Binance is already the largest cryptocurrency exchange in the world. However, the firm also appears to be making a bit of a splash in mining Bitcoin Satoshi Version (SV) too. Data from crypto statistics and services platform Coin Dance recently showed that Binance Pool is the largest miner of Bitcoin SV blocks currently.
Bitcoin Dominance for Binance Pool Still a Long Way
As the platform shows, the pool is responsible for 26.3 percent of all Bitcoin SV blocks mined, with Huobi’s mining arm coming in second with quite a distant 13.1 percent. TAAL comes in third with 11.11 percent, while SVPool and ViaBTC share the fourth position with 10.42 percent.
Binance launched the Binance Pool last month to mark its official entry into the mining sub-industry. The pool began as a closed-beta phase, and has already made some headway concerning Bitcoin mining. It is now open to the public.
The Binance Pool forms part of the exchange’s mission to develop the mining industry and provide miners with the financial tools they need. It is integrated into Binance’s ecosystem, so users can access the exchange’s derivatives products and others. The pool also supports both Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining algorithms.
While it started as merely a tool for mining Bitcoin, it should take a while before Binance Pool gets to the top of those charts. Mining pools like Poolin, BTC.com, and Antpool, amongst others, currently hold a majority of the global Bitcoin mining activity.
Binance’s Frayed History with Bitcoin SV
However, Binance Pool also has significant leverage on this front. The platform could lure users with its connected features and the Binance ecosystem, thus providing users the opportunity to trade and access other services while they mine.
For now, the pool will need to settle with a majority in the Bitcoin SV mining space. However, another happy coincidence is the fact that Bitcoin SV itself isn’t available on Binance. The top exchange delisted the asset in April 2019, explaining in a blog post that the currency wasn’t up to standard.
As Binance explained, it frequently conducts reviews on assets to ensure that they remain up to standard and are operating optimally. It would appear that Bitcoin SV failed the test. It’s also worth noting that the delisting came when Craig Wright – the creator and chief proponent of Bitcoin SV – had drawn significant criticism from the wider crypto space.
Wright is famous for having bragged about being Bitcoin creator Satoshi Nakamoto. Early last year, he got into a social media feud with Hodlnaut, the Twitter user behind the Lightning Torch initiative, who called him a fraud. Wright eventually set a $5,000 bounty on Hodlnaut, promising the reward to anyone who could give him concrete proof of the latter’s identity.
The move sparked a massive social media meltdown, with many supporting Hodlnaut and calling for exchanges to delist Bitcoin SV. In response, Binance chief executive Changpeng Zhao asserted on Twitter that Wright isn’t Satoshi and warned that his exchange would eventually delist the asset if Wright continued his behavior.
Many believe that the delisting action was simply Zhao’s way of making good on a threat.