Bellscoin (BEL) is now part of the Binance Pool’s portfolio, offering miners a new merged mining opportunity alongside Litecoin (LTC) and Dogecoin (DOGE). As of September 30, miners can earn BEL as part of their rewards for participating in Binance Pool’s Scrypt mining. Although BEL is not yet traded on Binance, rewards are sent to external wallets, requiring miners to configure their self-custodial wallets with Binance’s system to receive payouts.
Bellscoin joins merged mining rewards
BEL mining rewards are now available to all Binance Pool clients with Scrypt mining operations and joining LTC and DOGE in the merged mining process. BEL’s supply, currently reported at 42 million tokens, is expected to increase to 58 million by the end of 2024, after which the production rate will slow significantly. The final supply target is 60 million by 2026. Miners can benefit from rapid mining until Epoch 5, as BEL’s block reward will stabilize at 2 BEL per minute post-2024.
The coin’s unique value proposition comes from its scarcity and appeal to miners looking to maximize rewards through scrap mining. Its relatively low supply and connection to the Litecoin network make it an attractive option for miners with significant hashing power.
Bellscoin’s history and mining appeal
Bellscoin, first launched in 2013, was revived in 2023, focusing on merged mining. Its co-creator, Billy Markus, one of the founders of Dogecoin, is associated with the project but has chosen not to promote it heavily. Despite its playful branding, Bellscoin positions itself as a community-driven asset with no official connection to Nintendo or Animal Crossing.
The merged mining model allows miners to mine LTC and DOGE while earning BEL. Binance Pool’s participation in BEL mining is expected to boost the overall activity on the Litecoin network, mainly as it adds security and stability to the network’s operations. Binance users must be fully verified to participate, and the mining rewards will be distributed based on the pool’s performance rather than the specific amount of LTC or DOGE mined.
Mining impact and market activity
Bellscoin’s integration with Binance Pool is expected to increase the overall hashrate of Litecoin’s network, which has risen by 20% since April 2024, reaching 1.2 PH/s. This growth in activity strengthens the Litecoin network and provides additional security for merged mining activities.
The trading price of BEL has seen fluctuations, reaching an all-time high of $1.03 before retreating to $0.94. While BEL is primarily traded on smaller exchanges like CoinEx, Binance Pool’s support has generated interest in the token. As the coin’s popularity grows, speculation is that it may eventually be listed on Binance.
The growing demand for BEL has created challenges for new miners, as larger pools dominate the Scrypt hashrate. However, Binance Pool’s relatively small network share allows new miners to join the BEL mining process while benefiting from the pool’s existing LTC and DOGE rewards.
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