Binance announce Bitcoin Mining Pool ( Binance Pool )

mikeywith

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Quote from: Salome16 on May 04, 2020, 01:02:46 PM

can someone help me, more Pool is more profit for miner owners? or not?

No and Yes.

'No' because more pools don't affect the hashrate and difficulty, they don't add direct profitability to miners , it's simply hash power moving from pool A to Pool B.

'Yes' because competition between mining pools is good for miners, if Binance pool "steals" a good chunk of hash power from Viabtc, BTC.com and F2pool, they will start making less money, they may reduce their fees so miners will be happier and make a little bit more profit.

However, competition coming from an exchange like Binance that has been trying to control every aspect in crypto is not a net positive to crypto in general IMO.

philipma1957

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Quote from: distributedconsensus on June 27, 2020, 12:59:48 PM

I was having this crazy idea and would like to know what you guys think:

Lets say you have a mining rig and make 6.25 BTC every now and then... you do not want to sell at this prize because you are basically losing money after the halving. So you open a Futures account and put your thousands of BTC as collateral and start opening shorts in the 8k-10k range.

You make a ton of money while it goes down as it would if you were selling your BTC, you can play with the Future by taking it to 3k or so and then closing your position and starting the slope up with the same strength... then you win a lot again and once the price hits the 15k-20k you sell your physical BTC.

As a miner it does not make sense selling your BTC, makes more sense playing with the Futures and making a ton of money out of it... since collective minds think that BTC is overpriced and should fall big. Why not give everyone that notion and take advantage of that big time.

Any thoughts?

One this is a trading question.

Two btc is under priced.

DaCryptoRaccoon

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Quote from: Salome16 on May 04, 2020, 01:02:46 PM

Quote from: DaCryptoRaccoon on April 01, 2020, 04:36:50 PM

CZ has tweeted that they are looking into opening a Binance mining pool with some heavy rewards for miners moving to the pool.

It seems they have been reaching out to large miners in china to see if they are willing to jump to the Binance pool.

Details are few at the moment on the pool but it will be interesting to see where this op leads and what type of payment system binance will adopt to the pool.

https://twitter.com/cz_binance/status/1245361117301358592

https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool

Quote

The company has already hired some professionals for this purpose, some of them former Bitmain employees. The launch is planned for the Q2 2020...

Quote

Jakhon Khabilov of Sigmapool pool, stated that Binance has already offered potential clients “generous” referral bonuses as it has been reaching out to some miners in China to promote the upcoming new service.

So the question should be is this more centralization in the bitcoin world? with Binance being by far the biggest exchange could they also now become the biggest player in the pool sector?

Only time will tell.

any news about it? or only 1 april post?
can someone help me, more Pool is more profit for miner owners? or not?
i am newcomer in mining, and my english isnot great for "read all information".

It's real https://pool.binance.com/en/home

They seem to have the pool up and running already you should look on Binance for more information about the pool.

https://binance.zendesk.com/hc/en-us/articles/360041370811

favebook

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Quote from: distributedconsensus on June 27, 2020, 12:59:48 PM

I was having this crazy idea and would like to know what you guys think:

Lets say you have a mining rig and make 6.25 BTC every now and then... you do not want to sell at this prize because you are basically losing money after the halving. So you open a Futures account and put your thousands of BTC as collateral and start opening shorts in the 8k-10k range.

You make a ton of money while it goes down as it would if you were selling your BTC, you can play with the Future by taking it to 3k or so and then closing your position and starting the slope up with the same strength... then you win a lot again and once the price hits the 15k-20k you sell your physical BTC.

As a miner it does not make sense selling your BTC, makes more sense playing with the Futures and making a ton of money out of it... since collective minds think that BTC is overpriced and should fall big. Why not give everyone that notion and take advantage of that big time.

Any thoughts?

How exactly is that in any way related to the topic of this thread?

Salome16

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Quote from: DaCryptoRaccoon on April 01, 2020, 04:36:50 PM

CZ has tweeted that they are looking into opening a Binance mining pool with some heavy rewards for miners moving to the pool.

It seems they have been reaching out to large miners in china to see if they are willing to jump to the Binance pool.

Details are few at the moment on the pool but it will be interesting to see where this op leads and what type of payment system binance will adopt to the pool.

https://twitter.com/cz_binance/status/1245361117301358592

https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool

Quote

The company has already hired some professionals for this purpose, some of them former Bitmain employees. The launch is planned for the Q2 2020...

Quote

Jakhon Khabilov of Sigmapool pool, stated that Binance has already offered potential clients “generous” referral bonuses as it has been reaching out to some miners in China to promote the upcoming new service.

So the question should be is this more centralization in the bitcoin world? with Binance being by far the biggest exchange could they also now become the biggest player in the pool sector?

Only time will tell.

any news about it? or only 1 april post?
can someone help me, more Pool is more profit for miner owners? or not?
i am newcomer in mining, and my english isnot great for "read all information".

distributedconsensus

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I was having this crazy idea and would like to know what you guys think:

Lets say you have a mining rig and make 6.25 BTC every now and then... you do not want to sell at this prize because you are basically losing money after the halving. So you open a Futures account and put your thousands of BTC as collateral and start opening shorts in the 8k-10k range.

