Binance Pool launches fractal BTC mining starting Nov. 18

Users can now participate in BTC mining on Binance Pool and earn rewards in the form of Fractal Bitcoin. However, the exchange has no plans to list the FB token anytime soon.

In a recent announcement, Binance introduced a new feature that supports federated mining for Fractal Bitcoin in Binance Pool. Fractal Bitcoin is a layer 2 sidechain Bitcoin (BTC) scaling solution that uses 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 consolidated mining will go into effect starting November 18. Thanks to this new feature, users on Binance can participate in BTC mining and receive Fractal Bitcoin as a reward to their external wallet addresses.

However, the exchange stated that the FB mining feature does not mean that Binance will add the token to the exchange listings anytime soon, as the token is not currently listed on the exchange site.

To mine Bitcoin, users first need to make sure they have the right hardware to start mining their BTC; these include a mining machine, a power supply, an internet-enabled power supply, and a payment address that can process transactions at a minimum rate of 0.1. Fractal Bitcoin.

All the user has to do is log in to their Binance account, verify their identity, and create a Binance mining pool account. The user must then enter their account name, choose which mining machine to use, and connect it to the network.

Once the account is created, the user will need to add Fractal Bitcoin to the external wallet of the Binance Pool account. They would then need to check the hash rate via Binance Pool. Users will be able to track their mining performance and earnings via the Binance Pool platform.

The crypto exchange announced that Fractal Bitcoin operates on the Last N Pay Per Share payment model with a minimum payout of 0.1 FB. The winnings will remain in balance if the user’s Fractal Bitcoin does not reach the minimum payout threshold of 0.1 FB.

Users can apply for VIP status if they can prove that their average daily computing power reaches the Binance Pool requirements to earn VIP Levels 1 to 9, which range from 20 Ph/s to 4,000 Ph/s.

On the other hand, Binance warns that it may block participants who are found to have changed or tampered with the Binance program code or use external software to interfere with the operation of the Binance program code.

The Fractal Mainnet was launched in early September and contained a genesis block with the same message embedded in Bitcoin’s first block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” by Bitcoin creator Satoshi Nakamoto.

The mainnet touts itself as having “self-replicating consistency” with Bitcoin’s consensus; This means that all Fractal transactions and hashes can originate from Bitcoin’s main blockchain.

Fractal also comes with OP_CAT, an old Bitcoin opcode that developers are trying to bring back to Bitcoin Layer 1. OP-CAT will enable a variety of applications on Fractal, including easily constructed ZK aggregations.

🚀 Fractal Mainnet LIVE! 🚀

We are excited to announce that the first block of Fractal has been mined, marking the beginning of a new era for scaling Bitcoin natively. 🌐 Fractal’s formation block carries the same message as Bitcoin’s: “The Times 03/Jan/2009 Chancellor on the brink… pic.twitter.com/YtjGG47Z7a

— Fractal Bitcoin (@fractal_bitcoin) September 9, 2024