What is money binance? What features does it have?

Introduction to Money Bainance

Binance Money, Binance Pool was launched on April 27, 2020.

Bainance Money was active for users until May 31 without receiving a fee, but then opted for a 2.5% fee for its services. The binance mining pool supports a series of coins and tokens, with PoW algorithm and proof of work and PoS or proof of stock.

This pool is integrated with all Bainance platforms such as lending, deposit and… managed platforms, so miners who are members of this pool can easily transfer their assets from Bainance pool to other Bainance platforms or above.

Regarding Money Bainance, Lisa He, Head of Bainance Money, said: “Our goal is to create a platform for miners that combines traditional mining and financial services with more opportunities for development in the mining industry.”

“By empowering the miners, who are part of the crypto market, the cryptocurrency industry will grow significantly,” said Chang Peng Zhao, co-founder and CEO of Bainance.

Bainance Exchange is the largest exchange in the world, with the facilities that are increasing day by day, it is constantly distancing itself from its other competitors. Mining pool, stock pool, wallet, payments, etc. are some of the features that have made Bainance known as a huge company not only among exchanges but also around the world of cryptocurrencies.

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Before we look at the characteristics of money binance, let’s look at the concept of an extraction pool in general.

What is an extraction pool?

Before introducing Bainance Money or Bainance Mining Pool, it is better to have a description of the concept of pool in the field of Crypto currencies.

As you probably know, one of the ways to earn money in the field of cryptocurrencies is to extract them. The transactions were validated by the PoW proof-of-work algorithm, and if approved, a new block was created in the bitcoin network, and in fact the miner who managed to solve the transaction won the competition.

Miners in the network as nodes have the task of solving complex equations that are in competition with each other in this way.

Miners have different computing power to solve these complex problems. Obviously, a miner with higher computing power has a better chance of solving a problem and winning a block prize.

In the past, each person was able to extract bitcoins individually, but over time, as network complexity increased, those with poor processing power could not continue.

The reason for the emergence of mining pools was to solve this problem. An mining pool is where miners from around the world share their computing power with varying processing power.

In this case, the processing power will increase and all those who shared their miners in this pool will benefit according to the computing power of their miner.

Benefits of joining an extraction pool

By joining mining pools, the chances of receiving a profit increase due to the multiplication of processing power, which provides you with an almost guaranteed profit. If you want to extract currency alone and using your miner or miners, your chances of processing and solving problems will be very low.
Reducing the cost of extracting Crypto currencies is another advantage of joining pools, which, when done individually, cost much more than if you wanted to use them.

Of course, do not forget that in case of problems such as technical problems for the extraction pool, you, as a member of that pool, will not benefit from it.

Binance pool bonus or money binance

When considering a mining pool and deciding whether or not to join it, you should consider the amount of interest the pool will share with you and how it will be paid. Different pools have different methods for distributing profits among their subscribers, which use the “full pay per share” method or FPPS . In this method, miners, in addition to the profit they receive from block mining, also receive a transaction fee for a specific period.

What is a smart pool?

Shortly after Bainance launched his mining pool, he added a feature called the Smart Pool , which allowed miners to raise their awareness of the highest profit among projects based on the SHA algorithm. 256 bitcoins, bitcoin cache and bitcoin sv are to be moved.

Bainance Money offers free VIP memberships to people with high hash rates to improve mining revenue. . This will encourage the owners of advanced miners with high awareness to attend this pool and this will increase the computing power of the pool.

In fact, Binance Money has a smart pool that uses the SHA256 algorithm and automatically changes the hash rate, with the aim of using the same algorithm to extract different currencies. This will ensure a minimum income for all miners.

According to Lisa Hee, the task of the smart pool is to help users focus their processing power on chains that have lower network hardness but higher revenue.

In this case, user revenue increases by an average of one percent.

And to guarantee revenue, Smart Money promises users that if the revenue they earn from using the smart pool is less than the revenue from the FPPS method, the amount of the deficit will be paid to the user by Bainance Exchange.

Concerns about increasing power concentration

Some experts, traders and investors have expressed concern about cryptocurrency centralization since the launch of Bainance Money, but Lisa Hee, head of Bainance Mining Pool, defended herself by saying that BainancePool has formed a distribution force. He added that the largest pools now have less than 20% of the computing power of a blockchain network.

But in 2018, a miner company was able to take 51 percent of the bitcoin network hash power to hit the network security.

Lower fees in the atrium extraction pool

Seven months after the launch of the Bitcoin-only money binance, it is time for Atrium, the second most popular cryptocurrency.

By optimizing the extraction fee in the Atrium pool, Bainance once again provided a reason to choose this pool over the other pools. Now users could charge half the amount Srafyhay Ethemine and Sparkpool in pool Atrium Baynns to extract them.

Bainance Money did not charge miners in the first month after the launch of the Atrium Pool, just as it provided free services to bitcoin miners in the first month, and after one month it set a 0.5% fee for the Atrium Bainance pool. شد.

Users can join the pool using Windows and Linux operating systems. Miners must have a graphics card of at least 4 GB, with 5 GB of virtual memory for each graphics card, and use Easy Miner and HiveOS software in the extraction process.

Build a pool in Bainance

First, visit the Binance website at www.binance.com , click on the Binance Pool from the menu at the top of the Finance tab, and on the page that opens, click the Register button, which means registration.

In the page that opens, enter your email and choose a password for yourself, then click Create Account. An email containing the verification code will be sent to you, which you must enter in this step, your pool was created this way.

Now go to Binance Pool again from the Finance tab and create a mining account for yourself from the Earning tab. In this step, you have to choose a user name of your choice.

In the Worker tab you can see the information that Binance has provided for your minor connection. Copy the information and set it in your miner.

last word

Now that you are familiar with the concepts of pool and binance mining pool, you can choose according to your opinion whether you want to have a guaranteed profit or not. Do you want to get rid of the staggering costs of mining?

If your answer is yes, I must say that extraction pools are the best place for you. Based on the features we mentioned for Bainance Money, you can decide whether to share your hash power with this pool or not.

Finally, I must add that Binance Money has a guaranteed monthly profit for you, but do not forget that if you were extracting alone with your miner, if you succeed, you will get more profit, which of course is a chance. You will be less than a pool.