Overview of the Binance Pool

Elena Klimovich

09:40 15/04/2022

Overview of the Binance Pool

During the launch of the Binance mining pool, there were significant changes in the world of digital currencies. In particular, the halving of Bitcoin and the announcement of Ethereum's transition to the new PoS mechanism.

This is partly why Binance is a popular platform. Let's look at how to set up and connect a Binance pool, and find out what its benefits are.

Pool commissions:

  • BTC – 2.5%.
  • ETH – 0.5%.

What is a Binance pool for mining

Not every pool supports the payment of remuneration to the deposit account of the exchange. Some sites immediately notify about the impossibility of such a procedure, while others simply fail during the operation. Binance pool allows you not to worry about such a problem.

As for the supported cryptocurrencies, everything started with standard BTC mining and EOS, GXChain, Tezos token stacking. Then ETH appeared. The development of the pool is facilitated by the presence of the world-famous Binance brand.

After the Bitcoin and Bitcoin Cash pool was 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 FPPS payment system and the division of income and commissions between all miners depend 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• The mined coins are withdrawn to the spot wallet every morning in automatic mode.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 Binance pool, any amount you managed to mine in a day is transferred, so you do not have to wait for a certain amount of money to be accumulated.

• The smart pool system works (automatic switching of hash rate between cryptocurrencies, but the income is calculated in bitcoins).

• Many services in one place. You can mine, trade, issue, or acquire new coins and NFTs here.

Let's take a look at the Binance mining pool and how to use it.

Mining at Binance

1. Go through registration and full verification procedure (this will remove all restrictions).

2. Prepare your equipment and complete setup requirements depending on your OS.

Raveos

First, you need to create an account on Ravos and a wallet in your cabinet. Then fill in the necessary fields:

1. "Coin name": the coin you will be mining

2. "Pool name": Binance

3. Three URL addresses

4. Binance account nickname

After that, perform dashboard/mining/select wallet/coin/program. Then the system needs to be rebooted. The pool statistics will be loaded within 20-30 minutes.

Windows

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://username.worker_name@ethash.poolbinance.com: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.

Hiveos

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.

Payouts

Payments at pool Binance are made every day from 03:00 to 13:00 for the previous day (Moscow time). In the case of ether mining, there is no commission, so it greatly eases the cost for miners.

Statistics on binans 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

• P2P.

• Transferring through third-party exchangers.

• Withdrawal via exchanger after direct conversion to fiat.


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