At a time when Bitcoin (BTC) Mining is going through a challenging time regarding its profitability, the world’s largest Cryptocurrency exchange, Binance, enabled a new alternative for miners: the merged mining of Litecoin (LTC), Dogecoin (DOGE) and Bellscoin (BEL).
This means that when mining Altcoin-fork-bitcoin-halving-scrypt/” target=”_blank” rel=”noreferrer noopener”>LTC from Binance Poolminers will also receive rewards in DOGE and B.E.L.allowing you to diversify profits and add another source of income.
Merged or combined mining (or in English “merge mining”) allows miners to maximize their income by using the same hash power to simultaneously mine multiple cryptocurrencies that share the same algorithm to validate the work. This way, through that single effort, they make profits in more than one token.
Binance Pool supports new merged mining of LTC, DOGE and BEL. Fountain: Binance.
Binance Pool added BEL to merged mining, but did not list it
The cryptocurrency BEL, created by Billy Markus, the same creator of Dogecoin, is not currently listed on Binance and the inclusion of its mining in Binance Pool “does not guarantee its future listing,” according to the exchange platform. In turn, the exchange stated in its announcement that Users must configure a Bellscoin address to receive payments.
Binance communicated which will use a “PPLNS” (Pay Per Last N Shares) rewards payment methodology with a minimum payment of 1 BEL.
This payment model rewards miners based on the number of shares they have contributed in the last X valid shares. It is a method that favors miners who contribute constantly and continuously, since the rewards are based on sustained effort.
The minimum payment of 1 BEL ($0.85 at the time of writing) means that Miners will receive a payment only when they have accumulated at least 1 BEL in rewards. If they do not reach this amount, rewards will accumulate until the minimum required for payment is reached.
Finally, the Binance mining pool has a profit calculator which allows users to know the returns they could receive in this practice.
For example, providing a processing power of 500 Gh/s (gigahashes per second), the estimated reward for each successfully mined block would be 1.5 LTC (approximately $103), 5,038 DOGE ($600 at the time of this article). and 167 BEL (about $143).
Dogecoin and Litecoin can be mined simultaneously since 2014
For its part, the DOGE and LTC merged mining was enabled in August 2014. This implementation was a response to the concern of the Dogecoin community about the security of your network. Users feared that Dogecoin could become vulnerable due to its declining hash power. By combining mining with Litecoin, the security of both networks was strengthened.
Since then, several of the most recognized mining pools allow merged mining of DOGE and LTC in addition to Binance Pool. Such is the case of, for example, F2pool and ViaBTC, among others.
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