Binance Pool is set to revolutionize mining by introducing merged mining capabilities for Bitcoin (BTC) and Fractal Bitcoin (FB) starting November 18, 2024.
This new initiative allows users to mine BTC while simultaneously earning rewards in Fractal Bitcoin, a layer-2 Bitcoin scaling solution.
However, Binance clarified that this mining feature does not imply a listing of Fractal Bitcoin on its exchange.
Fractal BTC Mining: How Does Binance Pool Leverage this?
Fractal Bitcoin, developed as a Bitcoin sidechain, employs the Bitcoin core code to enhance scalability while preserving the security and decentralization of the primary blockchain.
It promotes consistency with Bitcoin’s consensus mechanisms, ensuring that every Fractal transaction traces back to the Bitcoin main chain.
This unique feature is bolstered by Fractal’s inclusion of the OP_CAT opcode, enabling advanced applications such as ZK rollups.
Binance Pool’s merged mining process leverages these innovations, operating on a Pay-Per-Last-N-Shares (PPLNS) payout model.
Users must configure an external wallet capable of handling transactions of at least 0.1 FB, the minimum payout threshold.
Any earnings below this amount remain in the user’s balance until the threshold is met.
To begin, miners need to integrate an FB wallet address into their Binance Pool account and verify their Binance credentials.
The platform provides detailed guides for setting up the mining process, ensuring accessibility for both novice and experienced users.
Participants can monitor their hashrates and earnings via Binance Pool’s user-friendly interface, ensuring transparency and operational ease.
A Strategic Push in Blockchain Mining
This latest Binance Pool enhances operational efficiency and resource utilization by allowing miners to secure two networks simultaneously.
This approach also strengthens network security for both Bitcoin and Fractal Bitcoin, a critical consideration as the blockchain ecosystem matures.
Fractal Bitcoin’s design is based on security and innovation. Its mainnet, launched in September, pays homage to Bitcoin’s origin with a genesis block message referencing the financial instability of 2009.
Despite these advancements, Binance reiterated that the inclusion of Fractal Bitcoin in its mining services does not signal any plans to list the token on its exchange.
This upcoming launch can be said to be a way to boost Binance’s market dominance. Binance recently declined in market dominance as competition intensified from centralized rivals like Bybit, Bitget, and OKX, along with decentralized exchanges (DEXs).
Over the past year, Binance’s share of spot trading dropped from 52.5% to 39.5%, while its derivatives market share fell from 50.9% to 42.5%.
Despite maintaining its position as the largest centralized exchange (CEX) with $22.5 trillion in annual trading volume, its diminishing hold has allowed competitors to gain ground.
Bybit has risen to second place in the spot market, while OKX and Bitget have significantly expanded their derivatives market shares.
Amid these latest developments, the U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint to seize $16 million in cryptocurrency from a Binance account, allegedly tied to a bribery scheme orchestrated by Sam Bankman-Fried, former CEO of FTX.
The funds, primarily in Solana (SOL) alongside ICP, AVAX, XRP, and ADA tokens, are suspected to originate from a $40 million USDT bribe to Chinese officials in 2021 to unfreeze $1 billion in cryptocurrency assets.
The account’s suspicious activity, including frequent stablecoin and Bitcoin deposits that were quickly converted into other cryptocurrencies, linked it to the scheme.
The post Binance Pool Introduces Fractal BTC Mining Starting Nov. 18 appeared first on Cryptonews.
