Binance, one of the most popular cryptoccurency exchanges in the world is launching a bitcoin mining pool. The announcement comes just one day after Changpeng Zhao (CZ), the firm founder and CEO released plans for a South Korean crypto exchange and a deal to purchase CoinMarketCap for $400. CMC is the largest coins prices index, by traffic.
News of Binance’s bitcoin mining pool began circulating on Tuesday. However, by Wednesday CZ confirmed it with a tweet:
Yes, there is a #BinanceMiningPool coming soon. 👀
— CZ Binance 🔶🔶🔶 (@cz_binance) April 1, 2020
According to Coinlife, Binance has already hired a team; including some ex-Bitmain employees. But, the service is not expected to be fully operational between April and June of this year.
Furthermore, Sigmapool mining pool CEO, Jakhon Khabilov informed CryptoZink that Binance contacted his firm with generous exclusive referral offers to join. Also, a number of miners in China are getting similar proposals, Khabilov said.
By releasing a bitcoin mining pool, Binance copies a page from Huobi and OKex crypto exchanges. OKex started a mining pool in August 2019 and Huobi in September of the same year. Both are ranked on the top 10 mining pools on Blockchain.com pool rankings.
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.