Binance mining pool
Binance mining pool
The Binance mining pool was created by a team of the largest cryptocurrency exchange in order to create an inclusive service on one platform. The company’s customers are now served by the “All inclusive” system, trading and mining digital currencies, speculating, investing and owning.
This approach makes Binance Pool the most client-oriented pool for mining BTC and ETH, which managed to enter the top three largest Bitcoin miners in a year.
Official website: https://pool.binance.com
The pool’s history
The idea of launching a division for cryptocurrency mining came to the mind of the CEO and founder of the exchange, Changpeng Zhao, in 2019. The first BTC block was mined by the Binance pool on April 24, 2020.
Mining has become one of the directions of global diversification strategy of the company that occupies the first place in terms of trading volume in digital currencies. Lisa He was appointed the head of the Binance Pool, under whose management Ethereum mining was launched on November 12, 2020.
In 2021, the company left the range of mined coins unchanged: BTC and forks of BCH, BSV, as well as ETH and altcoins mined using the Ethash algorithm.
The team focused on increasing the production capacity in order to attract the attention of large miners, as well as institutional funds ready to invest in the purchase and rental of equipment with hashrate.
At the same time, the pool opened on the Binance exchange created some of the best conditions for owners of individual ASIC miners and small farms on video cards, allowing daily withdrawal of income, regardless of the accumulated reward and accrual of a reward per share, on the same conditions as for large players.
Miners in the Binance pool received additional advantages that the exchange provides to all clients: the possibility of additional earnings in the form of staking extracted coins, an infinite number of exchange options and withdrawal of the received profit. The Binance mining pool payment system, as well as setting up ASIC miners and video cards mining rigs, will not cause problems for beginners.
Binance Pool is open for mining Bitcoin and its two major forks BCH, BSV, as well as Ethereum – the largest altcoin.
The list of supported digital currencies determines the mining algorithms:
- SHA 256, available only for ASIC miners
- Ethash, available for GPU and ASIC miners
The minimal list of assets allowed Binance Pool to focus on increasing the dominant share of hashrate and creating better conditions for pool users. Today, Binance’s pool statistics show 10% of the world’s Bitcoin production and 2% of Ethereum.
Binance Pool customers received benefits in the form of:
- The lowest fees in the industry
- Complex financial services: staking, landing, loans secured by the extracted cryptocurrency, hedging of future income with derivatives, partner programs of passive earnings, etc
Binance openly declares plans to further expand the list of supported cryptocurrencies, where loyal customers will receive more favorable conditions.
Before working with Binance Pool, you need to create a shared account on the exchange. This can be done directly on the Binance website or from the pool.binance.com page. Mining, like most other services of the company, supports multilinguistical interface, so registration will not cause problems.
The user needs to fill out a simple form, specifying an email address and come up with a password. Login to the exchange account will be possible after receiving an email with a registration confirmation code. On Binance, the mining pool wallet is directly connected to the cryptocurrency exchange.
Binance pool account must be linked to a mining account that performs the role of a worker, which is used to connect ASIC miners and farms from video cards to the pool. This account cannot be deleted, but Binance allows you to create up to 3000 worker.
To create a worker, you need to re-verify your accounton the Binance exchange after registration and open the Binance Pool page in the “Finance” section (1). In the column on the left, expand the “List of accounts” menu (2) and click on the “plus” sign (3).
In the pop-up window “Create a mining account”, a user must set a nickname, taking into account the recommendations of the pool, and also choose a mining algorithm:
- SHA-256 for mining Bitcoin and its forks
- Ethash for Ethereum mining
After filling in all the fields where the “Note” column serves for any personal marks, the user finishes the process of creating a worker with the “Create” button.
Setting up a miner for the Binance Pool
Two different mining algorithms provide two different ways to connect and work with the Binance Pool.
An owner of an ASIC miner running on SHA-256 gets the opportunity not to worry about choosing one of the three coins supported by the pool. Switching between mining BTC, BCH and BSV occurs automatically, depending on the highest profitability of mining a particular type of cryptocurrency at the time, if the user has configured the Smart Pool mode.
An alternative option for a miner is to simply choose to mine only BTC. In this case, you need to link the ASIC miner to the pool through the hardware configuration settings, registering a stratum server there:
- stratum+tcp://sha256.poolbinance.com:8888 (supported ports: 8888, 3333, 1800, 443)
- stratum+tcp://bs.poolbinance.com:3333 (supported ports: 8888, 3333, 1800, 443)
How to set up Smart Pool mode for Binance
Smart Pool is an automated mining mode that increases the miner’s profit by up to 30% by switching the hashrate to one of the coins, which brings greater profitability in real time: BTC, BCH or BSV. This is due to the sharp rise in their value in the cryptocurrency market. The final profit is calculated in BTC.
Binance Smart Pool guarantees:
The income from mining is higher than when mining only BTC, if the income is lower, Binance Pool will compensate for the difference
- The right of easy choice: miners can switch from regular mining to Smart Pool in one click without having to change the settings of the mining URL
Smart Pool Binance pool addresses:
- stratum + tcp: //sha256.poolbinance.com: 8888 (Supports ports 8888, 3333, 1800 and 443)
How to connect a miner to the Binance pool
The connection to the Binance pool is carried out by adding stratum servers to the configuration of the ASIC miner. After this operation, you need to select the payment parameters. In Mining account management, select a worker and click the “More setting” option.
In the Payment calculation settings window that pops up, select a specific coin or the Smart Pool option.
How to mine in the Binance pool? This is an automatic process that starts after connecting the ASIC miner to the pool. The first funds received from mining (regardless of their volume) will begin to flow to the exchange wallet account in two days.
Statistics will start accumulating every other day these are the basic conditions of the pool. The hashrate and earnings figures are displayed on the “Statistics” tab in the worker menu.
The Ethash algorithm extracts the Ethereum cryptocurrency on the graphics processors of video cards. Binance Ether mining pool makes the following requirements for rigs:
- Manufacturer: Nvidia or AMD
- Memory of at least 4 GB, virtual memory (RAM) of at least 5 GB per card
- Any of the following operating systems must be installed on the computer managing the mining rig: NCard, ASIC, HiveOS, MinerOs, Easy Miner, HiveOS
The user must create a separate worker for mining Ethereum and link it to an existing exchange account.
Stratum servers for Ethereum mining:
Before you put the stratum server into the settings of the software for mining on video cards, which is registered in the start file Start.bat (or start.cmd), ping all the listed ports using the t-rex program. Choose the server with the lowest ping to the Binance eth pool for greater mining efficiency.