Binance Launches Mining Pool for PoS and PoW Coins

Binance, the world’s largest cryptocurrency exchange in terms of volume, has been spreading itself all around the space. The platform has built its own blockchain, is getting involved in cryptocurrency expansion, and is now launching its own mining pool, according to a blog post.

Simply called Binance Pool, this platform will offer Proof of Work and Proof of Stake options for its users. This, of course, means users can start mining on the platform or participate in staking for various cryptocurrencies. However, the services are limited for now. The platform is starting with Bitcoin mining.

“Binance Pool seeks to complement the existing Binance exchange by providing users with mining services. Income from mining can be directly tradable on the Binance exchange, with direct access to P2P platforms,” reads an excerpt from the post.

As of now, users can enjoy a “zero commission fee discount” on services until June 1st, 2020. Though, some can apply for an extended discount period.

Not everyone is a fan of Binance’s expansions, however. As InsideBitcoins has previously reported on, Binance’s “Smart Chain” is in trouble due to concerns of centralization. More specifically, critics believe the 21 node operators will have too much power over the network. That and it doesn’t seem to be doing anything new.