Binance Pool Launches Fractal Bitcoin Mining Feature on Nov. 18

Binance has rolled out a new mining feature on its Binance Pool, allowing users to participate in merged mining for Fractal Bitcoin (FB) starting November 18. While users can now mine BTC and earn rewards in the form of Fractal Bitcoin, Binance has clarified that there are no immediate plans to list the FB token on its exchange.

Fractal Bitcoin is a layer-2 sidechain solution designed to scale on top of Bitcoin. It leverages Bitcoin’s core code to enable “unlimited layers” for scaling, aiming to enhance the world’s most secure and widely-held blockchain, according to the official Fractal website.

How Fractal Bitcoin Mining Works

To participate in Fractal Bitcoin mining via Binance Pool, users must first ensure they have the necessary mining equipment, such as a mining machine, power supply, and internet connectivity. They also need a payment address capable of handling transactions of at least 0.1 Fractal Bitcoin.

Once logged into their Binance account, users must verify their identity, set up a Binance mining pool account, and configure their mining machine. The next step is to connect the machine to the Binance Pool network and add a Fractal Bitcoin wallet address to their external wallet.

The mining process operates on a Pay-Per-Last-N-Shares (PPLNS) payout model, with a minimum payout threshold set at 0.1 FB. If the user’s earnings do not meet the minimum payout, they will accumulate in the user’s balance until it reaches the threshold.

Binance also allows users to track their mining performance and earnings through the Binance Pool platform, which displays real-time hashrate data.

VIP Status and Mining Power

Users who can prove that their average daily computing power meets the required thresholds for Binance Pool’s VIP status can apply for VIP levels 1 to 9, which range from over 20 PH/s (petahashes per second) to more than 4,000 PH/s.

Additional Details

The Fractal Mainnet, which launched in early September, features a genesis block with the same embedded message as Bitcoin’s first block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” a famous message from Bitcoin creator Satoshi Nakamoto.

Fractal Bitcoin is designed to maintain “self-replicating consistency” with Bitcoin’s consensus, meaning all Fractal transactions and hashes can trace back to Bitcoin’s main blockchain. The project also incorporates OP_CAT, an old Bitcoin opcode that could be re-integrated into Bitcoin’s Layer 1. This would allow for the creation of applications like zero-knowledge (ZK) rollups on the Fractal network.

Important Warnings

Binance cautions that participants found tampering with the program code or using external software to interfere with the mining process may face account suspension or other penalties.

While Fractal Bitcoin is not yet listed on the Binance exchange, its integration with Binance Pool presents a new avenue for miners looking to diversify their activities and earn additional rewards alongside traditional Bitcoin mining.