Binance Crypto Mining Pool Officially Goes Live; Garners Over 40k Active Workers Within 12hrs

Leading cryptocurrency exchange by market volume, Binance, announced today that it has officially launched a cryptocurrency mining pool service dubbed “Binance Pool.”

The mining pool from Binance is a comprehensive crypto mining platform that supports both Proof-of-Work (PoW)  and Proof-of-Stake (PoS) consensus mining mechanisms. The exchange said the platform is dedicated to the development of the global crypto mining industry and the empowerment of miners.

Binance pool mined its first block of Bitcoin

Binance continues to take strategic steps to expand its revenue sources, and the new initiative will increase its growing authority in the crypto industry. Coinfomania reported last week Friday that Binance had launched the Binance mining pool in a closed-beta phase and had mined its first block of Bitcoin (BTC).

The new platform is designed to complement existing products on Binance to improve users’ experience.   The mining pool is integrated into the Binance ecosystem to give users access to the company’s derivatives products, including Binance Futures, Spot and Margin trading, Binance Lending, Binance Staking, and OTC services.  

With the beta-phase completed, the exchange has launched the mining pool formally for users, while offering a rate of up to 2.5% zero starting fee from the date of launch until May 31, 2020. Currently, new and existing Binance users can access the new service directly on Binance.com.

The platform is first launching with Bitcoin mining services while promising to add more customized services that would allow miners to earn more within the Binance mining pool. 

Changpeng Zhao (CZ), the CEO of Binance, explained the aim behind the launch of the mining pool, saying:

As an integral part of the global crypto market, empowering miners will therein enable significant growth and scale in the larger 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 to financial services

At press time, Binance Pool has generated a total hashrate of 1.59 EH/s with over 40,300 active workers. It probably won’t be long before Binance takes dominance of the crypto mining industry just like it dominated the derivative markets in the first quarter of 2020.