Binance, the world’s largest cryptocurrency exchange, has announced that it has opened its own mining pool.
Binance CEO Changpeng Zhao recently announced that he had dug the company’s first block, and the mining pool would open shortly. According to the company’s announcement today, Binance’s mining pool is now ready for use.
Miners joining Binance’s mining pool will not pay commissions until 03:00 PM on June 1. Binance will start receiving 2.5% commission from miners after this date.
As can be seen in the company’s announcement, both PoW and PoS algorithms are supported in this pool. Also, since Binance Pool is part of the Binance ecosystem in general, miners will be able to easily transfer their funds to other platforms of the company. In this way, Binance will both grow its own ecosystem and offer mining ease of operation.
Binance is growing
Setting out as a spot exchange, Binance is now much more than a spot exchange. The company now has both futures and decentralized exchanges. Binance also offers services such as lending and staking.
The question of how exactly the company will enter the mining sector will affect Bitcoin. Some experts worry that the Bitcoin network is already centralized. This is because more than half of the hash rate in the Bitcoin network is based in China.
The fact that giant companies such as Binance are also mining may cause the Bitcoin network to become more and more central. And this situation worries many people.