Binance Will Shut Down Its Bitcoin Mining Pool After Six Years
(3 hours ago) · 1 source · Summarized by CryptoBipto
Binance has announced it is closing its Bitcoin mining pool service. The pool, which has operated for approximately six years, will be discontinued as the exchange shifts its focus to other areas of its business.
WHY IT MATTERS
When people mine Bitcoin, they use powerful computers to solve complex math problems that help verify transactions on the Bitcoin network. In return, they earn Bitcoin as a reward. A mining pool is like a group of workers teaming up on a big project — instead of each person trying to finish it alone, they combine their efforts and split the reward. Binance, one of the largest cryptocurrency exchanges in the world, ran one of these pools. Its closure means miners who were part of that group will need to find a new pool to join, similar to workers needing to find a new team after their current one disbands. This is notable because where mining power is concentrated matters for the health and security of the Bitcoin network.
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- decrypt.co
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