Just after the introduction of its own cryptocurrency mining pool, Binance is adding new specialized features in order to help miners to make more money. At the beginning of this month, Binance Pool has launched a new feature called ‘Smart Pool’. It allows miners to automatically switch hash rates to mine the most profitable of three supported coins based on the SHA-256 algorithm – either Bitcoin (BTC), Bitcoin Cash (BCH), or Bitcoin SV (BSV).
Lisa He who is the head of Binance Pool explained that Smart Pool scrutinized the difficulty level in different chains with the use of the same algorithm and it helps user to transfer their computing power to chains with less difficulty and higher rewards.
In some scenarios where the revenue is less compared to what would have been earned through FPPS, the exchange has made sure to pay back the difference to users.
It is convenient to activate Smart Pool service with a single click within the mining pool’s regular interface. Also, minders don’t require to change user ID or their mining stratum URL.
Binance is with its final settlement to miners in BTC
Binance has come up with its final settlement to miners in BTC in spite of the crypto which they actually mine. Lisa told that with this new feature, there would be increase earnings for those who use it by 1% on average.
In response to keeping the promise of securing maximum returns for miners, the Smart Pool generally users real-time hedging to assure that revenues generated by the service are not going to be less than those generated through its standard option, called FPPS (Full Pay per Share). If you want to avail more information about the exchange, you can always have a conversation with the team members who are there to assist you. You can always call on Binance customer care number which is functional and supportive. Reach the team and deal with all queries in a fraction of the time.
Mining pool competition
The scenario is that there has been a lot of concern and focus on potential centralization effects after the launch of Binance’s pool, it doesn’t seem to be dominating an important share of the bitcoin network. Previous week only, the Binance pool produced more BSV blocks compared to other pools in the market, despite knowing the fact that the coin has been delisted from the exchange itself.
As per the press time, Huobi at present is the single-largest mining pool on the BSV network, asking for a 21.53% share as against Binance’s 11.11%. Binance was introduced in the year 2017 by its founder and CEO Changpeng Zhao also called CZ in the crypto industry. The exchange is popular worldwide for its access to provide multiple coins including Bitcoin, Ethereum for trading. If you face any kind of problem while executing the process on the exchange, you can always have a conversation with the team members who are there to assist you. You can always call on the Binance customer service number which is always functional.