Binance Pool Introduces Merged Mining with Fractal Bitcoin (FB) Rewards
Timothy Morano Nov 18, 2024 08:06
Binance Pool launches merged mining, allowing users to mine Bitcoin (BTC) and earn rewards in Fractal Bitcoin (FB). The service does not guarantee a token listing on Binance.
In a recent announcement, Binance has unveiled a new feature on its Binance Pool platform that offers merged mining capabilities. This initiative allows users to mine Bitcoin (BTC) while earning rewards in Fractal Bitcoin (FB), according to Binance.
Details of the Merged Mining
Starting from November 18, 2024, users can participate in this merged mining by simply logging into their verified Binance account and registering for a Binance Pool account. The process involves mining BTC and receiving FB rewards, which are not currently tradable on Binance.com. Importantly, the availability of FB mining does not imply any future listing of the token on the exchange.
Fractal Bitcoin (FB) operates on a Pay-Per-Last-N-Shares (PPLNS) payout model, with a minimum payout threshold set at 0.1 FB. Users need to configure a payout address capable of handling transactions of at least this amount to ensure they receive their earnings.
Getting Started with Merged Mining
To get started, users must integrate an FB external wallet address into their Binance Pool account. Detailed guides are available on Binance’s support page, offering step-by-step instructions on setting up mining operations and managing wallet addresses. Users can monitor their mining performance and earnings through dedicated sections on the Binance Pool platform.
Important Considerations
Binance emphasizes that participants must use a verified Binance account and a valid third-party address to receive FB rewards. The company also reserves the right to block participants who attempt to manipulate the program code or interfere with its operations.
While the new mining option presents an opportunity to earn additional rewards, Binance highlights that digital asset investments carry high market risks and volatility. Users are advised to consult independent financial advisors to assess their investment strategies and risk tolerance effectively.
Industry Context
This move by Binance comes amid a growing interest in merged mining, which allows miners to simultaneously secure multiple blockchain networks, thereby optimizing their computational resources. Merged mining is gaining traction as a strategy to enhance blockchain security and increase miners’ profitability.
As the digital asset market continues to evolve, platforms like Binance are increasingly exploring innovative solutions to attract miners and investors. Merged mining is one such solution that aligns with the broader trend of maximizing efficiency in the crypto mining space.
Image source: Shutterstock