Users can now participate in BTC mining on Binance Pool and earn rewards in the form of Fractal Bitcoin. Though, the exchange has no plans to list the FB token any time soon.
In a recent announcement, Binance introduced a new feature on Binance Pool that supports merged mining for Fractal Bitcoin. Fractal Bitcoin is a layer 2 side-chain Bitcoin(BTC) scaling solution which uses the Bitcoin core code to “scale unlimited layers on top of the world’s most secure and most-held blockchain,” according to the official website.
Binance Pool’s Fractal Bitcoin merged mining will come into effect starting Nov. 18. With this new feature, users on Binance can take part in BTC mining and receive Fractal Bitcoins in their external wallet address as a reward.
Though, the exchange stated that the FB mining feature does not mean that Binance will add the token to its exchange listings any time soon, as it is still currently not listed on the exchange site.
In order to mine Bitcoin, users would first need to make sure they have the right equipment to start mining their own BTC, which includes a mining machine, a power supply an internet capable and a payment address that can handle transactions at a minimum of 0.1 Fractal Bitcoin.
All the user has to do is log in to their Binance account, verify their identity, and set up a Binance mining pool account. Afterwards, the user should enter the account name, select which mining machine to use, and connect it to the network.
Once the account is set up, the user will have to add Fractal Bitcoin to the Binance Pool account’s external wallet. Then, they would have to check the hashrate through Binance Pool. Users will be able to monitor their mining performance and earnings through the Binance Pool platform.
The crypto exchange explained that Fractal Bitcoin operates on a Pay-Per-Last-N-Shares payout model, with a minimum payout of 0.1 FB. If the user’s Fractal Bitcoin does not reach the minimum payout threshold of 0.1 FB, the earnings will remain in the balance.
Users can apply for VIP status if they can prove that their average daily computing power reaches the Binance Pool requirements to gain VIP Level 1 to 9, ranging from above 20 Ph/s to more than 4,000 Ph/s.
On the other hand, Binance warns that it can block participants who are found tampering or modifying the Binance program code or use an external software to interfere with the operation of the Binance program code.
The Fractal Mainnet was launched in early September, containing a genesis block with the same message embedded in Bitcoin’s first block which was: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” by Bitcoin creator Satoshi Nakamoto.
The mainnet promotes itself as having “self-replicating consistency” with Bitcoin’s consensus, which means all Fractal transactions and hashes can be sourced back to the Bitcoin’s main blockchain.
Fractal also comes with OP_CAT, an old Bitcoin opcode that developers are pushing to get instituted back into Bitcoin Layer 1. OP-CAT would enable various applications on Fractal, including easily built ZK rollups.
