Binance launches a mining pool

In a blog post released today, Binance announced the launch of Binance Pool, its cryptocurrency mining service. At launch, Binance Pool will support Bitcoin mining as its first product offering. Binance plans to offer Proof of Work (PoW) and Proof of Stake (PoS) services for a variety of coins and tokens.

Binance CEO CZ had previously unofficially announced the offering in a tweet on April 1. On April 24, CZ revealed that Binance’s mining pool mined its first block.

Why it matters:

• Binance continues to launch new products at a blistering pace. The latest product will allow miners to directly access exchange liquidity for their freshly mined coins
• Binance joins exchanges Huobi and OKEx, who have also launched Bitcoin mining pools. Huobi and OKEx mining pools control a combined 10% of Bitcoin hash rate.

Source: Coin dance

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