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Frequently Asked Questions on Binance Pool

2020-07-30 06:31

I. Miners

1. How to choose my mining machine (miners)?
Binance Mining Pool supports various models of miners, such as WhatsMiner, Antminer, Avalon Miner, or Innosilicon miner. You can purchase them from the manufacturers' official websites directly.
2. What kind of miners are the most profitable and have the fastest payback period?
You can choose newer miner models with lower power consumption and higher hashrate.
3. What should I do if there is a problem with my miner?
Binance Pool does not provide hardware support. If you’re experiencing technical issues with your miner, it’s best to contact your miners’ manufacturer.
4. How do I choose the best mining farm?
Choose one that has been offering miner hosting services for at least two years with stable grid power and has a good reputation in the industry. Always check the online reviews and ask around the crypto community on Twitter, Reddit, etc.
For business inquiries related to hosting services, please contact Binance Pool.
5. Why are there three servers on the miner pool configuration? Why is the 3333 server port displaying its status as "Dead"?
The setup works as long as one out of the three servers shows an "Alive" status. Three servers enable you to switch to a second pool when there is a problem with the one you're using, which can effectively reduce earnings loss. We suggest that you configure the first one to the Binance pool server 8888, the second to 443 or 3333, and the third to another mining pool server.
Please note that some operators may block it the 3333 server port, such as the China Unicom.

Frequently Asked Questions on Hashrate

1. The miner is not warmed up, and the hashrate is low after the miner is on
It takes up to 15 minutes for the miner to reach the normal hashrate after reboot. If the miner restarts automatically, try changing to a new PSU to test if it was due to an abnormality in the power source.
2. The miner hash board data is incorrect
If the hashrate displayed on the hash board is lower than the actual hashrate, re-plug the hash board cables (or replace the damaged cables) and restart the miner. If the issue persists, contact the miner manufacturer for further technical support.
3. Zero hashrate and abnormal temperature
If the hash board is connected but the hashrate and the number of chips are showing "0", or the temperature reading is abnormal (different from other hash boards), try re-plugging the hash board cables and restart the miner. If the issue persists, contact the miner manufacturer for further technical support.
4. Network delay or the up and down bandwidth is too low or overlaps too much (mostly shows up as high rejection rate in the mining pool)
Run a speed test and verify that your internet connection is working.
5. The temperature exceeds the limit, causing the miner to go into high-temperature protection mode or restart
For example, the normal working temperature of a WhatsMiner is about 60-85°C. If the miner's temperature exceeds 85°C, you can improve ventilation and lower the miner's by installing a water curtain, air conditioner, fan, and other cooling equipment.
6. Hardware failure
The miner may have loose cables, damaged chips, etc. Please contact the manufacturer's customer support.
7. The effective pool hashrate is lower than the miner hashrate reported
You can contact the mining pool when you discover such data discrepancies. In some cases, mining pools are accused of stealing computing power from miners. However, we guarantee that this will never happen to you at Binance Pool. You may refer to the following possible reasons to troubleshoot:
