While the price of Fractal Bitcoin (FB) increases by 44% in the last 24 hours, Binance Pool, the pool of mining exchange largest cryptocurrency company in the world, announced today, November 18, 2024, the incorporation of FB merged mining with Bitcoin (BTC).
Currently, the token native to the Fractal Bitcoin network, a sidechain (Bitcoin 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 Bitcoin mining. Through merged mining, users will receive rewards in both cryptoassets without bending your computational efforts.
Users will need an external wallet to receive rewards on FB
To make use of this service, Bitcoin mining participants in the pool from Binance 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 exchange from Binance, for the moment.
This is because FB is not currently listed on Binance. In turn, in the releasehe exchange has clarified that the launch of the merged mining service does not guarantee the future inclusion of the token on your trading platform.
Due to this, the current lack of commercialization of 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 his 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 payment model (Pay Per Last N Shares), which distributes rewards according to the contribution of hashrate real of the miners 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.
