Binance Pool, the service platform dedicated to supporting miners, has recently introduced its Bitcoin Cash (BCH) mining service. This new offering utilizes the FPPS settlement method and ensures that mining rewards are automatically credited to users’ Funding Wallets by 10:00 (UTC) daily. To participate in the Bitcoin Cash mining service, users must complete the necessary account verification process.
In an effort to support the struggling Bitcoin mining industry, Binance Pool launched a $500 million lending project last year. This initiative aimed to provide much-needed capital support amidst the challenges faced by miners due to falling prices and the collapse of prominent players in the space. Binance Pool has been actively working with various cloud mining products to offer relief to crypto miners during the crypto winter. Additionally, the platform has released multiple batches of Cloud Mining products specifically for BTC mining.
While Binance Pool continues to expand its offerings, the exchange has been facing regulatory issues in the United States. The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO Changpeng ‘CZ’ Zhao in March, and the Securities and Exchange Commission (SEC) followed suit last month, charging Binance with securities law violations and accusing the exchange of manipulating trading volume through a company called ‘Sigma Chain,’ headed by CZ.
The mounting regulatory pressure has had a significant impact on Binance’s spot market share, which has dropped from 64% to 50% in just seven months, according to recent data. Despite these challenges, Binance Pool remains committed to providing innovative services to the mining community, with the introduction of the Bitcoin Cash mining service being the latest example of their dedication.
In conclusion, Binance Pool’s launch of the Bitcoin Cash mining service showcases their ongoing efforts to support miners and provide them with new opportunities. Despite the regulatory challenges faced by the exchange, Binance Pool remains focused on delivering value to the crypto mining industry.
