Binance Launches Ethereum Mining Pool, Invites Miners to Join In

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Thu, 11/12/2020 - 12:30
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Yuri Molchan
Binance exchange has spread the word it is launching its own mining pool for Ethereum and invites miners to join it by giving it their hash power
Binance Launches Ethereum Mining Pool, Invites Miners to Join In
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Binance has just tweeted that, at 12 a.m. UTC, it launched its own Ethereum mining pool.

ETH
Image via Twitter

Binance invites ETH miners to join in with their hash power

Binance ETH mining pool will be running on the FPPS method of crypto mining and will be charging a 0.5 percent fee for mining the second largest cryptocurrency.

The announcement states that Binance Pool has created mining nodes around the world to attract the global community of miners to them and support their participation.

The Binance ETH Pool will be using GPU (NVIDIA or AMD, with memory for graphics cards of at least 4G), on Windows and Linux. The volume of virtual memory necessary for each GPU is 5 GB, according to the Binance Ethereum Mining Tutorial.

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Ethereum's recent "accidental hardfork"

After the issue faced by crypto exchanges on Nov. 11, after the failure of ETH service provider Infura due to an unannounced and accidental chain split on Ethereum, many on Crypto Twitter started commenting that crypto exchanges had better run their own Ethereum nodes.

The accident made exchanges suspend operations with ETH and ETH-based tokens. Some developers suggested that this incident should be treated as the biggest Ethereum issue since DAO in 2016.

Back then, a gargantuan amount of ETH was stolen by a hacker, and Vitalik Buterin decided to hardfork the chain to recover those funds.

However, the discontented part of the community remained on the original chain, calling it Ethereum Classic.

It is unclear whether Binance will now have its own Ethereum node after the launch of the ETH mining pool.

The exchange team did not say anything about it in the announcement.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.