Tuesday 9 August 2022
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Binance Crypto Exchange Is Launching Its First Bitcoin Mining Pool

The big and famous Binance exchange plans to launch its own extraction pool for the first time. The news was first reported by the Russian media, Coinlife, and then confirmed by three other well-known sources in the mining field. Binance Director Changpeng Zhao also tweeted about the pool yesterday.

The report from the Quinnileff website states:

The company has hired a number of specialists for this purpose, some of whom are former Bitmine employees. [This pool] is set to launch in the second quarter.

Jakhon Khabilov, head of Sigmapool Mining Pool, said Binance is giving potential customers a “brilliant” reward for introducing new miners to its new service and has attracted the attention of some miners in China.

The Binance was launched after two of its currency counterparts, OKex and Huobi, each launched their own extraction pool in August and September 1. According to Blockchain.com website data, both of these pools are currently among the top five blockchain manufacturers in China’s Bitcoin Block.

Alejandro de la Torre, senior vice president of Poolin, the world’s second-largest mining pool, believes that the main incentive for money-makers to enter the bitcoin mining game is liquidity: Mining the cheapest way to add cash To the currency exchange offices.

Igor Runets, managing director of Bitriver Mining in Russia, believes launching an extraction pool for digital currency exchange is a logical step. He said:

Both of these businesses (currency exchanges and pool extractors) are software-based, so no more specialized skills are required. The customer base overlaps, as most users of extraction pools are also money exchange customers.

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