Miners play a vital role in the bitcoin ecosystem. They provide computational power for transaction processing and mining of new coins. Thanks to them, bitcoin kept its perfect security record over the years and progressed towards becoming the future money.
In the early days of bitcoin, practically anyone could become a miner with their regular laptop or computer. But as bitcoin matures and goes through more and more halvings, the difficulty of mining keeps increasing. The ever-increasing hardware requirements made regular computers quickly obsolete, and miners had to develop new methods of keeping their mining operations profitable.
From small to big, and even bigger
The application-specific integrated circuit (ASIC) miners changed the game and transformed bitcoin mining into a profitable business that can be easily scaled by adding more hardware. Large mining operations, such as mining farms and mining pools , entered the market and started competing for who can mine more blocks faster. Mining farms are large-scale operations ran by centralized companies. These farms run thousands of mining devices (workers) and are maintained and controlled by a private entity. The centralization of mining poses a high risk to the bitcoin network, as any key player with more than 51% hash rate could attack the network.
On the other hand, mining pools only rarely have any workers themselves and don’t pose the risks tied to a centralization of mining. Mining pools collude individual miners to contribute their computational power, and work together towards finding the next block. Every participating miner receives a reward based on their contribution and according to the pool’s reward distribution scheme.
Nowadays, there’s only a few individuals mining on their own, without being a part of a mining pool. The increased difficulty, which provides security to the network, makes it impossible for them to earn any substantial rewards.
Five Reasons Binance Pool Is Your Best Choice
When it comes to choosing the best mining pool for you, there’s no simple choice. Each mining pool is different. Some of them mine bitcoin, while others allow their miners to mine various cryptocurrencies as well. There are multiple factors that every miner must consider before joining a pool, from profitability and efficiency to independence and additional services.
We want to make your decision-making easier, and here are the five reasons we believe that Binance Pool is your best choice .
1. The best rewards and low fees
The first thing every miner needs is revenue. With Binance Pool, you get a competitive share of the block rewards and pay fees of only 2.5%. This way, you get to keep your profits without feeding your service provider. We also run regular activities where miners receive rewards based on their contributions. Right now, any Binance Pool miner can join Mine Bitcoin to Win BNB Promotion and get a split of the 1,000 BNB prize.
2. Wide range of supported coins and staking
Binance Pool does not only offer mining services but also staking. We currently support only bitcoin mining but expect to support more coins in the future. With Binance Pool, you can also stake your coins and receive a rate that up to 150% higher than elsewhere.
3. Transparency and independence first
We value transparency, and we’ll always do our best to keep you updated about everything that’s going on. You can see your daily, weekly, and monthly profits, and manage your workers from one place. Quickly access the overview of the proof-of-work statistics and hash rate of the whole pool. We guarantee all our miners with complete independence, and we’re strictly against any manipulation of miners.
4. All-in-one account for all your needs
Your Binance Pool account does not only allow you to control and manage your miners, withdraw profits, or track your performance. It also gives you access to the whole Binance ecosystem. Mine, buy, trade, sell, take a position in futures, offer your coins on our P2P exchange, or move your profits to a Binance Card and spend. Your account does all of that and much more.
5. Guaranteed daily payments
No matter how small or big your reward is, we will always deposit all your revenue directly to your account. All you need to do is enter your address during the registration , and we’ll do the rest. We distribute your rewards every 24 hours, and you’re eligible to withdraw straight away—no silly freeze periods and requirements.
As the old Asian proverb goes “ It is better to see something once than to hear about it a thousand times.” Take your mining to the next level with Binance Pool. Join us today!