  • Real-time hashrate has a low reference value: Try comparing the effectiveness and the reported hashrate after the mining machine runs for 24 hours;
  • The average effective hashrate is different from the average reported hashrate: The average reported hashrate is the average hashrate mined over a specific time frame (usually a few days). The average effective hashrate shows the average over the previous 24 hours. If the mining machine has not been running for 24 hours, its reported hashrate will typically be higher than the mining pool hashrate.
  • Low hashrate caused by outdated firmware version incompatible with the existing software: Please go to the official manufacturer website to download the latest firmware and update your miner. Alternatively, contact the manufacturer's customer service.
  • Hardware problem with the miner: Please examine the miner's hardware and contact the manufacturer's customer service.
8. Why isn't the pool showing the hashrate while the miner is working?
  • Not enough time passed for the miner to submit the data to the mining pool. The hashrate should appear within 10-15 minutes.
  • Incorrect settings can cause a mismatch between the mining software worker name and the miner worker name, such as spelling errors in the pool URL.
  • Idling miners are usually caused by a power outage or network instability and will appear disconnected after a restart. Try restarting your miner.
  • Network instability can cause your miner to disconnect from the pool.
  • Isolate the issue by testing your network ping and checking your connection speed.
9. How to test network connectivity with ping?
Ping is used to determining whether your computer can successfully exchange (send and receive) data with the server. The test results will show you whether the network is running smoothly.
  • On the computer connected to the same network as your miner, type 'cmd' into the search bar and select 'Command Prompt.'
  • In the Command Prompt window, type 'ping btc.mining_pool _address' and press Enter to view the 'data packet' results.
10. How do I tell if a virus infects the miner?
Common signs that the miner is infected include but are not limited to:
  • Unable to launch the mining software
  • Modified pool URL and worker name. For example, the mining pool URL is set to Nicehash.
  • Unable to upgrade the firmware
  • Miner randomly crashing and restarting within a short time
  • Affected hashrate (low or 0 hashrate)
  • Network disconnection
11. How do I remove viruses from the miner?
  • Isolate your network.
  • Contact the manufacturer's customer service team for antivirus software.
  • Reset the miner.
12. How do I protect miners from viruses?
  • When buying a second-hand miner, we recommend resetting it and isolating the network for a while.
  • If an unofficial service center repaired the miner, please update the firmware and change the miner login password.
  • Do not use third-party overclocking firmware.
  • Do not visit suspicious websites.
  • Use the official firmware (SSH disabling firmware from the official website).
13. Where can I download the batch management tool for miners?
Antminer: https://www.antpool.com/download.htm?m=tools
14. When do I reset the miner?
  • The miner doesn't work correctly after powering off during the upgrading process.
  • The miner cannot be started.
  • You want to reset your miner to factory settings.
  • Cannot upgrade to the latest official firmware.

