The giant crypto currency exchange Binance has created a special pool to mine Ethereum (ETH). Having established its own mining pool, Binance invited cryptocurrency users to be a part of this pool. What is the use of this pool where people can participate in the first month without paying commission, and how to mine Ethereum with Binance?
In a tweet shared today, Binance announced that the Ethereum (ETH) mining pool was opened on November 12 . Binance users will be able to mine this pool without paying any commission until December 12th. After this date, a 0.5 percent commission will be deducted.
An overview of the mining pool
Binance, the world’s largest cryptocurrency exchange, continues to grow its ecosystem with Ethereum mining. According to the statements made by the stock exchange, NVIDIA or AMD hardware with at least 4G memory will be used as a video card in the mining pool.
Windows and Linux operating systems will be used in this pool for Ethereum mining. 5GB of virtual memory (for example 30GB memory for 6 graphics cards) will be allocated for each graphics card. Names such as HiveOS, MinerOs, Easy Miner, ASIC, NCard will be used as mining software.
Ethereum mining step by step with Binance
Miners can open a mining account for themselves by visiting Binance’s Binance Pool page. Users registered on the Binance exchange can log into the Binance Pool using the options in the upper right corner after logging into the site.
According to the images shared by Binance, users need to create a mining account from this point on. Opening a mining account is required to enter the Account Management section. Here, a username is created for the mining account and it is operated from this username.
How is the mining system set up?
People who want to join the mining pool must first download a mining software such as Claymore, Bminer, NBMiner, GMiner. These are software that can be downloaded from their site. There are different mining systems that users can then install:
- Hive OS: A platform where thousands of hardware can be brought together, enabling easy mining. According to Binance, Hive OS is playing to the top in efficiency.
- MinerOS: This Linux-based management panel allows you to control mining equipment. Software such as Claymore, Bminer, CCMiner, EWBF can be installed in the MinerOS system.
- Easy Miner: Supporting more than 90 coins, this system enables driver updates, activities in the mining pool and overclocking operations with a single click.
What should be done to set up the mining software?
After the system to be used is determined, a new account must be opened. In order to operate the device here, it is necessary to log in with a Binance Pool account. Also, the default mining pool must be selected as the Binance Pool.
Then, the relevant mining software must be downloaded, the start.bat or start.cmd file must be found, right-clicked on it and select Edit. The user can change the existing instructions in the file with the instructions below and update the file.
The user has to change his username here to his own mining name. Then the file can be output after saving. The file is reopened to start mining. Miners using Claymore software can follow the link in the image above. But Binance other than that:
- He stated that addresses such as ethash.poolbinance.com:1800 can also be used.
How much money is earned from where?
After users start mining, the device will start to transfer data to the mining pool. Users can then see the device’s operating status and how much money it has earned.
Miners can check out the Miner Management page to see how much money they have made so far. Users can do this through the website or via the Binance Pool application.