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Binance Pool FAQ
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2020-07-30 06:31

Part I. Questions on miners

 

1. How to choose my mining machine (miner)?

Binance mining pool supports various models of miners, which can be purchased from the official websites of major mining machine manufacturers listed below:

WhatsMiner:www.microbt.com

Antminer: :www.bitmain.com

Avalon Miner:www.avalonminer.shop

Innosilicon miner:www.innosilicon.com

 

2. What kind of miners are the most profitable and have the fastest payback period?

When choosing the most profitable miner, it’s always best to choose the 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 the second pool when there is a problem with the first one and the third when there is a problem with the second one. We suggest that you configure the first one to the Binance pool server 8888, the second to 443 or 3333, and the third to some other mining pool server. If there is a problem connecting to the first two Binance Pool servers, the miner will switch to the third one, thus effectively reducing earnings loss.

The 3333 server port itself is working fine, but some operators may block it, such as China Unicom.

 

 

Troubleshooting hashrate issues

 

1. The miner is not warmed up, and the hashrate is low after the miner turned on

It takes up to 15 minutes for the miner to reach the normal hashrate after being rebooted. If the miner restarts automatically, try changing a new PSU to test if an abnormality in the power source is the reason for the restart.

 

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

The hash board is connected, but the hashrate is zero, the number of chips is zero, or the temperature reading is abnormal (different from other hash boards). Re-plug the hash board cables and restart the miner. If the problem is not solved, please contact maintenance or a technician for troubleshooting.

 

4. Network delay, or up and down bandwidth are too low or overlap 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. You can use this website to check your internet connection - https://www.speedtest.net/.

 

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 WhatsMiner is about 60-85 degrees Celsius. If the miner's temperature exceeds 85 degrees, you need to improve ventilation and lower the miner's temperature via the installation of a water curtain, air conditioner, fan, and other cooling equipment.

 

6. Hardware failure

The miner may have loose cables, damaged chips, etc. caused by transportation or other reasons. Please contact the manufacturer's customer support on the official website.

 

7. Miner hashrate issues - the pool hashrate (effective) is lower than the miner hashrate (reported)

Our users usually contact the mining pool whenever they discover such data discrepancy. 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 as our teams are dedicated to our mission and uphold high-quality standards and integrity. The following points will help you find out why there is a gap between the effective hashrate and reported hashrate:

 

8. Real-time hashrate has a low reference valueIt's recommended to compare the effectiveness and reported hashrate after the mining machine runs for 24 hours.

 

9. The average effective hashrate is different from the average reported hashrateThe 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.

 

10. Low hashrate caused by outdated firmware version incompatible with the existing softwarePlease go to the official manufacturer website to download the latest firmware and update your miner. Alternatively, contact the manufacturer's customer service.

 

If you identified the problem with the miner, please examine the hardware or contact the manufacturer's customer service.

 

11. Why is the pool not 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 miner worker name, spelling errors in the pool URL and other data, etc.
  • 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.

 

12. How do I test network connectivity with ping?

Ping is used to determine 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.

 

13. How do I tell if a virus infects the miner?

Common signs that the miner is infected:

  • Unable to launch the mining software
  • Modified pool URL and worker name:the mining pool URL is set to Nicehash, etc. (see image below)
  • Unable to upgrade the firmware
  • Miner randomly crashing and restarting within a short time
  • Affected hashrate (low or 0 hashrate)
  • Network disconnection, etc.

 

14. How do I remove viruses from the miner?

  • Isolate your network
  • Contact the manufacturer after-sales team for antivirus software. Proceed with the installation and remove the virus.
  • If the antivirus doesn't help, we recommend resetting the miner.

 

15. 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
  • Using the official firmware (SSH disabling firmware from the official website)

 

16. Where can I download the batch management tool for miners?

Antminer:https://www.antpool.com/download.htm?m=tools

Avalon miner:https://pool.btc.com/tools

WhatsMiner:https://www.microbt.com/server/manual.html

 

17. 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

 

 

Part II. Mining Pool

1. How do I start mining with Binance Pool?

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 thanks to the Binance Pool optimization. This ensures 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?

How do I add a sub-account?

  • Log in into your account on https://pool.binance.com, click on Mining Account Management in the drop-down menu on the right to create a sub-account. Once you log in to the pool for the first time, you'll need to create a new mining account.
  • Click on 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?

A way to delete the invalid worker; how to restore deleted valid miners (restart the miner).

 

8. How do I become a Binance Pool VIP?

Customers with high hashrate can apply for VIP status for free to enjoy VIP benefits Users with VIP status can get access to independent lines (nodes), which are stable and hidden to prevent attacks and ensure a stable income.

