Major crypto exchange Binance has announced the launch of its own mining pool. Dubbed Binance Pool, the new feature offers both Proof of Work (PoW) and Proof of Stake (PoS) services, for several assets.
According to the announcement, the Binance Pool is designed to expand Binance’s offerings for its users.
“Binance Pool seeks to complement the existing Binance exchange by providing users with mining services. Income from mining can be directly tradable on the Binance exchange, with direct access to P2P platforms.”
The announcement also specifies that as it launches, Binance Pool will only offer Bitcoin, via Full Pay-Per-Share (FPPS). FPPS allows revenue from block rewards, in addition to transaction fees, to be shared between partakers of the pool. Until the 1st of June, Binance Pool participants will not pay a commission for the service.
Earlier in April, Binance had announced plans to launch the mining pool. The news was confirmed by CEO Changpeng Zhao after a media report first broke the story. The news story also specified at the time that Binance had already increased its staff strength to properly handle the launch, and even handle the service, as it runs.
With the launch, Binance has joined other popular crypto exchanges like OKEx and Huobi, who launched their respective mining pools last year. Both mining pools are two of the most prolific for Bitcoin, so far.