Binance launches Ethereum Mining Pool with 0.5% fees

Binance launches Ethereum Mining Pool with 0.5% fees


After launching its Bitcoin (BTC) mining pool in April, crypto exchange Binance has now launched an in-house mining pool for the market’s largest altcoin by market cap, Ether (ETH).

For the first month, between Nov. 12 and Dec. 12, Binance is trying to attract miners by offering a zero-fee regime. After that, those contributing their hash power to the pool will be charged a competitive 0.5% commission on their earnings.

Binance’s instructions for setting up a mining pool account notethat participants will need to use a Windows or Linux operating system, GPU (NVIDIA or AMD graphics card memory of 4G minimum), 5GB virtual memory for each GPU, and mining software, e.g., HiveOS or Easy Miner.

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The Ethereum mining pool will use a similar system to the existing Bitcoin pool, called FPPS (Full Pay Per Share). Binance’s Bitcoin pool notably also offers a feature called smart pool, which enables participants to automatically switch hash rates in order to mine the most profitable of three

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