  • Application requirements

Applications are approved only for users who've reached a BTC hashrate of 1P.

  • Application process

Sign in to your Binance Pool account and scroll down to 'Operation Service.' Send your VIP Application at poolvip@binance.com

  • VIP level

There are 9 VIP levels for Binance Pool users. In addition to mining pool benefits, users who become VIP clients also enjoy VIP benefits on Binance Exchange.

For more information, visit the Fee Schedule page:https://www.binance.com/en/fee/schedule

 

Mining pool VIP level

Mining pool rank

Hashrate(PH/s)

VIP level on Binance Exchange

VIP level on the exchange

Spot trading volume (BTC)

BNB holdings

Futures trading volume (BTC)

VIP0

<1

VIP0

<50

or

≥ 0

<250

VIP1

≥1

VIP1

≥50

&

≥ 50

≥250

VIP2

≥5

VIP2

≥500

&

≥200

≥2500

VIP3

≥15

VIP3

≥1500

&

≥500

≥7500

VIP4

≥35

VIP4

≥4500

&

≥1000

≥22500

VIP5

≥50

VIP5

≥10000

&

≥2000

≥50000

VIP6

≥75

VIP6

≥20000

&

≥3500

≥100000

VIP7

≥100

VIP7

≥40000

&

≥6000

≥200000

VIP8

≥200

VIP8

≥80000

&

≥9000

≥400000

VIP9

≥500

VIP9

≥150000

&

≥11000

≥750000

 

9. What benefits do VIPs receive?

  • Mining pool benefits:low rates, access to Binance Pool Savings, risk-free mining, high earnings, independent nodes, and other benefits.
  • Trading benefits:spot trading, futures trading, margin borrowing, etc., low-rate fees, and interest for key customers.
  • Ecosystem benefits:priority benefits throughout the entire Binance ecosystem, at industry seminars, etc.
  • Service benefits:exclusive fast track support tickets, one-on-one connection with key account managers, and VIP quotes for block trading (OTC).

 

10. What is a Watcher Link?

Watcher links are a read-only mode that can be used to monitor miner operating status and hashrate without logging into your account. These links can be provided to mining farm managers or be used as a quick and easy way for you to check your hashrate without logging in.

 

11. How do I make a Watcher Link?

  1. Go to the Binance Pool website binance.com to create a mining account.
  2. Hover over your account ID in the upper right corner and choose Mining account settings in the drop-down menu.
  3. In the Account menu, click Watcher Links to get to the Watcher Link setup window.
  4. In the Watcher Link settings window, set the permissions for the Watcher to view certain information.You need to select at least one of the categories: statistics, miners, or earnings.
  5. Click Create to generate a Watcher link. In the same window, you can click the Copy button to share your Watcher link.

 

12. What do I do if the hashrate drops?

Please check the following:

  • 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, the income will fluctuate)

 

14. What is the daily settlement schedule?

The earnings are settled between 00:00 to 04:00 UTC and credited before 07:00 UTC. The minimum payment amount is 0.00000001 BTC.

 

15. Does Binance Pool support merged mining?

Yes, we support merged mining.

Binance Pool has always been committed to improving the income of miners. 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 also receive additional "bonuses" from Binance Pool to further boost their income.

  • The reward ratio for merged mining earnings is based on the official market index price. See notices from Binance Pool for 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.
  • Payment schedule

Merged mining earnings are settled simultaneously as BTC earnings and automatically credited daily before 07:00 UTC. 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'm not receiving the verification code/email upon registration?

  • Not receiving SMS verification code

This might be due to temporary congestion on the network carrier. Please wait for a while and request for another SMS verification code.

  • Not receiving email verification

Your Internet provider rate limits may delay the delivery of verification email. 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 email folder, find the email 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 also contact us for help.

 

18. Can the account be closed after registration?

You can simply stop using your account if you no longer want to mine with Binance Pool. We’re currently unable to process any account closing requests.

 

19. Why is the hashrate displayed on 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 the average of the last 15 minutes, and the miner's data is refreshed every 5 seconds.

  • A poor network may result in the rejected shares (the mining pool shows only the valid shares)
  • Different methods used to calculate the hashrate reported by the miner and by the pool
  • Unstable power and voltage of the miner
  • Hashrate stolen by a third-party software

 

20. Are the earnings settled daily or hourly? When are they credited to the account?

The earnings are settled daily and credited to the Mining Pool account before 07:00 UTC each day.

 

21. What is the minimum payment amount?

The minimum payment amount is 0.00000001BTC.

 

Part III. General questions

1. What does Rejection Rate refer to? 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 meant by 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, so the miner's income is not affected.

 

4. What does workload refer to? What is meant by mining difficulty?

The 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.

 


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