While the price of Fractal Bitcoin (FB) increases 44% in the last 24 hours, Binance Pool, the Mining pool of the largest Cryptocurrency exchange in the world, announced today, November 18, 2024, the incorporation of FB merged mining with Bitcoin (BTC).
Currently the native token of the Fractal Bitcoin network, a sidechain quote in the $6 area, after a weekly rise of 14%. This token can be obtained as mining rewards or purchased directly from a centralized exchange, such as Gate.io, MEXC, Bitmart or CoinEx, as Binance has not yet listed it. According to CoinMarketCap, the only decentralized exchange that has listed FB is DeFiChain DEX.
Thus, given the current rise in the price of FB and its incorporation as an additional reward in Binance Pool, it could be a useful option to maximize the benefits derived from the Bitcoin mining. Through merged mining, users will receive rewards in both cryptoassets without bending your computational efforts.
“Binance Pool supports new merged mining. Mine BTC and earn rewards in BTC and Fractal Bitcoin.” Fountain: Binance.
Users will need an external wallet to receive rewards on FB
To use this service, Bitcoin mining participants in the Binance pool will need to set up a address of wallet external FB supported on your Binance Pool accounts.
Rewards on FB will be sent to this specific address and cannot be traded directly on the Binance exchange at this time.
This is because FB is not currently listed on Binance. In turn, in the releasethe exchange has clarified that the launch of the merged mining service does not guarantee the future inclusion of the token on its trading platform.
Due to this, the lack of current trading of the token on Binance could limit immediate liquidity for users who wish to convert their rewards into other assets.
The commission who charges Binance Pool for BTC mining is 4%although it does not clarify a special commission for those who decide to also receive rewards on FB. For its part, the hashrate (processing power) of Binance Pool on the Bitcoin network is 47.76 EH/s (exahashes per second).
In addition, FB and BTC merged mining uses a PPLNS (Pay Per Last N Shares) payment model, which distributes rewards according to miners’ actual hashrate contribution to the pool.
The minimum payout threshold is 0.1 Fractal Bitcoin (FB), so rewards that do not reach this amount will remain in the user’s balance until the required minimum is met.
In short, the launch of merged mining on Binance Pool offers new opportunities for miners by allowing them to diversify their rewards. However, participants should consider the current limitations of Fractal Bitcoin (FB), such as it not being listed on Binance.
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