Binance Pool has now implemented merged mining, enabling miners to receive rewards in Fractal Bitcoin (FB) alongside mining Bitcoin (BTC). Fractal Bitcoin is a Bitcoin scaling solution that operates as a layer 2 side-chain, utilizing the secure Bitcoin core code to scale unlimited layers on top of the blockchain with the highest security and adoption rates. According to the announcement, starting November 18, 2024, Binance Pool users will have access to a new aspect of the mining process with the release of the feature.
How Binance Pool Merged Mining Rewards Work
Through the new merged mining feature, miners can simultaneously mine Bitcoin (BTC) while earning Fractal Bitcoin (FB) rewards. However, users must configure an external wallet to receive their FB payouts, as the token is not yet listed on Binance’s trading platform.
Verified Binance users can log into their Binance Pool accounts and begin mining Fractal Bitcoin (FB) alongside Bitcoin (BTC) . Users need a verified Binance account, and once registered, they can create a Binance Bitcoin mining Pool account and configure their mining setup.
The process involves following a step-by-step guide to add an external Fractal Bitcoin wallet address, ensuring mining rewards are received. Miners can monitor their hashrate under the “Workers” section and check their earnings under “Earnings,” providing a seamless way to track performance. However, users must meet a minimum payout threshold of 0.1 FB to receive rewards and ensure their payout address supports transactions of this size.
Earnings will follow a Pay-Per-Last-N-Shares (PPLNS) payout model with a minimum threshold of 0.1 FB for withdrawals. Miners are advised to ensure their wallet can handle transactions above this limit to avoid losses.
Miners whose daily computing power meets Binance Pool’s VIP level criteria (ranging from 20 Ph/s to 4,000+ Ph/s) can also apply for VIP privileges, including enhanced benefits.
What Binance Pool Merged Mining Means for Users
While the merged mining option adds value for miners, Binance clarified that the availability of FB rewards does not indicate any imminent plans to list the token on the exchange. Instead, the focus remains on mining incentives and expanding the Binance Pool ecosystem.
Binance emphasized the importance of compliance, warning participants against tampering with program code or using unauthorized software. The company reserves the right to disqualify users found violating its terms.
Transitioning to New DeFi Opportunities: Enter Rexas Finance
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Binance Pool Merged mining Expanding New Opportunities
Binance continues to expand its mining services with the introduction of merged mining for Fractal Bitcoin. Whether you’re participating in Bitcoin mining or delving into next-generation DeFi platforms, the potential for those willing to adapt to change in the crypto world is boundless.
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