Binance Pool has allowed users to mine Bitcoin and receive rewards in the form of Fractal Bitcoin.Â
However, the exchange does not currently intend to list the Facebook token. Binance recently announced a new feature on Binance Pool that facilitates combined mining for Fractal Bitcoin.
According to its official website, Fractal Bitcoin is a layer 2 side-chain Bitcoin scaling solution that “scales unlimited layers on top of the world’s most secure and most-held blockchain” by utilizing the Bitcoin core technology.
Fractal Bitcoin merged mining by Binance Pool will go live on November 18. Thanks to this new innovation, Binance users may now participate in BTC mining and get Fractal Bitcoins in their external wallet address as a reward.
However, as the cryptocurrency still needs to be listed on the exchange website, the exchange said that the FB mining feature does not imply that Binance would add it to its exchange listings anytime soon.
To begin mining their own Bitcoin, users must first ensure they have the necessary hardware, including a mining machine, a power source, an internet connection, and a payment address that can process transactions at 0.1 or higher.Â
The user only needs to create a Binance mining pool account, log in to their Binance account, and authenticate themselves.
The user must next choose which mining machine to utilize, input the account name, and connect the machine to the network.
The user should add Fractal Bitcoin to the external wallet associated with the Binance Pool account after the account has been set up.
They would then need to use Binance Pool to verify the hashrate. The Binance Pool platform will allow users to track their mining performance and profits.
According to the cryptocurrency exchange, Fractal Bitcoin has a minimum payout of 0.1 FB and uses a Pay-Per-Last-N-Shares payout methodology.
The earnings will stay balanced if the user’s Fractal Bitcoin falls short of the 0.1 FB minimum payout level.
If a user can demonstrate that their average daily processing speed meets the Binance Pool standards for VIP Levels 1 through 9, which range from more than 20 Ph/s to more than 4,000 Ph/s, they can apply for VIP membership.
However, Binance cautions that players may be blocked if they are discovered altering or interfering with the Binance program code or using third-party software to impede its functionality.
The genesis block of the Fractal Mainnet, which was introduced in early September, had the same message as Bitcoin’s first block:
“The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks,” written by Satoshi Nakamoto, the man who created Bitcoin.
All Fractal transactions and hashes may be traced back to the main network of Bitcoin because the mainnet claims to have “self-replicating consistency” with the consensus.
Additionally, OP_CAT, an outdated Bitcoin opcode that developers are working to reinstate in Bitcoin Layer 1, is included with Fractal.
Applications on Fractal, such as simply constructed ZK rollups, would be made possible by OP-CAT.
