Starting November 18, 2024, Binance Pool will implement merged mining for Fractal Bitcoin (FB), which will enable users to mine BTC and earn FB rewards.
Binance Pool has now incorporated merged mining, allowing miners to receive rewards in Fractal Bitcoin (FB) and Bitcoin (BTC) mining. Fractal Bitcoin is a Bitcoin scaling solution that functions as a layer 2 side-chain. It leverages the secure Bitcoin core code to scale unlimited layers on top of the blockchain with maximum security and adoption. Beginning November 18, 2024, users of Binance Pool will have access to a new aspect of the mining process with the release of the feature, according to the announcement.
The Mechanism of Binance Pool Merged Mining Rewards
Miners can earn Fractal Bitcoin (FB) rewards while simultaneously mining Bitcoin (BTC) with the new merged mining feature. Nevertheless, users must establish an external wallet to obtain their FB payouts, as the token has yet to be listed on Binance’s trading platform.
Verified Binance users may access their Binance Pool accounts and commence mining Fractal Bitcoin (FB) with Bitcoin (BTC). Users must first establish a verified Binance account. Upon registration, they can establish a Binance Bitcoin mining Pool account and customize their mining configuration.
The procedure entails adhering to a step-by-step guide to add an external Fractal Bitcoin wallet address, which guarantees the receipt of mining rewards. Providing a seamless method of performance monitoring, miners can monitor their hashrate under the “Workers” section and check their earnings under “Earnings.” Nevertheless, users must satisfy a minimum payout threshold of 0.1 FB to obtain rewards and guarantee that their payout address can accommodate transactions of this magnitude.
The minimum withdrawal threshold is 0.1 FB, and earnings will be distributed according to the Pay-Per-Last-N-Shares (PPLNS) distribution model. Miners are advised to verify that their wallet can accommodate transactions exceeding this threshold to prevent losses.
Miners who satisfy the VIP level criteria of Binance Pool (ranging from 20 Ph/s to 4,000+ Ph/s) can also apply for VIP privileges, which include enhanced benefits.
The Implications of Binance Pool Merged Mining for Users
Binance clarified that the availability of FB rewards does not suggest any imminent intentions to list the token on the exchange, even though the merged mining option adds value for miners. Instead, the emphasis is on expanding the Binance Pool ecosystem and promoting mining incentives.
Binance underscored the significance of compliance, cautioning participants against using unauthorized software or interfering with program code. Users who violate the company’s policies may be disqualified.
Transitioning to New DeFi Opportunities: Rexas Finance Steps in
Rexas Finance (RXS) and other decentralized finance (DeFi) platforms are emerging as complementary opportunities for individuals seeking to diversify their crypto strategies as Binance continues to innovate in mining. Rexas Finance is a prominent player in the emerging altcoin sector, providing advanced financial services such as yield farming and staking as conventional finance continues to merge with blockchain technology.
Predictions indicate that the RWA token, currently priced at approximately $0.08 during its sixth presale stage, could reach $17 by 2025, a strategic choice for those betting on the development of altcoins. The token’s robust offerings bolster this prediction.
The Rexas Finance ecosystem provides consumers easily accessible tools for tokenizing real-world assets (RWA). Rexas Finance is democratizing asset ownership and reshaping economic interactions by offering an intuitive platform for individuals and businesses to create, administer, and trade asset-backed tokens. Whether tokenizing a property or optimizing asset management, the platform ensures smooth utility, robust security, and adherence to regulatory standards.
Rexas Finance is committed to being at the forefront of innovation as the DeFi industry develops. It offers unparalleled opportunities through its investment in decentralized real estate, diversified trading across multiple chains, and innovative strategies for maximizing profits. Rexas Finance presents a strategic opportunity for investors who are interested in early-stage cryptocurrencies in the context of a dynamic market.
Expanding New Opportunities: Binance Pool Merged Mining
Introducing merged mining for Fractal Bitcoin further develops Binance’s mining services. The potential for those willing to adapt to change in the crypto world is boundless, whether participating in Bitcoin mining or exploring next-generation DeFi platforms.