You make a ton of money while it goes down as it would if you were selling your BTC, you can play with the Future by taking it to 3k or so and then closing your position and starting the slope up with the same strength... then you win a lot again and once the price hits the 15k-20k you sell your physical BTC.

As a miner it does not make sense selling your BTC, makes more sense playing with the Futures and making a ton of money out of it... since collective minds think that BTC is overpriced and should fall big. Why not give everyone that notion and take advantage of that big time.

Any thoughts?

mikeywith

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Quote from: 20kevin20 on April 05, 2020, 05:53:00 AM

What exactly can he do if he somehow gets to own >50% of the hashing power through his pool?

I don't think that is a possible scenario, bitmain owns two of the largest pools and they are from that 50%, they also manufacture most of the gears and do own a ton of them, in a nutshell 50% of hash power is way above binance's capabilities.

Keep in mind that miners can switch pools in a second, also it is for Binance's best interest to not try and do anything obviously damaging to bitcoin.

Quote from: DaCryptoRaccoon on April 05, 2020, 07:17:13 AM

Yes well let's not forget they did ask for a "chain roll back" after the hack so if they start to control the hashrate then it could lead to something bad in the future.

IIRC CZ didn't ask for a roll back, he talked about the pros and cons of it and i think he mentioned that roll backs are bad for bitcoin and he wouldn't want to see them happen, some digging into his Twitter needs to be done to confirm this.

I am with you in regards to having more "major" pools, if it was only a mining pool they are up to i would support that, but the CMC thing is what makes me worried about binance shady goals, there is also the incident with DGB where binance asked how much can dgb team afford to pay to be listed, all of those things make me not trust binance for anything outside of thier exchange which they have proved to be good at running it so far.

DaCryptoRaccoon

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Quote from: 20kevin20 on April 05, 2020, 05:53:00 AM

That's right! Doesn't sound good at all from my perspective either, it looks just like he's focusing on gaining power and control so that makes me very doubtful about the true intentions he has. Especially because people don't even know some of the most critical things about his business.

What exactly can he do if he somehow gets to own >50% of the hashing power through his pool? Can miners from his pool be somehow forced to accept some manipulation if he ever has the intention to manipulate the network one way or another?

Yes well let's not forget they did ask for a "chain roll back" after the hack so if they start to control the hashrate then it could lead to something bad in the future.

While I am all for more pools in the industry I think it's a scary though having the most powerful exchange possibly having the most powerful pool, if this will happen or not it's something we should be thinking about.

20kevin20

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Quote from: mikeywith on April 02, 2020, 05:28:17 PM

1- Be the largest exchange by volume.
2- Buy the most famous "crypto market statistics" website (Coinmarketcap), more details here.
3-Attempt to start a mining pool.

Does not seem like CZ is trying to take control at all, pretty hard to smell any sort of centralization here. Roll Eyes

That's right! Doesn't sound good at all from my perspective either, it looks just like he's focusing on gaining power and control so that makes me very doubtful about the true intentions he has. Especially because people don't even know some of the most critical things about his business.

What exactly can he do if he somehow gets to own >50% of the hashing power through his pool? Can miners from his pool be somehow forced to accept some manipulation if he ever has the intention to manipulate the network one way or another?

DaCryptoRaccoon

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OGRaccoon

I would agree it's not looking good as we know they will prioritize transaction going to there platforms in there blocks so could be more of a problem than we know at this point in time.

I have sent them a few questions for the AMA session and I will post the reply if the chose the questions.

mikeywith

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Quote from: DaCryptoRaccoon on April 01, 2020, 04:36:50 PM

So the question should be is this more centralization in the bitcoin world? with Binance being by far the biggest exchange could they also now become the biggest player in the pool sector?

1- Be the largest exchange by volume.
2- Buy the most famous "crypto market statistics" website (Coinmarketcap), more details here.
3-Attempt to start a mining pool.

Does not seem like CZ is trying to take control at all, pretty hard to smell any sort of centralization here. Roll Eyes

DaCryptoRaccoon

hero member

Activity: 1241

Merit: 623

OGRaccoon

CZ has tweeted that they are looking into opening a Binance mining pool with some heavy rewards for miners moving to the pool.

It seems they have been reaching out to large miners in china to see if they are willing to jump to the Binance pool.

Details are few at the moment on the pool but it will be interesting to see where this op leads and what type of payment system binance will adopt to the pool.

https://twitter.com/cz_binance/status/1245361117301358592

https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool

Quote

The company has already hired some professionals for this purpose, some of them former Bitmain employees. The launch is planned for the Q2 2020...

Quote

Jakhon Khabilov of Sigmapool pool, stated that Binance has already offered potential clients “generous” referral bonuses as it has been reaching out to some miners in China to promote the upcoming new service.

So the question should be is this more centralization in the bitcoin world? with Binance being by far the biggest exchange could they also now become the biggest player in the pool sector?

Only time will tell.

Topic: Binance announce Bitcoin Mining Pool ( Binance Pool ) (Read 373 times)