Binance, one of the industry's top cryptocurrency exchanges, announced on Monday the launch of its long-awaited Bitcoin mining group.
Nicknamed Binance Pool, it will integrate with the ecosystem of exchange products, including spot exchange, derivatives, loan services and many more.
Commenting on the new service, Changpeng Zhao, founder and CEO of Binance, said:
“As an integral part of the global cryptocurrency market, empowering miners will enable significant growth and scale in the industry as a whole. With Binance Pool, our goal is to establish a comprehensive platform for miners that provides more opportunities for the mining industry by bringing traditional mining closer to financial services. ”
Binance Pool will challenge the best mining groups
The press release shared with Crypto report It is detailed that the mining group will admit proof of work (PoW) and proof of participation (PoS) consensus mechanisms for mining. However, initially, only Bitcoin mining services will be offered.
With a 0 percent mining rate, Bitcoin's new mining pool has added nearly 36,000 workers generating a total hashrate of 1.73 EH per second, at press time.
Notably, other key Binance competitors, OKEx and Huobi, also offer similar services. Both exchanges launched their own mining pools in August and September last year, respectively, which quickly earned their place on the top ten mining pool list.
Meanwhile, BytePool, one of the top ten Bitcoin mining groups, closes its operations to launch into the altcoin market.
Binance has a massive user base on its exchange platform and now the platform is expanding to all cryptocurrency related businesses, creating a monopoly in the market.
Its recent acquisition of Coinmarketcap.com, a cryptocurrency market data aggregator, for $ 400 million raised many doubts in the industry, as it is an access platform for merchants.
The exchange also recently launched a new proprietary blockchain, which supports smart contracts and all existing applications on Ethereum.