Binance Smart Pool Explained for Beginners

Are you searching for a way to boost your crypto mining revenue? Binance Smart Pool might be the answer that you're looking for.

Binance Pool is a popular mining pool that quickly captures many people's attention. Not long after its release, the platform managed to gather no less than 6,000 registered miners and reached over 6.52 EH/s in hash rate, making it the 8th mining pool with the highest total hash rate in the world.

Binance claimed to be the first exchange-backed pool that launched such a service and believed that it could give a huge impact on crypto miners. What makes it so different from the usual mining pool?

What Is Binance Smart Pool?

Binance Smart Pool is the latest addition to the Binance Pool where miners could get a chance to increase their revenue by automatically mining the most profitable cryptocurrency.

The new service basically allows miners to switch their hash rate seamlessly between different cryptos in order to find the most profitable option with the same algorithm. This certainly makes it easier for miners to earn higher rewards.

So far, Binance only supports the SHA256 algorithm, which allows miners to switch between Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). It is worth noting that no matter which cryptocurrency you mine, Binance will still pay your final mining settlement in BTC.

How to Calculate Your Mining Earnings

Binance Pool uses the FPPS settlement method for BTC mining. The formula is as follows:

FPPS = Theoretical Average Daily Settlement Earnings x (1 + Transaction Fee Rate) x (1 – Mining Pool Fee Rate)

You could find the Theoretical Earnings and Transaction Fee Rates for the day in the Block Explorer in the average Block Transaction Fee Rate for the current settlement period. The BTC Pool Fee Rate is 2.5%.

Once a settlement is complete, the payment will be distributed by Binance automatically to the user's mining account by 10:00 (UTC) each day.

How to Join Binance Smart Pool

There are several steps that you need to follow in order to use the Binance Smart Pool service:

1. Create a Mining Account

Remember that only Binance Pool miners can use the Binance Smart Pool service. Thus, you need to create an account on the platform. Once you make one, you need to configure the mining URL as well as the worker ID.

You can find them both on the configuration page of the mining machine, which is basically the general configuration to connect the mining machine and Binance Pool.

Mining URL: stratum+tcp://sha256.poolbinance.com:8888 (Support ports 8888, 3333, 1800, and 443).

2. Decide Your Payment Settings

Head over to Mining Account Management and choose More Settings, then click Payment Settings. Select Smart Pool and click Save.

Keep in mind that the settlement in the Binance Smart Pool uses the T-day theory. It means that the Smart Pool will be activated one day after the user sets the T (T+1), and the payment will be delivered to the user two days later (T+2).

3. You Could Check the Real-time Income and Settlement Income

Using the Smart Pool service, users can check the Today Estimated Income of the supported cryptocurrencies (BTC, BCH, and BSV) on the Statistics page. Here's what it looks like.

After the settlement, the normal FPPS income will be displayed for the users on the Mining Earnings page. In addition, users could see the Extra Bonus that they get from using Smart Pool instead of general mining.

The Main Benefits of Binance Smart Pool

• Guaranteed Minimum Income
  Due to the real-time hedging of the service, Binance Pool is able to guarantee that Smart Pool users are going to get a greater final income than the normal full pay per share (FPPS) income. Binance Pool even promises to compensate the user's losses if the final actual income from the Smart Pool is lower than the FPPS income.
  
  
• Easy to Use
  Binance users can simply switch from general mining to Smart Pool by using the one-click switch. There's no need to change the user ID or stratum URL, making the operation fast and efficient.
  
  
• Instant Settlements in BTC
  No matter what cryptocurrency you decide to mine, Binance will always pay you in BTC and send it straight to your BTC wallet.
  
  
• Direct Access to the Wide Features Offered by Binance
  Binance Pool offers an excellent all-in-one mining platform through its Binance ecosystem. So, with only one account, users can access various products and services such as Binance Staking, Binance Loans, Binance Futures, Binance OTC, and more.
  
  
• Revenue and Funds Management Via the Binance App
  Through the app, miners can do a lot of things like check and sell, store, and trade their mining funds.
  
  
• The Chance to Get Various Bonuses, Giveaways, and Competitions
  Users can get many types of extra rewards in Binance. In fact, the exchange has distributed at least $30,000 to reward and support the miners. Right now, there's around $10,000 across different activities, ready to be given away to well-deserved users.

Conclusion: Is Binance Smart Pool Profitable for Miners?

The answer to that question is yes, Binance Smart Pool is a profitable option for any crypto miner out there.

First of all, Binance Smart Pool is an addition to the standard mining on Binance Pool, which already has a good reputation among miners.

The integration allows you to access a wide range of features that are available on the platform without having to make a new separate account.

This will make it easier for you to amplify your strength and increase the probability of finding and successfully mining a block.

In addition to that, Binance Smart Pool also offers an even bigger chance to increase miners' revenue from crypto mining compared to normal mining.

One of the best benefits that you can get is the guaranteed minimum earnings. Apart from that, the payouts are instantaneous. You will receive your settlements from Binance in the form of BTC and it will be sent straight to your BTC wallet, regardless of what crypto you choose to mine.

All in all, Binance Smart Pool is definitely worth checking out if you wish to improve your mining revenue. The process is really simple, so you don't have to put in a lot of effort or extra money to enjoy the service.

Keep in mind that only Binance Pool miners can use the Smart Pool system, so make sure to open an account and register there before participating. 

If you already have an account, then simply head over to the mining platform and choose the one-click switch. It will begin the process automatically, so there's no need to bother yourself by changing the user ID or the mining stratum ID.