- Binance Pool announces the launch of profit-maximizing features on its “Smart Pool” to increase the miners’ rewards in the pool.
Smart Pool offers miners up to a 1% increase in their mining rewards by switching the hash rates of different coins using the same mining algorithm. The pool measures the most profitable coin to mine at any moment and switches automatically, ensuring a higher reward than only mining one coin.
Once mined, the Smart Pool will pay out the final rewards in BTC on a daily basis by converting the BSV and BCH at real-time rates.
Binance Pool launched in April of this year, allowing miners to mine SHA-256 algorithm-based coins such as Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). Within a month the pool became one of the top ten mining pools, with over 6,000 miners on it.
Currently, the pool places sixth on the BTC mining pool charts with 5.7% of the total BTC hash rate in the past week.
So What are the new Major Features Behind the Profit-Maximizing Scheme?
First, the Smart Pool feature will be an easy one-click button option on the mining pool’s web page. Once you create your mining profile in the Binance Pool, select the ‘Smart Pool BTC Settlement’ option, and it takes effect daily.
The platform also employs real-time hedging to ensure that the Smart Pool is always more profitable than the regular Binance Pool – Full Pay Per Share (FFPS). If the regular pool is more profitable, Binance states it with chime in the difference and pay it to the Smart Pool miners.
“Once there is a circumstance that the final actual income is lower than the FPPS income, Binance Pool will guarantee to compensate for users’ loss.”
As of the time of writing, BTC is the most profitable coin to mine on the SHA-256 algorithm being 4.70% and 0.30% more profitable than the BCH and BSV networks, respectively.