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Binance CEO hints at launch of exchange-traded mining pool

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CZ Binance CEO Interview – Binance 3 Year Anniversary, IPO, Card, Mining Pool & Swipe Acquisition

Binance CEO hints at launch of exchange-traded mining pool

Binance CEO hints at launch of exchange-traded mining pool
CONTENT

  • The pool, according to the head of Binance, will be the most accessible in comparison with other sites.

  • Exchange launches pool ahead of bitcoin halving that will hit many mining centers.

  • Chinese miners seem to be the least affected by upcoming reward cuts.

International consortium of news organizations developing transparency standards.

So far, exchange mining poolCryptocurrency is not only an alternative to traditional money, but also a tool for making money. To process transactions on the coin network, computing … More is in beta testing, but the head of Binance says the launch will take place soon.

Binance CEO hints at launch of exchange-traded mining pool

Changpeng Zhao, the founder and head of the Binance cryptocurrency exchange, hinted at the imminent release of an exchange mining pool called Binance Mining Pool, focused on bitcoin mining.

The head of the exchange wrote about this on his Twitter page..

“The first block ever mined by the Binance Mining Pool. Still in closed beta. Launch soon. As always, the lowest fees among other mining pools [translated from English], ”Zhao tweeted.

How much lower commissions will be compared to competitors like F2POOL Cryptocurrency is not only an alternative to traditional money, but also a tool for earning. To process transactions in the coin network, a computing … More and Antpool Zhao did not clarify.

Timely expansion

Recently, Binance has been increasingly pursuing a policy of deploying new services..

Binance CEO hints at launch of exchange-traded mining pool

So, for example, recently the editorial staff of BeInCrypto wrote that the exchange began developing its own blockchain for smart contracts called Binance Smart Chain..

The idea to launch its own blockchain is associated with a record increase in launched smart contracts on the Ethereum network. Stablecoins, which, for the most part, are based on the ERC-20 standard, play an important role in this growth..

The idea of ​​launching your own mining pool is most likely related to the upcoming Bitcoin halving, due to which many mining centers will be forced to shut down their farms if Bitcoin does not recover in price at least to the level of 10,000.

China is ahead of the rest

However, Sino Global Capital CEO Matthew Graham believes that Chinese miners will be the best in surviving the upcoming halving Bitcoin halving is cutting the number of new coins miners create and earn by half. This happens about every four years and … More due to cheap electricity in the country.

Bitcoin halving scheduled for May 12 will reduce miner reward from 12.5 BTC to 6.25 BTC per block.

According to research by the analytical company TokenAnalyst, all five mining pools are located in China, which control half of the Bitcoin network..

Thus, almost 50% of the hashrate of the Bitcoin network is under the control of Chinese miners. The situation with the centralization of mining is aggravated by the fact that all five companies cooperate with each other under a single platform called BitDeer..

At the time of this writing, the BTC / USD rate is trading at $ 7549.

Binance CEO hints at launch of exchange-traded mining pool

What do you think? Does it make sense to launch a mining pool when bitcoin mining rewards are about to decline? Share your thoughts with us in the comments.

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