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