The cryptocurrency exchange Binance has announced the launch of a mining pool aimed at mining Litecoin and Dogecoin.
#Binance Pool launches @Litecoin $LTC mining pool. There are zero Pool fees for the first month!
➡️ https://t.co/oJYyZtMbQD pic.twitter.com/oSIJ1f3QBU
— Binance (@binance) November 9, 2021
The pool uses a PPS (Pay Per Share) model for Litecoin. Under this arrangement, participants earn a fixed amount for each submitted ‘share’. A ‘share’ is the hash used to track the work of each miner.
For Dogecoin, a Pay Per Last N Shares (PPLNS) method will apply. Rewards are paid when the pool successfully finds a block; their size, after the operator’s fee, is allocated according to each miner’s portion of the pool’s total shares.
The service will not charge fees until 10:00 MSK on December 8.
According to BTC.com, at the time of writing Binance Pool was not among the top-10 Litecoin pools by hash rate. By hash power in the Bitcoin network, the entity ranks sixth, at 12.2 EH/s.
Binance Pool supported the upcoming Taproot upgrade scheduled for November 14 in the Bitcoin network.
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