Binance Pool is a subsidiary platform of the famous cryptocurrency exchange Binance, which expanded its services in the spring of 2020 by offering customers additional features of Binance Mining Pool. Here it was possible to combine services not only for cryptocurrency mining but also for stacking using PoW and PoS algorithms.
During the launch of the Binance mining pool, the world of digital currencies underwent significant changes. In particular, the halving of Bitcoin and the announcement of Ethereum's transition to the new PoS mechanism.
Let's look at how to set up and connect a Binance pool, and find out what its benefits are.
What is a binance pool for mining
First of all, note that not every pool supports the payment of remuneration to the exchange deposit account. Some sites notify you immediately about the impossibility of such a procedure, others simply fail during the operation. Binance pool allows not to worry about such a problem.
As for supported cryptocurrencies, as it is easy to guess, everything started with standard BTC mining and EOS, GXChain, and Tezos token stacking. Then ETH appeared. It should be noted that the pool's development is facilitated by the presence of the world-famous Binance brand.
After Bitcoin and Bitcoin Cash pool were launched, the server for collective Ethereum mining was launched. This event was expected by many miners, as the Binance pool provides daily payouts. As a result, on Ethereum Binance pool is steadily keeping in the top 10 mining pool stats and other significant services.
Binance mining pool: the main advantages
The advantages include:
- The presence of an FPPS payment system and the division of income and commissions between all miners depending on the power;
- The minimum amount of commission payments, which allows you to reduce costs;
- The mined coins are withdrawn to the spot wallet every morning in automatic mode. Thus, they become available for trading or withdrawal to a personal card;
- There is no threshold for payout. When mining on the Binance pool, any amount you managed to mine in a day is transferred, so you do not need to wait for a certain amount of money to be accumulated;
- The smart pool system works (automatic switching of hash rate between cryptocurrencies, but income is calculated in bitcoins);
- Many services are in one place. Here you can mine, trade, issue or acquire new coins and NFT;
- Let's take a look at the Binance mining pool and how to use it.
Mining at Binance
- Go through the registration and full verification procedure (this will remove all restrictions);
- Prepare your equipment and complete setup requirements depending on your OS.
First, you need to create an account on Ravos and a wallet in your cabinet. Next, fill in the required fields:
- "Coin name": the coin you will be mining;
- "Pool name": Binance;
- Three url addresses;
- Binance account nickname;
- After that, perform dashboard/mining/select wallet/coin/program. Then the system needs to be restarted. The pool statistics will be loaded within 20-30 minutes.
In the "bat" are written the necessary settings for mining. After selecting the pool url it will be the following:
- Team red miner: teamredminer -a ethash -oethash.poolbinance.com:8888 -u !username! -p x -eth_worker !
- Bminer: bminer -uri ethproxy://firstname.lastname@example.org:8888
- Claymore: ethDcrMiner64.exe -epool ethash.poolbinance.com:8888 -ewal username -worker worker_name.
- Phoenix miner: PhoenixMiner.exe -pool ethash.poolbinance.com:8888 -wal username1 -worker worker_name.
First of all, you need to log in, register and fill in your details. Next, by analogy with previous systems, you need to set up a wallet, token, poolbinance, and name.
By the same example, you can work with EasyMiner, MinerOS, and other OC.
By RaveOs and HiveOs example other OCs for mining like EasyMiner, MinerOs, and others also work.
As already mentioned above, the payouts on pool Binance is made every day from 03:00 to 13:00 for the previous day (Moscow time). In the case of ether mining, there are no commissions, so it greatly eases the costs of miners.
Statistics on the Binance pool are displayed in a special section for the current and previous day.
To withdraw funds, they must first be transferred to the Spot Wallet and only after that, you will be able to sell on the exchange or transfer to a personal wallet. If you have a verified account, tokens can be sold immediately for fiat money, using the offers of P2P-platform.
Summarizing the withdrawal methods, we get three options:
- Transfer through third-party exchangers;
- Withdrawal through the exchange after direct conversion to fiat.