Binance Pool now allows users to earn rewards in Dogecoin and Bellcoin in addition to the rewards already present in Litecoin through integrated mining. However, Bells is not registered on Binance, and the exchange warns that the rewards program does not guarantee that the coin will be listed.
Binance Pool, a collaborative mining network of exchanges, announced that Litecoin miners can now earn rewards in LTC, Dogecoin, and Bellcoin through integrated mining.
Binance Pool allows individuals to participate in the ultra-competitive cryptocurrency mining sector by harnessing the power of collaboration. Thousands of miners are combining their mining resources to better compete with global giants with vast resources.
This pool announced merged mining of Litecoin. Merge mining is a process in which miners use the same equipment to mine two different cryptocurrencies simultaneously, increasing their profits. However, combined mining is only possible if the cryptocurrencies involved use the same consensus protocol and hash function (such as Scrypt or SHA-256). The first time this happened was in 2011, when Bitcoin miners began simultaneously mining Namecoin, one of the first cryptocurrencies.
Binance Pool users can now use Dogecoin or Bellscoin as “daughter” blockchains to mine Litecoin as the mother chain. Bellscoin was launched by Billy Markus, best known for launching Dogecoin, the largest meme coin in the space with a market capitalization of $17.2 billion. However, Billy claims that he first launched Bellscoin in 2013 but abandoned the project to focus on DOGE. After leaving the DOGE team years ago, he brought it back last year before meme coins exploded.
Bellcoin is not yet fully operational. In fact, Binance has not yet listed this token, despite offering it as a merge mining reward. In its announcement, the company cautioned investors not to assume a listing is imminent.
Bellscoin (BEL) is currently not listed on Binance.com. The launch of Bellscoin (BEL) mining service on Binance Pool does not guarantee the listing of the token on Binance.com.
The integrated BEL mining will use the PPLNS payment model with a minimum payout of 1 Bellcoin (BEL), the exchange added.
Earnings are based on the mining pool’s actual production. Bellscoin (BEL) returns are not affected by LTC or DOGE returns.
The resurgence of BEL was aimed at the meme coin craze that was revived at the end of last year. Coins like BONK, Book of Meme, and Dogwifhat reached huge heights during the bull market that started late last year and peaked around March. Most of them lacked practicality at the time of their release, but gained traction and rose to become among the top 100 most traded coins. WIF and BONK are valued at $2.4 billion and $1.7 billion, respectively.
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