By
Chimamanda U. Martha
April 23rd, 2024
Binance crypto exchange has announced that miners will now be able to use Binance Pool which supports both proof-of-work and also proof of stake.
Binance, one of the largest crypto exchanges in the world, has today announced the launch of Binance Pool. The new addition will see Binance be an attractive venture as it is set to empower miners and the global crypto mining industry.
According to a post on its official page, Binance said that it aims to establish a comprehensive platform where miners can harness more opportunities, by bridging traditional mining and financial services.
Binance is promising to offer its customers lower fees and also more comprehensive services to increase opportunities and also enable miners to earn more by leveraging its exchange platform. The post explained that Binance Pool connects miners to the company’s suite of financial products, like spot & margin trading, Binance lending, Binance staking, and also Binance futures.
As from the time of the announcement, miners will now be able to use Binance Pool which supports both proof-of-work, and also proof of stake. The services will be made very smooth by the fact that Binance is currently using the cutting edge technology in the crypto sphere, having been in the market since 2017.
The company noted that it will be launching with a bitcoin mining service, however, indicated that it will be adding the support for more crypto assets in the future.
Notable Benefits of the Binance Pool
According to the post, Binance Pool has distinctive features that make it more appealing and reasonable to the mining industry.
One, the company noted that the new service will offer the lowest fees in the market, whereby it used the analogy that exchange mining pools offer lower fees in general. Secondly, the company noted that it is giving its customers global tech expertise.
The other benefit of the Binance Pool according to the company is its more decentralized mining field. On the list of benefits is its secure blockchain networks, comprehensive financial services, and also its support for both PoS and PoW.
Binance and Its New Platform
Binance has been in a series to move ahead in its quest to be a key player in the crypto community. After having its ecosystem being composed among the best software engineers and crypto minds, it is now controlling a substantially significant amount of crypto deals. Whereby recently it acquired the Coinmarketcap for $400 million, which is the largest crypto metric site.
With the pool being integrated with the Binance ecosystem, a time when major crypto events like next Bitcoin halving and ETH 2.0 launch are approaching and the world is fighting the coronavirus, it only indicates how committed the CZ lead team is willing to push and take over the crypto community. However, as its dominance increases, we are left wondering if the crypto decentralization is being compromised!