Posted 10 months ago | by Ben Armstrong
Binance Pool Launches Profit Maximization Service
After launching its own cryptocurrency mining pool, the world’s largest crypto exchange Binance is adding specialized features to it to help miners automatically mine the most profitable coins.
The new feature supports the SHA- 256 algorithm that allows all miners to automatically switch hash rates to mine the most profitable of three coins, including Bitcoin (BTC), Bitcoin Cash (BCH), or Bitcoin SV (BSV).
According to the head of Binance Pool, Lisa He, the new feature Smart Pool, “Helps users transfer their computing power to chains with less difficulty and higher rewards.”
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New Tools from Binance
If miners are mining different cryptocurrencies, Binance pays out the final settlement to miners in BTC. The head of Binance Pool said that the new feature can increase earnings for those who use it by 1% on average.
Since launching the new service of the mining pool, Binance Pool users and miners have gained a 50 percent increase in average returns. There are more than 6,000 users delivering over 6.52 EH/s in hash rate from its launch last April.
Smart Pool Features
To secure maximum returns for miners, the Smart Pool uses real-time hedging to ensure that revenues generated by the service will not be lower than general income through a standard option, called FPPS (Full Pay Per Share).
In case the final revenue is lower than what would have been earned via FPPS, the exchange will pay back the difference to users.
Existing Binance Pool users can activate the Smart Pool service with a single click available on the regular interface of the mining pool without changing user ID or their mining stratum URL.
Mining Pool Competition
In spite of concerns about potential centralization effects following the launch of Binance’s pool, it currently does seem to control a significant share of the Bitcoin network. The BTC network is spread out over many nations, and it is unlikely that Binance can 'corner the mining market.'
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