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Binance launches Ethereum Mining Pool with 0.5% fees

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After  its Bitcoin () mining pool in April, crypto exchange Binance has now launched an in-house mining pool for the market’s largest altcoin by market cap, Ether ().

For the first month, between Nov. 12 and Dec. 12, Binance is trying to miners by offering a zero-fee regime. After that, those contributing their hashin power to the pool will be charged a competitive 0.5% commission on their earnings.

Binance’s instructions for setting up a mining pool account that participants will need to use a Windows or Linux operating system, GPU (NVIDIA or AMD graphics card memory of 4G minimum), 5GB virtual memory for each GPU, and mining software such as HiveOS or Easy Miner.

The Ethereum mining pool will use a similar system to the existing Bitcoin pool, called FPPS, or Full Pay Per Share. Binance’s Bitcoin pool notably also offers a feature called smart pool, which enables participants to automatically switch hash rates in order to mine the most profitable of three supported coins on the SHA- 256 algorithm: Bitcoin (), Bitcoin Cash () or Bitcoin SV (). The settlement is still paid out in BTC.

An online pool distribution tracker for Bitcoin mining pools, BTC.com, indicates that Binance Pool 9.4% of Bitcoin’s total hash rate over the past week.

for those committed to the founding decentralizing ethos of cryptocurrency. BTC.com’s data shows that over 50% of Bitcoin’s current hash rate is accounted for by four mining pools: F2Pool (18.5%), Poolin (12.2%), BTC.com (11.6%) and AntPool (11.5%).



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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

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Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.