Binance Pool mining pool reaches 1.5 Ech / s in a week

Cryptocurrency exchange Binance last week launched Binance Pool for BTC mining, which today reached 1% hashratenetwork.

The pool works with zero commission until May 31, afterbringing it to 2.5%. The company's press release said that major miners can contact Binance and agree to extend the free period.

Binance Pool supports proof-of-work (PoW) andproof-of-stake (PoS), although it is unclear how the latter relates to mining. PoS blockchain staking has been running on Binance for about a year now. The pool is integrated with the rest of the Binance platform services, allowing miners to transfer coins between Binance Pool and trading accounts. Binance Pool CEO Lisa He said:

“We are striving to create a broad-based platform for miners that will open up more opportunities for this industry by combining traditional mining with financial services.”

April 24 Founder and CEOBinance Changpeng Zhao tweeted that the first block was mined on Binance Pool. The cryptocurrency community had mixed reactions to the launch of the pool. Some users have expressed concern that the Binance pool will lead to further centralization of Bitcoin's hashrate.

Twitter userHsakaTrades published a chart of the distribution of Bitcoin hashrate among mining pools and wrote that soon the entire chart will be the same color, hinting at the concentration of all Bitcoin hashrate in the Binance Pool. Another user wrote:

"This will either end very well for Bitcoin and there will be many competing mining pools that provide decentralization, or ... well, I think you understand what the flip side of the coin is."

In response to criticism, Lisa Hae said that the Binance Pool will become a decentralizing force in the mining industry.

“In 2018, the mining pool of the ASIC manufacturer[Bitmain — editor's note] controlled almost 51% of Bitcoin's hashing power, and the security of the network was compromised,” — she stated. “As long as industry players like Binance continue to enter the mining market and contribute to computing power, the mining industry will become increasingly decentralized. The largest pools account for less than 20% of the computing power of the entire network, and assets on the Bitcoin network become more secure.”

Given the current situation, users' concernsseem unnecessary. According to statistics from the pool itself, the first hashrate on Binance Pool appeared on April 10, but a significant increase in connected capacity began on April 21. As of today, the pool has reached 1.54 EH/s, which is slightly more than 1% of the total network hashrate. That is, to achieve significant influence, he will have to increase the hashrate tenfold. For comparison, the two Bitmain pools still maintain leadership, with a total of 27% of the network hashrate.

Let us remember that at the beginning of the month, the Binance exchange announced the launch of an over-the-counter trading platform, and at the same time Changpeng Zhao confirmed plans to create his own mining pool.

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