Binance Pool is the second blockchain mining pool to join Bitcoin Vault (BTCV) mining, following BTC.com. This is another step forward in the road to BTCV mining decentralization.
Bitcoin Vault (BTCV) is taking another step towards decentralization. Based on the Proof-of-Work consensus algorithm SHA-256, the cryptocurrency project will now also be mined through the Binance Pool, one of the biggest crypto mining pools in the world.
As a comprehensive service platform dedicated to improving miners’ income, Binance Pool provides services focusing on Proof-of-Work and Proof-of-Stake mining. An essential part of the Binance ecosystem, Binance Pool makes full use of its advantages in technology, capital, the exchange business, industry resources, and other areas.
It offers the community the ultimate mining experience and a one-stop hub for “mining-trading” services. Now, Binance Pool users will be able to join Bitcoin Vault (BTCV) mining.
“This is another step we have taken in the decentralization of Bitcoin Vault mining. We are glad to be able to cooperate with such trusted and well-recognized partner in the crypto industry,” says Radek Popiel, Chief Communication Officer of Electric Vault, the blockchain development house behind BTCV. “As Bitcoin Vault developers, we have committed to releasing 10% of BTCV’s mining to trusted external partners until the end of 2021, and we have fulfilled this goal.”
Since its introduction to the market in April 2020, Binance Pool has quickly become one of the main choices for those looking to combine resources to mine cryptocurrency. It has a proven track record in consistently earning block rewards in the highly competitive mining industry despite the fluctuations in network hash rates.
Binance Pool has built its credibility upon delivering the best possible mining payouts to its members. Additionally, it offers a convenient and user-friendly interface for mining pool services and regularly monitor the activity of an individual miner.
When it comes to the share of hash power of prominent cryptocurrencies like Bitcoin and Ethereum, Binance Pool stands among the top mining pools. Its current hash power for SHA-256 (BTC/BCH/ BSV) is ~10.1 EH/s, while for Ethereum, it is ~8.73TH/s.
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Road to decentralization
The Bitcoin Vault team is fully committed to the decentralization of BTCV mining. The release of hash rate to the Binance Pool is another milestone, following the opening of mining for BTC.com pool members. After achieving the goal of releasing 10% of the hash power to external partners before the established deadline of the end of 2021, the developers currently retain 90% of control over the mining pools. Further decentralization depends on the overall global mining market condition, adoption level, and potential new partnerships. The general plan for complete decentralization will be executed until the end of 2024.
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