II. Mining Pool

1. How do I start mining with Binance Pool?
  • Prepare your mining equipment: a miner, miner power supply, network cables, and a desktop computer for miner management.
  • Register with Binance Pool on Binance.com
  • Obtain a mining pool URL:
stratum+tcp://sha256.poolbinance.com:3333
stratum+tcp://sha256.poolbinance.com:443
stratum+tcp://sha256.poolbinance..com:8888
  • Create a mining account/worker name
Binance Pool Mining account name is used to fill out the 'Worker' field of a mining machine. The format is {worker_name.miner_ID}.
2. Where are the Binance Pool nodes located?
Binance Pool deploys mining nodes in America, Europe, Southern China, Northern China, etc., and the network is growing. The miners that have registered on the Binance Pool are automatically connected to the nearest node to ensure stable and reliable mining operations.
3. What are the Binance Pool fees?
The Binance Pool fee rate is 2.5%. We offer VIP status with lower fee rates for high hashrate users.
4. What is a mining account?
Mining accounts belong to the main account. They are mainly used to classify and configure miners and to connect your mining equipment to the platform. Once a sub-account is created, it cannot be deleted or canceled.
There are currently 3,000 mining accounts online. You can set up multiple accounts according to your needs. Mining accounts can be used to manage multiple proxy servers, monitor multiple mining farms, etc.
5. How to configure a mining account?
You can add a sub-account to your main account for mining:
  • Log in to your account at Binance Pool and click [Account Overview] to create a sub-account. If you don't have a mining account yet, you'll be prompted to create one.
  • Click [Add a mining account] to create a Worker username.
  • After creating an account, a new mining user is generated. Configure the miner in the Worker column in the miner backend. The configuration format is "miner username.miner number" (A.B format).
6. What are valid and invalid workers?
Valid miners are miners that are connected and submitting hashrate; invalid miners are disconnected miners submitting no hashrate. The Worker Management page displays all your miners by default, including valid and invalid workers.
7. How do I delete invalid workers? What if I delete a valid miner by mistake?
You can delete the invalid worker from [Workers]. To restore deleted valid miners, simply restart the miner.
8. How do I become a Binance Pool VIP?
Users with a high hashrate can apply for VIP to enjoy added benefits, such as access to independent lines (nodes) that are stable and hidden to prevent attacks and ensure a stable income.
Users who've reached a BTC hashrate of 40PH/s and ETH hashrate of 10GH/s can apply to be a Binance Pool VIP via poolvip@binance.com.
There are 9 VIP tiers for Binance Pool users. In addition to mining pool benefits, users who become VIPs can also enjoy other benefits on Binance. For more information, please visit Fee Schedule.
Mining pool VIP level
Mining pool rank
BTC Hashrate(PH/s)
ETH Hashrate(GH/s)
VIP level on Binance Exchange
VIP level on the exchange
Spot trading volume (BTC)
BNB holdings
Futures trading volume (BTC)
Regular
< 40
< 10
Regular
< 50
or
≥ 0
< 250
VIP 1
≥ 40
≥ 10
VIP 1
≥ 50
&
≥ 50
≥ 250
VIP 2
≥ 50
≥ 20
VIP 2
≥ 500
&
≥ 200
≥ 2,500
VIP 3
≥ 75
≥ 50
VIP 3
≥ 1,500
&
≥ 500
≥ 7,500
VIP 4
≥ 100
≥ 100
VIP 4
≥ 4,500
&
≥ 1,000
≥ 22,500
VIP 5
≥ 200
≥ 200
VIP 5
≥ 10,000
&
≥ 2,000
≥ 50,000
VIP 6
≥ 300
≥ 500
VIP 6
≥ 20,000
&
≥ 3,500
≥ 100,000
VIP 7
≥ 400
≥ 1000
VIP 7
≥ 40,000
&
≥ 60,00
≥ 200,000
VIP 8
≥ 500
-
VIP 8
≥ 80,000
&
≥ 9,000
≥ 400,000
VIP 9
≥ 1,000
-
VIP 9
≥ 150,000
&
≥ 11,000
≥ 750,000

