Binance Pool Offers Free Eth Mining for 1st Month

by in Cryptocurrency News

Binance pool 13.11.2020

Crypto exchange Binance has launched a new Ethereum mining pool with only 0.5% pool fees. Users can mine ETH with 0 fees for the first month. The pool practices the full pay-per-share way for reward payouts, distributing both block bonuses and trading fees to pool participants.

After the first month, Ethereum pool miners on Binance are charged half the fees of competitors.

Sparkpool, the biggest ETH mining pool by hash rate, requires 1% fees. Ethermine which ranks the second does the same.

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The launch happened seven months after Binance introduced its BTC mining pool. Binance pool now is the fourth-largest BTC mining pool holding 11.3% of the Bitcoin hash rate.

The expansion of a major exchange into crypto mining creates questions around the centralization of the Bitcoin and Ether hash rates, as mining pools decide which updates and transactions are approved on Proof-of-Work blockchain systems. While Ethereum is about going to switch to Proof-of-Stake (PoS) as part of the ETH 2.0 network update, this is likely at least a year away.