At Binance, we are building a full suite of crypto-powered financial services that will allow you to make the most out of crypto. Today, we’re introducing the latest addition to our product suite: Binance Pool, a cryptocurrency mining platform dedicated to empowering miners and the global crypto mining industry.
With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining and financial services. By leveraging the benefits of an exchange platform, Binance Pool offers users lower fees and more comprehensive services to increase opportunities and enable miners to earn more. Binance Pool connects miners to Binance’s suite of financial products, including Binance Futures, Spot & Margin trading, Binance Lending, and Binance Staking.
Binance Pool will support both PoW (proof-of-work) and PoS (proof-of-stake) mechanisms for mining, made possible by Binance’s technology and computing power. The platform is first launching with a bitcoin mining service, with support for more cryptocurrencies and more customized services to come.
Binance Pool offers the following benefits:
Lowest fees in the market. Exchange-powered mining pools offer lower fees in general. With Binance Pool, we are driving expenses lower to offer the most attractive service in the market.
Global tech expertise. Right from its launch, Binance Pool is led by the team of seasoned professionals, with top-notch operating expertise and know-how of the latest mining technologies and equipment.
More decentralized mining field. The launch of Binance Pool represents the entry of one more competitor to the hashing power of Bitcoin and other cryptocurrencies.
More secure blockchain networks. The further decentralization of Bitcoin mining also results in more difficulty when it comes to attacking the Bitcoin network.
Comprehensive financial services. Now, you can connect crypto mining to the most wide-reaching product suite of crypto financial services in the market.
Better services for miners. Binance is synonymous with constant enhancement, and our dedicated team of mining pool experts will deliver various updates on Binance Pool to turn it into the most rewarding mining pool in the market.
Protection to miners regardless of the market. We are committed to fully leveraging the global influence of Binance to connect the mining ecosystem to industrial resources and provide miners with financial services such as low fees and lending services with low loan-to-value ratios.
Support for both proof-of-work and proof-of-stake mining mechanisms. Binance Pool will begin with a Bitcoin mining service, and we will expand into more cryptocurrencies soon.
Binance Pool is launching with a bitcoin mining solution plus a special offer of zero-fee starting rate for Bitcoin miners for our first month. Sign up here to avail of this promo. All new and existing Binance users can access Binance Pool directly from Binance.com, with fee rates under 2.5%.
An Overview of the Crypto Mining Industry and Where Binance Pool Fits
Cryptocurrency mining is the process in which transactions between users are verified and added into the blockchain public ledger. Over time, mining pools were formed where miners could combine their resources, share their processing power over a network, then split the reward equally among everyone in proportion to their contribution to the process.
In general, there are two types of mining pools: traditional and exchange, which are pools created by crypto exchanges like Binance. While the process of combining network power is similar for the two types, for traditional crypto mining pools, rewards are sent to blockchain addresses of each participating miner, whereas for exchange pools, rewards go directly to the participants’ exchange accounts.
As an exchange-based mining pool, Binance Pool offers a unique opportunity for miners to participate in a more globally-dispersed network corresponding with our user base. We are combining the usual benefits of a mining pool, plus a few enhancements of our own like promotions and competitive fees, with the most comprehensive crypto-financial product suite available in the market today.
With functions such as buying, trading, staking, saving, earning, borrowing, and now mining under one roof, we offer unparalleled convenience.
Opportunities and Challenges Ahead for the Crypto Mining Industry
The launch of Binance Pool coincides with major shifts in the crypto industry. The most anticipated of these changes is the impending Bitcoin halving event in May. The previous two halving events were linked to rapid changes in the entire cryptocurrency industry, and the third halving event for Bitcoin will bring its own set of opportunities and challenges. Meanwhile, major changes in other major cryptocurrencies are on the horizon, such as Ethereum’s impending shift to proof-of-stake consensus.
With Binance Pool’s launch, we are contributing to the changes that will take place in the crypto mining industry. In itself, the launch of Binance Pool adds another player into the world of crypto mining and makes BTC hash power more decentralized. We also offer the Binance brand of execution and continuous improvement in crypto mining, with upcoming customized services and support for more cryptocurrencies lined up soon.
Binance Pool and the Binance Ecosystem
Binance Pool will be integrated into the Binance ecosystem as the newest addition to our suite of financial crypto platforms. At the moment, here’s how our comprehensive suite of crypto services will complement one another:
Buy crypto on Binance.com via debit or credit cards and trusted third-party payment partners, as well as through Binance P2P (peer-to-peer fiat-to-crypto buying) and Binance Widget (interface for buying crypto on several websites and platforms.
Trade crypto on several markets: Binance Spot for spot prices on 200+ cryptocurrencies, Binance Margin for leveraged trading on spot prices, Binance Futures for leveraged derivatives trading on 24 major cryptocurrencies, and the newly-launched Binance Options for call and put options on major cryptocurrencies.
Grow your crypto through our crypto finance services such as Binance Savings (set aside crypto funds to earn interest) and Binance Staking (store proof-of-stake cryptocurrencies on your Binance account to earn staking rewards automatically.)
Borrow crypto that you need through Binance Loans to obtain the USDT or BUSD you need at the moment.
Transact large amounts of crypto through Binance OTC services, for trading large volumes without moving markets.
For more information, visit the Binance Pool website today!