Binance is launching its own ethereum mining pool. The exchange has followed the suit of its competitors OKex and Huobi which both have their own mining pools. Just seven months after launching its own bitcoin mining pool, it now launched an in-house mining pool for Ethereum. 

On Nov. 12, Binance made the official announcement on its website.

“ Binance Pool officially launched an Ethereum mining pool at 12:00 AM on November 12, 2020 (UTC). Our Binance Ethereum mining pool utilizes the FPPS mining method and charges only a 0.5% pool fee for Ethereum mining. Binance Pool has deployed mining nodes worldwide to support participation from the global mining community.” 

Also, from November 12 to December 12, all users can enjoy a 0% pool fee rate for Ethereum mining by connecting their Ethereum hash power to Binance Pool.

Binance has also provided specifications for the mining equipment and environment needed :

  • Mining equipment: GPU (NVIDIA or AMD, graphics card memory no less than 4G)
  • Operating system: Windows, Linux
  • Virtual memory: 5GB virtual memory installed for each GPU (example: 6 × GPUs = 30GB virtual memory)
  • Mining software: HiveOS, MinerOs, Easy Miner, ASIC, NCard, etc.

As of the moment, Binance Mining Pool is using the FPPS Settlement Model. FPPS calculates a standard transaction fee within a certain period of time (usually past 24 hours or last day) and distributes it to miners. Currently, it is being used for the Bitcoin Pool Mining and will also be used for the Ethereum Mining Pool. 

Last June, Binance announced the launching of its Smart Pool service to enable higher returns for miners. Since then, Binance Pool users and miners have gained a 50 percent increase in average returns.

With Binance launching its own Ethereum mining pool, it has created another opportunity to earn for its customers and for others in the crypto industry.