Binance Pool is a famous mining pool for miners outside of the USA. Miners of different coins choose the Binance Pool because of the ease to connect to their Binance wallets.
Binance Pool only offers two pools: one for Bitcoin (SHA256) and one for Ether (Ethash).
Both pools have reasonable hash rates on Binance, as the site is trusted, and thus many miners resort to mining there.
This article will explore which software is suitable to mine on Binance Pool and other details that can help you have the most fantastic experience mining there.
Best Mining Software For Binance Pool
Since Binance Pool has support for only two coins, we will look at some of the best software for each of those coins.
We will start looking at the most popular software currently being used to mine Bitcoin.
Keep in mind that mining Bitcoin requires you to have an ASIC. On the other hand, Ether can be profitably mined using a GPU or a rig with many GPUs.
It turns out Kryptex also offers mining software which is highly popular because of its simple setup.
If you already have an ASIC, you just need to download the Kryptex mining software, have everything plugged correctly and let Kryptex do the job.
Actually, that is what Kryptex tells you, regardless of what type of coin you are going to mine. This app is good enough to scan your PC and tell you what crypto you can make a profit mining in case you are going for GPU mining.
Now, for ASIC mining such as Bitcoin, Kryptex helps you with lots of statistics.
General features of Kryptex:
- Real-time statistics.
- Kryptex generate data about the hash rate and profitability of GPUs currently on the market
- Kryptex tells you how much profit you can expect given your electricity price and your hardware
The BFGMiner software is excellent for experienced ASIC and FPGA miners that want to take their mining to the next level.
It is equipped with an advanced remote interface, tracking, and clocking functionality.
Its built-in network & stratum proxy server and its highly structured code divide work acquisition and submission into two threads, thus monitoring your system and ensuring that it is not handicapped.
Its interface is less inviting for beginners because it heavily depends on text instead of being visually intuitive, like Kryptex. Even so, it is one of the best applications for Bitcoin miners that want to make the most out of their rigs.
General features of BFGMiner include:
- Allows you to hash on plenty of popular mining algorithms at the same time
- Allows you to mine different coins at the same time
- Top-notch mining features
NBMiner is considered by many as the most potent and worthy Ether mining right now, especially if you have an NVIDIA LHR.
Nvidia released the GPU with halved hash rates so that miners wouldn’t use it to mine. It turns out a recent update of NBMiner exploits the card to make it operate with up to 70% of its capacity.
NBMiner isn’t suitable only for those Lite Hash Rate cards made by Nvidia, though. It is compatible with any card fabricated by Nvidia or AMD and can also be installed on any computer running Windows or Linux.
If you have multiple GPUs and you love to mine more than one coin, NBMiner got you covered as it further supports RVN, GRIN, BEAM, CFX, ZIL, ERGO, AE, and SERO.
General features of NBMiner:
- Makes the most out of GPUs
- Multiple currency support
The second mining software we will recommend you for mining Ether is Gminer. It also works with both Nvidia and AMD, making it perfect if you have a rig with mixed brands.
This software is so great because it has one of the lowest dev fees: only 0,65%.
Besides supporting Ethash, Gminer also supports ProgPoW, KawPow, Equihash, CuckooCycle, and ZHash.
This makes it perfect for mining other coins when you decide that you want to widen your mining enterprise or test different waters.
General features of GMiner:
- Low dev fee
- High compatibility with different cards
- Compatible with several algorithms
Which Software do we recommend?
If you are just getting started in the mining business, we recommend going with Kryptex (both for BTC and ETH; even though we listed it on BTC, it works perfectly fine with GPU-mined coins).
It might not be the best miner out there for all currencies, but it provides plenty of statistics and has plenty of automatized tasks that lift some weight away from your shoulders.
To mine Bitcoin, it generates essential data. As for mining with a GPU, it will tell you if you are genuinely mining the coin that will make you the most profit.
In case you are looking to start mining ETH but don’t know which GPU you should buy, looking at Kryptex’s site will also tell you about that.
There is a whole section showing how much money you can make from each GPU.
Kryptex is something to be loved by cryptominers because of all its utilities.
There certainly are other great mining software out there you can try. If you only use AMD, for example, we covered specificities of mining with the brand in this article, also talking about mining software developed especially for AMD.
How does pool work on Binance?
Distribution of earnings works differently on Binance Pool when compared to other trendy mining pools.
For BTC, the distribution uses FPPS, and for ETH, distribution is made through PPS+.
Usually, when a pool validates a block, the BTC reward is split among miners, but with the block reward, there also comes a transaction fee reward.
This reward is collected for each transaction done on the blockchain (the fee you have to pay when making a transaction).
With Full Pay-Per-Share, the pool will also pay the transaction fee rewards to the miners.
Such a distribution method should increase earnings up to 5%. This is what makes Binance Pool highly attractive for both BTC and ETH miners.
As for fees, BTC miners pay 2.5% in fees, while ETH miners pay 0,5%. The ETH pool on Binance is relatively recent, and such low fees attracted plenty of ETH miners to the pool.
Moreover, Binance offers miners a feature called Binance Pool Savings, an exclusive product that they can use for flexible withdrawals and increasingly high yearly earnings.
Since this pool is under Binance, a vast digital currency exchange with wallet services, it further offers customer service and technical support for miners 24/7.
Some customers with high hash raters can even get access to some VIP benefits. They need to send an email to email@example.com to apply.
How does Binance Pool payout?
Payout on Binance Pool doesn’t work like other pools. Instead of a minimum amount mined before payout, Binance Pool pays daily directly into users’ registered wallets.
If users of the pool want, they can sign for the Binance Pool Savings, a product designed to improve miners’ income.
It works with principal-protected floating earnings, which vary between 5% and 30% yearly.
Only members of the Binance Pool can access the Savings. Once you are a miner on the pool, you can request access to the Binance Pool Savings.
If miners are also users of the exchange, they can find Savings even more helpful due to some features.
Binance Pool has the obvious limitation of only offering two pools: one for BTC and one for ETH.
However, the level of profit on this pool is something to watch. With low fees, especially on the ETH pool, miners can make much more money than on other pools.
If you already mine on other pools, you might want to give Binance Pool a try and check the Binance Pool Savings to further increase your income.