The title of top cryptocurrency exchange doesn’t come easily, and Binance knows they must evolve and adapt to the market. Taking this into consideration, they recently announced their entry into the mining pool sector of digital currency. In conjunction with their digital coin and the partnership with Paxos for a Stablecoin BUSD, they are defining their niche.
Binance Has Offered A Mining Pool
The new launch of the Binance Pool is a hot topic in cryptocurrency news this week. With over 1,000 individuals on the payroll, they have designated approximately 15 employees to aid the successful operation full-time. This platform will operate with both of the Proof-of-Work (PoW) system and the Proof-of-Stake (PoS) mining tools. Considering this, they are keeping stability and security in the network as important factors for their miners.
As an incentive, they’re offering a zero-fee initiative until May 31, 2020, but extensions can be discussed for sizeable miners. Going forward after May 31, the rate will be offered at 2.5%. Designed to work within the current Binance network, this mining pool makes operations into other various platforms easy. Options for trading, lending, staking are hassle-free even through the multiple cryptocurrencies.
The Mining Pool Breakdown
While Binance is evolving for the changing cryptocurrency market, many have concerns with the recent changes. Some investors are apprehensive about the possibility of this pool enforcing further centralization of the Bitcoin hash rate. With a hash rate distribution being skewed, it could mean good things for Bitcoin, but it could also go sideways. But Binance declares that the mining pool market saturation will mean good things for decentralization as time goes on. It will be something to watch for sure in the future of mining for cryptocurrencies.
The aim of this mining pool was to bring miners a more comprehensive platform within the network for additional options. This is done by bridging the gap between traditional mining methods in the cryptocurrency industry to online financial services. Typically, the evolution of cryptocurrency tools will help generate interest and growth, and Binance aims to be part of it.
How Binance Is Marketing Themselves
Starting out in July 2017, they successfully made a name for themselves in the cryptocurrency market in very little time. Only a short time later, Binance began dabbling with partnerships in the finance sector and continued to increase its popularity. Working with names like Paxos, FTX, Banxa, and Paxful, they are continuing to carve their niche. They are the biggest name in online cryptocurrency trading exchanges around the world based on volume.
With such a strong force in the cryptocurrency world, Binance will no doubt continue to grow and evolve as required. The adaptability of their network platform gives investors the much-needed tools to remain competitive in this volatile market. The name Binance is one that you will hear much of in 2020 as they continue to stay on top. If you have been contemplating digital mining, now is the time to get involved in Binance without a start-up fee.