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Gian Crypto Exchange Binance launches Ethereum mining pool,
with lower fees |
Giant Crypto exchange Binance has launched an Ethereum
mining pool, this launch came seven months after the exchange launched a
Bitcoin mining pool.
This expansion means Binance Pool users can now also mine
ether (ETH) in addition to bitcoin (BTC). Binance will charge a 0.5% pool fee
for ETH mining, half of what its competitors are charging. Ethermine and
SparkPool, for instance, levy a 1% fee for ETH mining rewards.
For the first month, however, i.e., up to December 12, Binance would charge no fee for ETH mining. That means users can connect their Ethereum hash power to Binance Pool and earn rewards without sharing any commission with the exchange.
Binance's Ethereum mining pool uses the full pay-per-share
(FPPS) method for reward payouts, similar to its bitcoin mining pool. This
method distributes block rewards, as well as transaction fees to miners.
It remains to be seen whether Binance's Ethereum mining pool
gains similar traction as its Bitcoin mining pool, especially when Ethereum is
set to move from a proof-of-work mining system to a proof-of-stake system in
the near future. Binance's Bitcoin mining pool had about 7% of the network's
hashrate in October, according to tracker BTC.com.
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