Binance mining pool got a fantastic start with over 6.52 EH/s in hash rate brought by more than 6,000 registered users within the first 50 days of its introduction.
Binance mining pool has become an integral part of this blockchain ecosystem and offers mining services with a special focus on PoS and PoW.
Several advantages about the Binance mining pool make it a top contender in the mining pool rankings, including the capital, technology, industry resources, and the exchange business.
In this Binance mining pool review, we discuss what this crypto mining is all about and weigh the pros and cons so you can make the most informed decision. For more information about the rest of Binance, give our in-depth Binance review a read.
Below is the Binance pool explained.
What is the Binance Pool?
Binance Pool is the feature of this blockchain technology where you can deposit your crypts coins and receive a reward. The pool is powered by miners who exchange their computing skills for rewards.
Among the standout features of the Binance Pool is that a Binance miner can switch between different pooling types of crypto coins without changing the algorithm. This allows the miners to earn their wallet rewards very easily. Miners on the smart chain also do not have to spend a lot of time to farm the rewards since Binance coin mining takes care of mining the highest profit.
How to use the Binance Mining Pool?
Before you can start using the mining pool, here are the hardware and software requirements for the Binance pool setup.
- Operating System – Linux and Windows
- Memory – 5GB for each GBU (Graphics card – above 4GB)
- Mining software –ASIC, HiveOS, MinerOS etc.
- Mining equipment – GPU (AMD or NVIDIA)
Now the steps to use Binance Mining Pool:
- Account Registration/log in
Visit the Binance Pool site from your browser of choice and create an account on the site. Use the Binance Exchange account credentials to log in to your account.
- Creating the mining account.
Log in to your Binance account or register a new Binance account, and go to profile>account management, click on “Mining Account,” create a username for the mining account, and click create.
- Installing the mining software.
Some of the top mining software are Claymore, HiveOS, and MinerOS, which you need to download from their official site.
- Configuring the mining software.
- Configuring the mining software varies slightly from one to the other, but it won’t be hard to figure out the rest if you know one. For this tutorial, we will use Claymore.
- After you download Claymore, uncompress the files to a location you can find easily.
- Locate the start.cmd or start.bat file, then right click on it, and go to “Edit.”
- In the popup window, replace the existing files with these commands “EthDcrMiner64.exe -epool ethash.poolbinance.com:8888 -ewal username -eworker worker_name -epsw x -asm 2 -dbg -1 -allpools 1 -mode 1″
- Replace the “username” section in the above command with your Binance username, save the file and exit the window.
- On Binance Pool, Ethereum has several mining pool addresses but the above command will work just as well.
- When you’re ready to begin mining, double click on the start file to use it.
For configuring HiveOS mining software, you can visit this link.
- View earnings
The mining software will start working as soon as you open it, so run the software for a while. This will also submit the Binance mining pool to pull the relevant data so you can view your mining details including profitability and status.
Binance pool mines crypto coins, including ETH, BTC, Litecoin, and BCH. To start mining on the platform, sign in to the Binance Pool account and select the preferred crypto coin on the top right corner.
Once you change the coins on Binance Pool, you can also view your earnings and check your Binance mining status through the Miner Management Page. Monitoring your miner status and checking your earnings is also possible through the Binance Pool app, which is available for download.
To view other details such as mining fees, Binance mining calculator and payout time on the tool, you can click on the coin image on the left.
Binance also has a separate mining tutorial for Bitcoin, Litecoin, and Ethereum, so be sure to check them out.
Pros & Cons of Binance Pool
The best features of Binance Pool are definitely the low fees, guaranteed daily payouts, and the wide range of bonuses offered to miners.
However, the number of coins available for mining on Binance Pool is relatively low compared to other mining pools, which is a drawback and unless you have an optimized professional rig, you most likely will not see any significant earnings from your mining endeavor. What many people instead do is join the Binance referral program and start promoting their personal Binance referral codes to make commission on affiliate marketing instead which does not require the same amount of initial investment as a complete mining rig does in 2023.
Binance Mining Pool FAQ
The settlement period for Binance Pool is 00:00 today to 00:00 UTC, the next day. So, Binance Pool pays out the mining incomes daily between 02:00 am, and 10:00 am UTC.
As soon as the earnings settlement calculations are complete, the Binance pool credits the earnings to the miners’ funding wallet in Binance Exchange.
To know your daily Binance Pool expected payouts, you can go to the Earnings page on Binance Pool and click “Earn.”
You can also transfer your Binance pool funds to your spot wallet by going to Wallet>funding wallet> and clicking transfer. Transferring your Binance Pool earnings to your spot wallet may be required when you want to trade on the platform.
Binance mining pool profitability is among the highest in the industry since miners get up to 14.5% higher APY than other pools. In addition, miners on this smart chain save up to 30% of annualized interest rate with Pool Savings. Binance Pool also offers electricity subsidies to miners, increasing their earnings by at least 14.63% in mining rewards.
A comparison table on Binance shows that a miner on this platform can make up to USD25,818 in additional savings within a period of three months.
Since Binance pool expected payouts are exceptionally high, mining on Binance Pool is profitable.
BNB Coin is a PoS or Proof of Stake and not a PoW or Proof of Work crypto, so it cannot be mined. BNB, as well as other Proof of Stake crypto coins, can be bought and staked for returns.
Even Binance, the native smart chain of BNB coin, allows mining of PoW coins that runs on the SHA-256, Scrypt, and Ethash algorithms. The coins are Bitcoin, BCH, Ethereum, and Litecoin.