Binance Mining Pool Reports its First Bitcoin Block – Amps Up Competition

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Binance launches the beta version of its mining pool and offers the lowest fees amping up the competition in the space according to their CEO. Changpeng Zhao, the CEO of Binance tweeted,

The first block ever mined by the @Binance Mining Pool. Still in closed-beta.
Going live soon. As always, LOWEST FEES of any mining pool.

The confirmation for the Binance mining pool was made at the start of the month by Zhao, as media reports on its working began circulating around the web.

bianance mining pool
First Mined Block at Binance (Source)

Currently, the average mining fees on popular mining pools is around 0-4%, it varies according to the mining rewards and payment schedule. Currently, the distribution in mining pools is led by F2Pool, BTC.com, Poolin and AntPool.

binance mining pool hash
Bitcoin Mining Pool Hashrate Distribution (Source)

Crypto exchanges which host mining pools include Okex and Huobi. While competition is good for any business, complete dominance by a single entity leads to monopoly and decentralization. Loomdart (alias), a crypto analyst tweeted on the launch by Binance by adding,

This either ends super good for bitcoin with multiple competing mining pools offering mass decentralisation or…. well I guess you can figure out the flipside of the coin ._.

The mining pools will now look to offer lower fees and more efficient withdrawals.

Like Okex, Binance will also look to add support for other cryptocurrencies apart from Binance which work on PoW (Proof of Work). Binance already offers staking, lending and borrowing for a variety of cryptocurrencies including Tezos, EOS, NEO, BNB, etc. The addition of PoW pool will also help in improving the crypto liquidity of the exchange.

Given, Mining is a medium to large scale business, how do you think it will affect the mining space? Please sharer your views with us.