Surprised? So was I.
Even though it’s been there for a while, I didn’t know about it until last night.
No wonder since the crypto industry is in such expansion, knowing everything simply isn’t viable anymore.
But when I learn something useful, I can’t resist sharing it with you.
What is the Binance Mining Pool?
The Binance mining pool, as its name implies, is a mining pool from Binance.
While there are many mining pools out there, like unMineable, this is something new.
Usually, the process of mining goes like this:
Or, you use a console mining software like AwesomeMiner or NBMiner to mine and store your earnings on a mining pool like unMineable. Then you withdraw your mining earnings to exchange so you can trade, exchange or withdraw your mining earnings.
So, whether you use console or GUI miners, you store your earnings in an external wallet(controlled by the GUI software or the mining pool), and then you eventually withdraw those earnings to an exchange.
But with the Binance Mining Pool, we have a merge of both the pool and exchange into one.
Basically, you mine through Binance and you get paid in Binance- automatically.
What can we mine through the Binance Mining Pool?
The Binance pool can be used to mine SHA256(Bitcoin and Bitcoin Cash), Ethash(ETH), Etchash(Ethereum Classic), or Scrypt(Litecoin).
Here are the mining pool URLs for each:
stratum+tcp://sha256.poolbinance.com:8888(BTC, BCH, and Smart Pool)
How to create an account for Binance Mining?
For this, you need to have a Binance account first.
The creation of a basic Binance account is out of scope here, but if you don’t have an account with Binance, it’s dead simple to do it.
Once you do, the process of getting an account for Binance mining is rather simple:
#1- login to your Binance account
#2- go to https://pool.binance.com/en
#3- click on “Mining Account” on the right:
A popup like this should open:
#4- Name the account anything you like, in this case, I’ll be using “BMS”.
#5- Choose the coin you’d like to mine through the Binance Pool. In this case, I’ll be mining ETC through Etchash. In the end, it should look like this:
#6- Hit the orange “Create” button, and your account should be created. If you get an error that “account already exists”, simply pick a different mining account name.
For example, the “BMS” name was used, so I’ve changed it to “BMSETC”.
And now you have your mining account on Binance.
How to mine ETC on Binance Mining Pool on Windows
Once you have the mining account for ETC created on Binance, you can set up your software and start mining.
Which cryptocurrency mining software on Windows is the best for ETC?
Well, I can tell you that any that supports ETC mining will do, but you should ideally review and pick the one that works best for you.
Here is a list of mining software on this website that currently supports ETC mining:
Some are more complicated than others, so take your time and quickly review the list above.
To keep this tutorial on Binance mining simple, I’ll go with the T-Rex miner.
How to mine on Binance with T-Rex mining software
First, set up the T-Rex miner, including the part where you create the “start.bat” file.
Then, open the “start.bat” file in your text editor, like Notepad or Notepad++.
Go to your worker’s page on Binance mining.
And towards the bottom, you should see the “Miner Configuration Example” info:
Add this to your “start.bat” file:
t-rex.exe -a etchash -o stratum+tcp://etc.poolbinance.com:1800 -u Your_Mining_Account -p x -w rig0 pause
and replace “Your_Mining_Account” with your Mining account name(in my case it is “ETCBMS”).
Replace “-p x” with “-p 123456”, and “rig0” with “001”.
In the end, it should look like this:
t-rex.exe -a etchash -o stratum+tcp://etc.poolbinance.com:1800 -u ETCBMS -p 123456 -w 001 pause
Save your start.bat file, and double-click on it to run it.
If everything is okay, T-Rex miner will start mining ETC for your Binance mining account:
That wasn’t hard eh? :)
How to check your mining statistics on Binance Mining Pool
Go to the statistics page in your mining area on the Binance mining pool.
In the right menu area, make sure you choose the correct mining algorithm(in our case it’s Etchash):
Keep in mind that you will have to wait a bit.
It depends on your hashing power, but at least 10 minutes are needed for statistics to start coming in.
But once they do, you’ll get a nice summary of your mining operation:
How to check your mining earnings on the Binance mining pool
Once you have the miner up and running through the Binance pool, your earnings will start accumulating.
On the Binance mining pool, earnings are paid once per day.
The settlement period is 00:00 UTC to 00:00 UTC(during this time your mining performance is measured and calculated).
Then on the next day, from 02:00 UTC to 10:00 UTC, you will get the payment for the previous day.
At any point, you can check your mining earnings on the earnings page.
What happens with crypto in your earnings account?
Once the settlement for the previous day is over, your mined earnings are automatically transferred to your funding wallet in Binance.
And once your earnings are in your funding wallet, you can easily transfer them to your Spot wallet(for trading or withdrawing), or your Earn wallet(for staking).