What is Hashrate Resale?
2020-12-24 03:50
1. What is hashrate resale/transfer?
Hashrate resale allows users to transfer a portion of the hashrate held in their name to another user's name, either as an absolute value or as a percentage. This provides different types of hashrate suppliers with a flexible way to allocate their hashrate, while also providing a flexible solution for hashrate distribution among miners working in mining cooperatives.
2. How can I transfer/resell my hashrate? Follow the steps below to transfer your hashrate:
Step 1: Go to Hashrate Resale under Account Management on the sub-account from which you'd like to transfer the hashrate (Mining Account Management > More Settings > Hashrate Resale).
Step 2: A window will pop up where you can enter the terms of your hashrate resale contract.
Enter the name of the sub-account to which you want to transfer a portion of your hashrate, as well as the resale time, the transfer algorithm, and the the amount that you'd like to transfer:
1). Hashrates can only be transferred between Binance Pool sub-accounts. A hashrate that
has been transferred to a sub-account cannot be transferred out of that sub-account. Once a hashrate has been transferred out of a sub-account, it cannot be transferred back in.
2). When selecting the resale time, please note that the time the transfer takes effect is calculated using UTC as the standard time. Hashrate resale will be effective from UTC 00:00 on the start date until UTC 00:00 on the end date. For example:
In the example shown above, the hashrate resale will be effective from 00:00 UTC, December 22, 2020 until 00:00 UTC, January 22, 2021 on a cumulative 24-hour basis.
After you successfully complete the contract, it will be in continuous effect. The contract officially takes effect at the time at which it is entered into.
3). Select the corresponding transfer algorithm: Select SHA256 to transfer BTC/BCH/BSV hashrate, or select Ethash to transfer ETH hashrate.
4). Enter the amount of hashrate you would like to transfer. The minimum transfer amount for SHA256 is 1TH/s, and the minimum transfer amount for Ethash is 1MH/s.
Step 3: View your hashrate info and earnings.
1). Transferred hashrate cannot be viewed in the [Worker], [Statistics] interface.
2). You can view your hashrate resale history in the Account Management interface of your mining account.
1. Who can resell or receive hashrates?
Both the account transferring the hashrate and the account receiving the hashrate must be Binance Pool accounts. Hashrates received by a sub-account cannot be transferred out, and hashrates transferred out of a sub-account cannot be transferred back in.
2. Which coins currently support hashrate resales?
Binance Pool supports hashrate resales for BTC/BCH/BSV (select SHA256), and ETH (select Ethash).
3. What's the minimum hashrate resale amount?
For SHA256, the minimum hashrate resale amount is 1TH/s. For Ethash, the minimum resale amount is 1MH/s.
4. How long will the hashrate resale take effect after I initiate it?
After the hashrate resale is completed, the transfer will take effect at the next 00:00 UTC.
5. Is Binance Pool able to change the terms of a resale contract if the transferring party and the hashrate recipient fail to come to an agreement?
Binance Pool only provides a platform for hashrate resale. Hashrate resale activities are carried out after the miners have come to a mutual agreement. Once a hashrate resale contract is generated, it cannot be altered before the end date.