Binance Pool Starts Offering Free ETH Mining For 1st Month

Binance pool starts offering free Ethereum mining for the first month while after the first month, the miners will be charged half the fees of competitors so let’s learn more about in our Binance news today.

Crypto exchange Binance and its Binance pool starts offering free ETH mining for the first month and then the miners will be able to mine ETH with 0.5% pool fees for miners. Sparkpool the biggest ethereum pool by hashrate, charges 1% fees as the Ethermine pool does as well which is ranked in second place. Binance pool users can mine ETH with no fees for the first month while the pool uses the full pay per share method for reward payouts distributing the block rewards and the transaction fees to pool members.

The launch came seven months after the exchange rolled out its Binance mining pool. The pool now controls 11.3% of the BTC hashrate, and it became the fourth-biggest BTC mining pool on the market. The expansion of the major exchange into crypto mining raised questions around the centralization of the BTC and Ethereum hashrates as the mining pools dictate which transactions and updates are approved on the Proof of Work blockchain networks. While ETH is poised to transition to a proof of stake as a part of the ETH 2.0 network update which is a year away.

Speaking on Binance in our recent news, we reported that Leaked data on Binance shows that the exchange might have evaded US regulations by setting up a US subsidiary. Forbes said that the leaked data on Binance shows how the exchange evaded regulations but the CEO of the exchange Changpeng Zhao, denied the documents originated from a current or a former exchange employee. Binance used its American subsidiary to evade regulations according to the Forbes documents but of course, the exchange denied. Forbes alleged that Binance established BAM trading or now Binance.US back in 2018 with the motive to distract regulators by feigning attempts at compliance. The report described that Binance’s strat3gy was to “bait” and then “switch” tactic.

Binance is the largest crypto exchange by daily trading volume and in a few short years after the launch, it went on to become a leading company in the crypto space. Launching coins up for trade on the exchange created the so-called Binance Effect.
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This means that when a cryptocurrency is selected and launched for trading on the platform, the price usually undergoes a substantial surge.
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The CEO of Binance Changpeng Zhao hinted that it could start delisting the low-volume coins