerOs, Easy Miner, or others.