Bellscoin (BEL) merged Mining is the name of the new product that Binance Pool recently announced and that allows crypto miners to vary their options. With this new option, pool users can mine Litecoin (LTC) and earn returns in LTC, DOGE and BEL.
The new product joins the portfolio of Binance’s mining pool, which has been growing significantly in recent years. In simple terms, the new product offers attractive returns to users through digital mining mixed on the Litecoin Blockchain network.
Starting September 30, Binance will incorporate the BEL produced in each transaction block in Litecoin for all clients in its pool. To obtain these tokens, users must join the pool of the aforementioned company through its mining operations algorithm (Scrypt). Subsequently, the BELs will be sent to an external wallet since the token is not yet listed on the exchange.
Until now, Binance did not offer details about a possible launch of the token among its trading options. It should be noted that one of the elements that makes BEL attractive is its relative scarce supply. So far, there is talk of a supply of about 42 million tokens and that it could reach 58 million in a few months.
Bellscoin (BEL) merged mining is active on Binance Pool since September 30. Source: Binance
Binance Pool expands its services
With this new product that Binance Pool announced, its services expand considerably. Despite this, the Binance pool is not a strong competitor to the majors in this sector such as F2Pool and Antpool to name a few. However, it makes every effort to continue its expansion and attract more miners.
It is important to keep in mind that accessing this mining option is restricted to Bitcoin miners. This is because the mining algorithm of the Bitcoin network is different from that of Litecoin. Thus, while Bitcoin works through the popular Sha-256, the Litecoin blockchain operates through Scrypt.
Although both networks work through the Proof-of-Work (PoW) consensus mechanism, the different algorithm makes them incompatible. Thus, the hardware used to mine LTC cannot mine BTC. With this in perspective, it can be said that the new product announced by Binance Pool has a notably limited target.
Litecoin digital mining is much less profitable than Bitcoin and hence its size is small in terms of computing power. It is important to emphasize that the Litecoin algorithm is the same as the Dogecoin meme currency. In this way, Bellscoin (BEL) merged mining users will also receive rewards in DOGE.
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