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Binance pool mining setup

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How to mine on Binance pool?

Binance, the world’s largest cryptocurrency exchange, has been intensely infiltrating various areas of cryptocurrency activity. Recently, one of the most convenient mining pools has been activated on the platform. In this pool, you can mine various cryptocurrencies including ETC, ETHW, BTC, BCH, ZEC, RVN, DASH and LTC. In this article, we will look at the process of mining on Binance pool, methods of withdrawing cryptocurrency and evaluate the level of commissions.

Mining on the Binance pool actively attracts new users, the total hash rate on various algorithms turns out to be impressive. This indicator affects the probability of finding blocks, which, in turn, provides a stable income to all miners. Success depends on the power of their computing equipment, which promises high efficiency and performance. In this article, we will tell you how to start mining on Binance, how to make withdrawals from the pool and what are the commissions accompanying these operations.

Actual figures of the total hashrate of the Binance pool:

Coins that can be mined on Binance.
Coins that can be mined on Binance.

Pros and cons of Binance pool

  • FPPS payouts. Theoretical revenues and transaction fees are distributed among all miners according to their capacity. Payouts are calculated using the following formula: FPPS = average daily theoretical revenue of computing power * (1 + transaction fees) * (1 – mining pool fee).
  • Minimum commission. Undoubtedly the biggest plus point of Binance pool is its financial ecosystem. You can save money on virtually zero commissions. Every morning, the mined cryptocurrency is immediately and automatically sent from the pool to the exchange’s internal spot wallet for trading or withdrawal to your card. At other pools, you have to transfer coins to crypto wallets and pay a percentage for it.
  • No minimum payouts. On Binance pool you don’t have to wait for the necessary amount of money to be withdrawn, everything that you have mined in a day is transferred to the wallet of the exchange, which saves time and nerves. Owners of small farms will understand what I’m talking about.

Binance Pool Commission

The pool percentage for mining is only 0.5%. It can be reduced, but for this you need to get Binane VIP status, but it is given to miners with large capacities.

How to start mining on Binance pool?

First, you need to register on Binance. Then go to the pool section. Create an account for the Binance pool.

Binance pool mining setup

I’ll show you ETHW mining as an example.

Binance pool mining setup
Binance pool mining setup

The pool will output a sample config for a BAT file with server and port addresses.

  • stratum+tcp://ethw.poolbinance.com:1800
  • stratum+tcp://ethw.poolbinance.com:25
  • stratum+tcp://ethw.poolbinance.com:443
Binance pool mining setup

The miner config for the Binance pool does not specify the address of your ETHW wallet, but the name of the account. My account name is “MiningGuidecom“.

Example of configurations of miners for Binance pool:

NBminer:

nbminer -a ethash -o stratum+tcp://ethw.poolbinance.com:1800 -u MiningGuidecom.Rig1 -log
pause

T-Rex Miner:

t-rex.exe -a ethash -o stratum+tcp://ethw.poolbinance.com:1800 -u MiningGuidecom -p x -w rig1
pause

GMiner:

miner.exe --algo ethash --server ethw.poolbinance.com:1800 --user MiningGuidecom.Rig1
pause

Configuring HiveOS for Binance pool

If you have several video cards in your farm, it would be more logical to use the HiveOS operating system because of its great functionality and stability. In addition, there is a convenient Web interface and a mobile app for configuration and monitoring.

The first step is to register an account with the HiveOS service.

Next, you need to download the latest HiveOS distribution in “*.img” format. After that it can be written to a flash drive, SSD or hard disk using BalenaEtcher program (downloaded from the official website).

The interface of the program is simple, first you select the image, then the disk or flash drive you want to flash with Hive, and start the burning process.

balenaetcher

After that, you need to go to the HiveOS Web interface and create a rig.

Binance pool mining setup

By clicking on the plus sign at the top, you can add a new farm if you are on the home page of HiveOS Dashboard.

HiveOS New Farm
New Farm

Next, you need to create or add a RIG (Worker).

Binance pool mining setup
Binance pool mining setup
Binance pool mining setup

Next, you need to add the ETHW-wallet address (pool account) to HiveOS, the one you created on Binance pool.

To do this, go back to the main page of the HiveOS dashboard and go to the wallets section and click on the “Add Wallet” button.

Binance pool mining setup

Choose ETHW coin, Address is our mining account on Binance (on the screenshot is my account), Name is the name for the created wallet in HiveOS.

The next step is to create what we call a Flight Sheet, which we will run in our Worker to start mining.

Specify the coin that will be mined (ETH), then choose a wallet, which will receive the mined funds, specify the pool Binance and select the address with the port in the dialog box.

In the column “Miner” it is best to specify PhoenixMiner, because it is considered the best in stability and saving money in case of glitches, because it is able to restore the found solutions after rebooting the farm due to hangs.

Binance pool mining setup

If Binance pool does not appear in the list, configure the pool in the miner.

Binance pool mining setup

If your RIG has Nvidia GPUs with LHR mining restriction, then you should use Gminer to unlock the hashrate.

Write an autotune option in the Gminer config to determine the optimal LHR unlock percentage. Although everything should work automatically now.

After about half an hour of mining, you will be able to find out the exact values for each video card, for example 73.5% unlocked. These should be specified in the config for the correct operation of the farm.

Binance pool mining setup
HiveOS Gminer Binance pool config

Now just click on the rocket icon, and the process of launching the miner will start, after which the DAG file will be loaded into the VRAM of GPUs, and after a while the hash rate indicators will be displayed.

Binance pool mining setup

How to view statistics on Binance Pool?

The data of mining statistics on the pool will appear after some time, to view it you need to log in to your mining account and select the appropriate tab.

Binance pool mining setup

Withdrawing funds from Binance pool

Until recently, Binance pool had an internal wallet, from which you had to transfer the mined cryptocurrency to a spot wallet. Now, every morning, all coins are transferred to the Funding section, which is a little easier to work with, although it’s not much different from the previous version, but now at least everything is in one place.

You will see information about your current balance in this section. In order to transfer funds to Spot, click on the Transfer button above. In the window that appears, swap Deposits and Fiat with Spot, as on the screenshot, then select the desired coin, specify the required amount and confirm the action with the yellow button.

Binance pool mining setup

Binance pool and the exchange in general provide a huge range of opportunities that make all manipulations with finances much more convenient and profitable in the long run. I used different pools for many years, from where coins went to my crypto wallets or other exchanges, until I discovered Binance. Everything is in one place, everything is extremely convenient, and you don’t have to wait for the minimum payout if you have a small mining capacity. There are clearly defined deadlines, which give flexibility, thus saving nerves and time, and you can withdraw any amount with virtually no fees. Again, even a variety of crypto exchangers will charge a certain percentage, but it is better to use a reputable service for the sake of safety.

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