9. What benefits do VIPs receive?
  • Mining pool benefits: low rates, access to Binance Pool Savings, risk-free mining, high earnings, independent nodes, etc.
  • Trading benefits: low-rate fees for spot trading, futures trading, margin borrowing, etc.
  • Ecosystem benefits: priority benefits throughout the entire Binance ecosystem.
  • Service benefits: exclusive fast-track support tickets, key account manager service, and VIP quotes for block trading (OTC).
10. What is a Watcher Link?
Watcher link is a read-only mode that can be used to monitor the miner's operating status and hashrate without logging into your account.
11. How to create a Watcher Link?
  1. Log in to your mining account on the Binance Pool page. Hover over your account ID in the upper right corner and click [Mining Account].
  2. Click [Watcher Links] and set the permissions for the Watcher to view certain information. You need to select at least one of the categories: statistics, miners, or earnings.
  3. Click [Create] to generate a Watcher link. You can click the copy button to share your Watcher link.
12. What do I do if the hashrate drops?
Please check the followings:
  • Whether the mining equipment is operating properly.
  • Whether the mining configurations are valid.
  • If there are any network disruptions.
13. What should I do if my earnings decreased?
Please check the following:
  • Whether the mining equipment is operating properly.
  • Whether the mining configurations are valid.
  • If there are any network disruptions.
  • Whether the mining difficulty changes (if the difficulty changes, your income will fluctuate).
14. What is the daily settlement schedule?
Earnings are settled between 00:00 to 04:00 UTC and credited before 10:00 UTC. There is no minimum payment threshold.
15. Does Binance Pool support merged mining?
Yes, we support merged mining.
Binance Pool has always been committed to improving miners' income. With the launch of merged mining for BTC, ELA, and Vcash, miners can achieve higher profitability by using their hashrate to receive mining rewards not only in BTC, but also in ELA and Vcash. Miners can also receive additional bonuses from Binance Pool.
  • The reward ratio for merged mining earnings is based on the official market index price. Please refer to the notices from Binance Pool for the exact ratios.
  • Merged mining configurations - During the first phase of the Binance Pool launch, the bookkeeping method was used for merged mining rewards, and miners did not need to configure a merged mining address. At the second stage, all the rewards calculated during the first stage will be distributed among the miners' mining accounts.
Merged mining earnings are settled simultaneously as BTC earnings and will be automatically credited before 10:00 UTC daily. Merged mining rewards will only be paid according to the ratio when the main currency payment is split. Please wait patiently for the payment to arrive.
16. What causes the mining pool network to be unstable?
Sometimes the network instability is caused by technical maintenance, which generally takes from 30 minutes to 2 hours.
The network disruptions may also be caused by attacks either on the Bitcoin network or mining pool servers.
17. What can I do if I can't receive the verification code/email upon registration?
  • No SMS verification code: This might be due to temporary congestion on the network carrier. Please wait and request another SMS verification code after 60 seconds.
  • No email verification code: Your Internet provider rate limits may delay the delivery of verification emails. It sometimes takes 5-10 minutes to receive an email after clicking the verification button. If you haven't received an email after 10 minutes, it has probably been identified as 'spam' by your server. In this case, please check your Spam/Junk folder and mark it as 'not spam'.
If you cannot receive an SMS verification code or verification email after trying all the above, please change your phone number or email address and try to verify your account again. You can contact our customer support team via Chat.
18. Can I close my mining account?
Simply stop using your account if you no longer mine with Binance Pool. We’re currently unable to process any account closing requests.
19. Why is the hashrate displayed on the miner different from that shown by the Pool?
The hashrate update periods of the miner and the mining pool are different. For example, the hashrate displayed in the Pool is an average of the last 15 minutes, while the miner's data is refreshed every 5 seconds.
  • A poor network may result in rejected shares (the mining pool shows only the valid shares).
  • Different methods were used to calculate the hashrate reported by the miner and by the pool.
  • Unstable power and voltage of the miner.
  • Hashrate was stolen by third-party software.
20. Are the earnings settled daily or hourly? When are they credited to my account?
The earnings are settled daily and credited to the Mining Pool account before 10:00 UTC each day.
21. What is the minimum payment amount?
There is no minimum payment amount. Mining income will be paid directly to pool account.

III. Frequently Asked Questions

1. What does Rejection Rate mean? What is the standard Rejection Rate?
The rejected shares are those shares that your miner failed to submit to the mining pool due to the network instability. The rejection rate is the proportion of the rejected shares to the total number of submitted shares. The lower the rate, the higher the efficiency of the miner.
Rejection rate = rejected shares / total number of shares = stale shares + duplicates + other rejected) / (received shares + stale shares + duplicates + other rejected). A normal range for the rejection rate is within 2%.
2. What is the Luck value?
The Luck value of a block is the ratio of the actual workload to the difficulty of mining. If the workload is lower than the mining difficulty, that means there's more pool luck, the Luck value increases, and vice versa. When it comes to mining, luck can play a fairly important role. It is common for the Luck value to fluctuate. The longer the mining time, the closer the final Luck value gets to 100%.
3. Will the Luck value affect my earnings?
The higher the Luck Value, the greater the earnings, and vice versa. Binance Pool uses the FPPS settlement model for BTC, the PPS+ settlement model for ETH , so the miner's income is not affected.
4. What do workload and mining difficulty mean?
Workload is the hash power contribution of each miner to the probability of finding a block. Mining difficulty is a measure of how difficult it is to mine a block in the entire network. It is based on changes in the network's hashrate.