The world’s largest exchange Binance introduced its mining pool called ‘Binance Pool’ on April 2017. This pool will operate with zero fees till the end of coming month, after which the rates are going to be at 2.5%. In the press release for the pool states, it stated that large miners can contact the exchange to negotiate an extension of the fee-free period. At the most 15 of Binance’s more than 1,000 employees work for full-time in the pool’s operation.
Binance Pool serves support to both Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining mechanisms. The pool is connected with the Binance’s platform that allow miners to transfer funds between Binance Pool and the company’s numerous platforms that include trading, lending and staking.
In conversation with Cointelegraph, head of Binance Pool Lisa He stated that the aim is to establish a platform for miners that happens to bring maximum possibilities to the mining industry by bridging traditional mining to financial services. On the other hand, Binance founder Changpeng Zhao stated that being an essential part of the International crypto market, building miners will enable growth and scale in the larger industry. On April 24 he tweeted that Binance Pool had mined its first block.
Community is cautious of centralization
Though Binance pool got mixed reviews from the crypto community as some showed concern that Binance pool will lead to further centralization of Bitcoin (BTC) hash rate among many small pools.
A twitter user ‘HaskaTrades’ tweeted about Bitcoin’s hash rate distribution with the caption that this hash distribution chart is soon going to be in one color. Another user tweeted that this either put end on Bitcoin with many mining pools offering mass decentralisation or there is a room for figuring out what is there on the flipside of the coin. To know more about Binance exchange, users can have conversation with the team members who are always there to guide you. You can always call on Binance support number which is always functional.
Binance claims to be a decentralizing force
“In 2018, the mining pool of a mining machine manufacturer owned nearly 51% hashing power of the whole Bitcoin network, and the security of the Bitcoin network was doubted,” she stated, adding:
In replying to the criticism, Lisa he stated that the launch of Binance Pool consists of a decentralizing force upon the mining sector. In 2018, about 51% hashing power of the whole Bitcoin network was owned by the mining pool of a mining machine and the security of the Bitcoin network was doubted.
Later on, she added that with industry players such as Binance, there is a continuity to enter the mining space and contribute to the computing power to the industry, the mining industry is getting a way more decentralized compared to two years ago. The largest pools consists of less than 20% of the computing power of the whole network and the assets on the Bitcoin network get secure. Call on Binance support phone number which is always functional and the team is ready to support you anytime.