Binance Pool Plans To Secure More Bitcoin Mining Hash Rate

Jyoti  |  Jul 17, 2020

The Bitcoin mining pool of Binance to combine more hashrate in Russia and Central Asia region.

Binance pool at BitRiver, which is in Russia, would be using the physical server nodes that are deployed by the world’s largest crypto exchange.

According to an announcement on July 17, the miner owners at BitRiver, which is the largest bitcoin mining hosting provider in Bratsk, would now get a better connection.

It is to be noted that the physical server nodes are distributed among only those users who are switching to Binance.

Bitcoin Mining Map

The Center For Alternative Finance has recently prepared a Bitcoin mining map stating that the monthly average hashrate generated by the Russian miner is at 6.08 percent of the total network. In September 2019,  the average hashrate recorded was 5.93 percent.

The recent hashrate recorded for Kazakhastan miners is at 3.14 percent, which in Q3 of 2019, was at 1.42 percent.

However, the average Bitcoin hashrate of Chinese miner has come down to 71 percent recently. In Q3 of 2019, the average hashrate of Bitcoin was 75 percent.

While announcing about Binance’s Pool idea, the CEO at BitRiver, Igor Runets, said, “Binance Pool offers a highly competitive fee structure to institutional-scale miners, who are the customers of our data centre”.

He further mentioned that after the customers generate farms hashrate, out of it 50 percent would be transferred to Binance pool.

China Center Of Mining Pools

In the present time, out of the 10 biggest bitcoin mining pools companies by hash rate, 9 are based in China. If not that, then brilliant mining pool companies would be obtained by those crypto exchanges who has strong roots in the Chinese market.

It is being assumed that BitRiver’s customer uses mining machines like Antminer S17s with a capacity of about 50 watts per terahash second (W/T), then the hashrate generated by the mining farm of BitRiver would be more than 1,000petahash per second.

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