Binance starts crypto mining pool but the Community has its concern

The leading cryptocurrency exchange Binance launched its mining pool “Binance Pool” on April 27.There are no fees for the pool until May 31st. After that, the rate is set at 2.5 percent. The pool press release states that large miners can contact Binance to negotiate an extension of the fee-free regime.About 15 of Binance’s more than 1,000 employees work full time for the pool.

 

Cross-platform integration

Binance Pool supports both proof-of-work (PoW) and proof-of-stake (PoS) mining mechanisms.The pool is integrated into the rest of Binance’s platform. This allows miners to easily transfer money between the Binance Pool and the company’s various platforms. This applies to trading, lending and staking.In an interview with Cointelegraph, Binance Pool manager Lisa He said: “We want to create a comprehensive platform for miners that offers the mining industry more options. We want to combine traditional mining with financial services.”Binance founder Changpeng Zhao said: “As an integral part of the global crypto market, supporting miners enables significant growth across the industry.”On April 24, Zhao tweeted that Binance Pool had mined its first block.

 

Community critical of centralization

Binance Pool has garnered mixed reactions from the crypto community. Some comments raised concerns that Binance’s pool would further centralize Bitcoin (BTC) hash rates across a small number of pools.