This rise in Bitcoin activity and price bodes well for overall mining operations. A higher price for Bitcoin means higher earnings for the miners who discover the blocks that they need to get in order to profit. But aside from price, Bitcoin miners need to consider computing power and electricity costs when it comes to their operations.
Electricity costs can vary for each miner depending on their location, devices, and other factors. Meanwhile, computing power is more or less universally measurable, as shown in a metric called the hashrate. As of October 17, the average hashrate for Bitcoin mining reached 142.94 EH/s, an all-time high.
This means that while BTC has risen in price, you have to consider electricity costs and the rising hashrates. This can make Bitcoin mining more daunting than ever to even the most tenacious of individual miners.
How a Mining Pool Helps You Gain Bitcoin Mining Profits
When it comes to mining, you have a higher probability of discovering and processing blocks if you have a higher mining power. This is challenging for individual miners, who would have just a small part of the total needed mining power. Hence, miners form groups to combine their resources, share their processing power, and distribute the subsequent earnings.
These groups, called mining pools, have risen in prominence. There are 16 known mining pools that account for more than 99% of the current hashrates. Each of these mining pools may offer their own set of incentives to entice miners into joining, with the promised benefit of getting a bigger chance at securing blocks and earnings. But there’s one thing in common for each mining pool: they charge mining/pool fees that range from 1% to 2.5% to cover for administrative and operations costs of running the pools.
Enter Binance Pool, which is charging 0% fees as of October 15.
What Binance Pool Offers to Make Bitcoin Mining More Profitable
Since launching in April 2020, Binance Pool has risen as one of the newest significant players in the Bitcoin mining industry. In just a few weeks after its launch, Binance Pool entered the top 10 in Bitcoin mining pool rankings. As of last week, Binance Pool ranked as the sixth-biggest mining pool in the world, accounting for 12,491 PH/s in total hashrate, or 9% of the market.
Binance Pool’s unique proposition is combining the earning opportunities of a mining pool with the comprehensive crypto financial services suite that Binance has to offer. This has resulted in more than 630% growth in business since April. In addition, Binance Pool has provided up to $500,000 USD in subsidies to miners to further highlight its benefits and advantages.
Here are some of the distinct advantages that Binance Pool offers to miners everywhere:
1. Up to Zero Fees. Binance Pool, which already regularly offers some of the lowest mining pool fees in the market, has driven its fees further below to 0% from October 15 to January 15 of next year. For Bitcoin miners, all they have to do is to connect their hashrate to Binance Pool.
This three-month campaign surely beats the standard 1% to 2.5% in fees elsewhere in the industry.
2. 14.5% APY higher than competitor pools. Binance Pool effectively offers its miners 14.5% higher APY than other pools, making their mining experience even more rewarding.
3. Up to 30% AIR with Pool Savings. This is where the combination of mining and crypto finance comes into play. In September, Binance Pool launched an exclusive Pool Savings product that allows miners to save their mining profits and earn bonus BTC at a 30% annualized interest rate (AIR).
In just one month, about 32% of Binance Pool miners who have participated in Pool Savings. They have started earning interest since the day they deposited their mined assets. Learn how Pool Savings works.
4. Binance Dual Savings. Another innovative crypto finance product that Binance has launched, Binance Dual Savings lets Bitcoin holders deposit their BTC and then get returns in the form of either BTC or BUSD, depending on what is more favorable to them market-wise by the settlement date of the product.
5. Electricity Subsidies. Binance Pool has also launched a campaign that offers electricity subsidies to miners. Total electricity subsidies reached 10% of new miners and provided them an extra 14.63% in mining rewards.
6. Top-Notch PoS Staking. Many Bitcoin miners also engage in proof-of-stake (PoS) mining activities, so Binance Pool has supported the most popular staking projects, such as TRX, ATOM, TEZOS, DOT, and more. The annualized revenue for these tokens is more than 150% higher than other PoS pooling services.
How Much More Profit Can a Bitcoin Miner Get With Binance Pool?
In this section, we’ll apply the various advantages that Binance Pool offers and tally how much more profit an average miner can get on Binance Pool compared to another mining pool.
For example, one miner connects 100 PH/s to either Binance Pool or another pool, resulting in 65.22 BTC revenue for three months (from October 15, 2020, to January 15, 2021). The miner also decides to deposit 5 BTC into Pool Savings.
Scenario*
Binance Pool
Some Other Pool
Earnings from Mining
65.22 BTC
65.22 BTC
Less: Mining Fees
- 0 BTC
- 0.6522 BTC to 1.6305 BTC
Earnings After Fees
65.22 BTC
63.5895 BTC to 64.5678 BTC
Add: Earnings from 5 BTC in Pool Savings
+ 0.0496 BTC to 0.384 BTC
+ 0 BTC
Earnings after Savings
Up to 65.604 BTC
As low as 63.5895 BTC
Other benefits
None
Advantage
Binance Pool (+ 2.0145 BTC in earnings)
Based on this side-by-side comparison, Binance Pool brings as much as $25,818 USD in additional earnings for this miner within a three-month period.
What are you waiting for? Start earning thousands more from Bitcoin mining with Binance Pool today.
\* According to the miner's actual connecting hashrate, difficulty, and Bitcoin price changes, the data in the table will be different. Please calculate based on the actual mining scenario. This scenario assumes that the miner joined a pool via the FPPS mining method.
