Shortly after launching its own cryptomint mining pool, Binance is adding specialized features to help miners make more money.
Earlier this month, Binance Pool launched a new feature called „Smart Pool“. It allows miners to automatically change hash rates to mine the most profitable of the three supported currencies based on the SHA- 256 algorithm, either Bitcoin (BTC), Bitcoin Cash (BCH) or Bitcoin SV (BSV).
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Lisa He, director of Binance Pool, explained that Smart Pool detects difficulty in different strings using the same algorithm, and „helps users transfer their computing power to strings with less difficulty and greater rewards.
Binance pays the final settlement to the miners at BTC regardless of which cryptoscope they mine. Lisa suggested that this new feature can increase the profits of those who use it by an average of 1%.
In keeping with the promise of ensuring maximum profitability for miners, Smart Pool uses real-time coverage to guarantee that the revenue generated by the service will not be less than that generated through its standard option, called FPPS (Full Pay Per Share).
In cases where the revenues are lower than what would have been obtained through the FPPS, the exchange has committed to pay back the difference to the users.
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The Smart Pool service can be activated with a single click within the regular mining pool interface. Miners do not have to change their user ID or URL of the mining stratum.
Mining Pool Competition
Although there were concerns about possible centralization effects after the launch of the Binance pool, he does not currently appear to be in charge of a significant part of the Bitcoin network.
Last week, however, Cryptosoft was briefly producing more BSV blocks than any other group in the market, despite the fact that the currency itself has been removed from the exchange itself.
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At the close of this edition, Huobi is now the largest mining consortium in BSV’s network, with a 21.53% share compared to Binance’s 11.11%.