Binance Pool has announced the launch of its Bitcoin Cash (BCH) mining service using the FPPS settlement method.
Binance Pool, a platform that aims to improve miners’ income, has introduced its Bitcoin Cash (BCH) mining service.
The new offering allows users to mine BCH with the FPPS (Full Pay Per Share) settlement method, which distributes both block rewards and transaction fees to miners.
How to join the BCH mining service
Users must have a verified account on Binance, the world’s leading cryptocurrency exchange, to join the BCH mining service. Users can then create a mining account and obtain the miner IP address on the Binance Pool website.
The pool URL for BCH mining is stratum+tcp://bch.poolbinance.com:3333.
Users need to create a worker username in < worker_username.miner_ID > format and configure their miners accordingly.
The mining rewards will be automatically credited to users’ Funding Wallets by 10:00 (UTC+8) on a daily basis. Users can also check their hash rate and earnings on the Binance Pool website.
Some of the benefits of choosing Binance Pool are:
- Secure and transparent: The hash rate is displayed in real-time, and the Binance security team safeguards the assets.
- Steady earnings:Â The FPPS settlement method ensures that miners receive both block rewards and transaction fees, avoiding fluctuations in earnings.
- Comprehensive service:Â Binance Pool provides a one-stop mining ecosystem that integrates mining, trading, staking, and lending services.
- Low fees:Â Binance Pool charges a low fee of 0.5% for BCH mining and offers discounts for large-scale miners.
Binance Pool also supports Bitcoin (BTC), Bitcoin Satoshi Vision (BSV), and Ethereum Classic (ETC) mining and plans to add more coins in the future.
Binance’s regulatory challenges
The launch of the BCH mining service comes as Binance faces regulatory pressure from various authorities around the world.
The exchange has been accused of violating securities laws, manipulating trading volume, and facilitating money laundering.
In March 2021, the Commodity Futures Trading Commission (CFTC) sued Binance and its CEO Changpeng ‘CZ’ Zhao for allegedly offering illegal derivatives trading to US customers.
In June 2021, the Securities and Exchange Commission (SEC) charged Binance with securities law violations and alleged that it used a CZ-headed company called ‘Sigma Chain’ to inflate its trading volume.
These lawsuits have led to a significant loss in Binance’s spot market share, which has dropped from 64% to 50% in seven months, according to data from CryptoCompare.
