Binance Pool Unveils Revolutionary Fractal BTC Mining from Nov 18
November 18, 2024Key Points
- Binance Pool now supports merged mining for Fractal Bitcoin.
- Despite this, Binance has no immediate plans to list the FB token.
Binance Pool has recently introduced merged mining for Fractal Bitcoin. Fractal Bitcoin is a layer 2 side-chain Bitcoin scaling solution that utilizes the Bitcoin core code to “scale unlimited layers on top of the world’s most secure and most-held blockchain.”
The new feature, which was launched on November 18, allows users to mine Bitcoin and earn Fractal Bitcoins as rewards. However, Binance has clarified that this does not imply the imminent listing of the FB token on its platform.
Mining Bitcoin on Binance
To start mining Bitcoin, users need appropriate equipment, including a mining machine, a power supply, an internet connection, and a payment address capable of handling transactions of at least 0.1 Fractal Bitcoin. Users must then set up a Binance mining pool account, choose a mining machine, and connect it to the network.
After setting up the account, users must add Fractal Bitcoin to their Binance Pool account’s external wallet and monitor their hashrate through Binance Pool. Users can track their mining performance and earnings via the Binance Pool platform.
Fractal Bitcoin Payouts and VIP Status
Fractal Bitcoin operates on a Pay-Per-Last-N-Shares payout model, with a minimum payout of 0.1 FB. If a user’s Fractal Bitcoin balance does not reach this threshold, the earnings will remain in the account. Users who can demonstrate that their average daily computing power meets the Binance Pool requirements can apply for VIP status, which ranges from Level 1 to 9.
Binance has warned that it can block users who tamper with or modify the Binance program code or use external software to interfere with its operation.
The Fractal Mainnet, launched in early September, contains a genesis block with the same message embedded in Bitcoin’s first block. It claims to have “self-replicating consistency” with Bitcoin’s consensus, meaning all Fractal transactions and hashes can be traced back to the Bitcoin main blockchain. Fractal also features OP_CAT, an old Bitcoin opcode that developers are advocating to reinstate into Bitcoin Layer 1, which would enable various applications on Fractal, including easily built ZK rollups.