Binance Pool announced new product called Bellscoin (BEL) merged mining
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Bellscoin (BEL) merged mining is the name of the new product recently announced by Binance Pool that allows crypto miners to vary their options. With this new option, pool users can mine Litecoin (LTC) and earn returns in LTC, DOGE, and BEL.
The new product adds to the Binance mining pool portfolio, which has been growing significantly over the past few years. In simple terms, the new product offers attractive returns to users through digital mining mixed on the Litecoin blockchain network.
Starting on September 30, Binance will add the BEL produced in each block of Litecoin transactions to all customers of its pool. To obtain these tokens, users must join the company's pool through its mining algorithm (Scrypt). Afterwards, the BEL will be sent to an external wallet because the token is not yet listed on the exchange.
So far, Binance has not offered any details about a possible launch of the token among its trading options. It should be noted that one of the elements that makes BEL attractive is its relatively low supply. So far, there is talk of a supply of about 42 million tokens and that could reach 58 million in a few months.
Worldcoin: This week's highlights
Binance Pool expands its services
With this new product announced by Binance Pool, its services are expanding considerably. Despite this, Binance Pool is not a strong competitor to the big players in this sector such as F2Pool and Antpool to name a few. However, it is making every effort to continue its expansion and attract more miners.
It is important to note that access to this mining option is restricted to Bitcoin miners. This is because the Bitcoin network's mining algorithm is different from Litecoin's. Thus, while Bitcoin works through the popular Sha-256, the Litecoin blockchain operates through Scrypt.
Although both networks work through the Proof-of-Work (PoW) consensus mechanism, the different algorithm makes them incompatible. Thus, the hardware used to mine LTC cannot mine BTC. With this in perspective, it can be said that the new product announced by Binance Pool has a remarkably limited target.
Litecoin digital mining is much less profitable than Bitcoin mining, which is why it is so small in terms of computing power. It is important to note that Litecoin's algorithm is the same as that of the meme coin Dogecoin. Thus, users of Bellscoin (BEL) merged mining will also receive rewards in DOGE.
