Mining cryptocurrency on your own has a high barrier to entry, and withdrawing earnings can be inconvenient. However, with Binance Pool, even users with minimal computing power can participate. You don't even need physical mining hardware—cloud mining options are available!
This guide will help you understand how to start mining through Binance Pool and explain features like cloud mining, Pool Savings, and the BTC Transaction Accelerator.
What Is Binance Pool?
Binance Pool is a service that helps you manage your cryptocurrency mining activities. Through it, you can monitor your mining hash rate, track connectivity issues, and view your earnings. One significant advantage is that your rewards are automatically deposited into your funding account, so you don’t have to worry about small balances being stuck.
For those new to the concept, mining involves solving complex mathematical problems. The first miner to solve the problem receives a reward (and those who don’t solve it essentially work for free!). Rather than working alone, Binance Pool combines the power of multiple miners, making it easier to earn rewards consistently.
Types of Mining on Binance
Before diving into the how-to, it’s important to clarify the three types of mining available on Binance, as they are often confused:
- Standard Mining
- Cloud Mining
- New Coin Mining (Launchpool)
These options vary in terms of tools required and complexity, as shown in the table below.
| Feature | Standard Mining | Cloud Mining | New Coin Mining |
|---|---|---|---|
| Mining Duration | Anytime | Period-based | Usually monthly |
| Mining Hardware | Required | Not required | Not required |
| Difficulty | High | Low | Low |
| Participation | Use your hardware | Rent hash rate | Stake specified coins |
| Rewards | BTC, LTC, etc. | Bitcoin | Newly listed coins |
As you can see, standard mining and cloud mining align with the traditional concept of "mining." The key difference is that standard mining requires you to own and operate hardware, while cloud mining involves renting hash power. New Coin Mining, on the other hand, works more like a earning feature and doesn’t involve the classic mining process—it just shares the name.
This guide will focus on actual mining: standard and cloud mining. To learn more about New Coin Mining, you can explore dedicated resources on that topic.
Pre-Mining Setup on Binance Pool
Before you start mining with Binance Pool, make sure you have the following:
- A Binance account
- Mining software
- A stable power supply
- Reliable internet connection
- Mining equipment (GPU with at least 4GB VRAM)
If you don’t have a Binance account yet, you can register easily and even take advantage of referral benefits.
Once your account is ready, open the Binance app, go to the “More” section, and select “Binance Pool” under “Earn.” Here, you’ll find various mining-related functions. Start by setting up your mining account.
Click the icon in the upper right and choose “Create Mining Account”:
- Mining Account Name: Choose a unique identifier. Note that each user can create up to 100 accounts, and once created, the name cannot be changed or deleted.
- Default Algorithm: Select the algorithm for the coin you want to mine. For example, choose SHA256 for Bitcoin. Icons are displayed to help you match algorithms with currencies.
Once you’ve completed these steps, your Binance mining account is ready!
How to Start Mining with Binance Pool
After creating your account, Binance will provide instructions for configuring your mining hardware. If you navigate away from the page, you can always return to the “Miners” section under Binance Pool to find your mining pool address.
Example addresses include:
- stratum+tcp://sha256.poolbinance.com:443
- stratum+tcp://btc.poolbinance.com:1800
- stratum+tcp://bs.poolbinance.com:3333
Follow these steps to configure your mining setup:
- Enter the Pool address into your mining software.
- Connect your mining device and note its IP address.
- Open a browser and enter the device’s IP.
- Log in using your Worker name (found in your Binance Pool account) and password.
After configuration, wait about 15 minutes. You should then see your active hash rate in the “Account Overview” section—this means you’re officially mining!
Earnings are calculated daily (as of 8:00 AM UTC) and are deposited directly into your Binance funding account by 6:00 PM UTC the same day. There’s no need to manually withdraw. If your balance is below the minimum payout threshold, it will remain and accumulate.
A Guide to Binance Cloud Mining
Cloud mining is much simpler than standard mining. You don’t need your own hardware or to configure pool settings. Instead, you purchase a limited availability contract to “rent” hash power for a set period—often 360 days.
For example, during the 2024 cloud mining period, Binance displayed the purchase cost and expected output, helping users evaluate the opportunity. Remember, expected output is an estimate, not a guarantee. Purchased cloud mining contracts pay out mined Bitcoin daily to your funding account.
In short, cloud mining involves spending USDT to rent mining power and earn Bitcoin. However, note that the USDT spent is non-refundable, and contracts cannot be canceled early. If Bitcoin’s price drops significantly, you could experience losses.
👉 Explore cloud mining options and expected returns
Additional Features of Binance Pool
Beyond standard and cloud mining, Binance Pool offers “Pool Savings” and “BTC Transaction Accelerator.” Here’s a quick overview of each.
Pool Savings
Pool Savings allows you to deposit mining rewards to earn additional yield. The returns are significantly higher than standard savings products on Binance. For instance, Bitcoin deposits can earn up to 1.5% APY—five times the typical rate.
It’s important to note that only mining rewards from Binance Pool can be deposited into Pool Savings. Bitcoin purchased on the market isn’t eligible. Also, once you withdraw funds, you cannot redeposit them. Think of it as a perk for active miners.
BTC Transaction Accelerator
The BTC Transaction Accelerator helps speed up Bitcoin transactions. If you’ve ever waited hours for a BTC transfer to confirm, you’ll appreciate this feature. It works like a priority pass: you enter your transaction ID and pay a small fee to reduce confirmation time.
For small Bitcoin transfers, though, using the Lightning Network might be a faster and cheaper alternative.
Final Thoughts and Risks of Binance Pool Mining
Setting up Binance Pool mining can be time-consuming because Binance provides limited guidance, which is why we created this guide to help newcomers.
Mining also comes with inherent uncertainties. There’s no guarantee that you’ll profit from your investment—even with cloud mining. You must be prepared for potential losses.
For beginners, “New Coin Mining” (Launchpool) is often a more intuitive and lower-risk starting point. Since you can withdraw your staked coins, it feels safer. If you’re an experienced miner, automatically receiving rewards directly into your Binance account is incredibly convenient. As the world’s largest exchange, Binance offers deep liquidity, making it easy to sell your mined coins or even engage in coin-margined trading.
Frequently Asked Questions
Can you mine on Binance?
Yes, Binance offers both traditional mining (with your own hardware) and cloud mining (renting hash power). Beginners can also participate in New Coin Mining.
What cryptocurrencies can you mine with Binance Pool?
Currently, you can mine Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), and Kaspa (KAS), among others.
What are the mining fees on Binance Pool?
The mining fee is 0.5%. Note that New Coin Mining (Launchpool) does not charge any fees.
How are earnings withdrawn from Binance Pool?
Earnings are automatically deposited into your funding account daily by 6:00 PM UTC. You can view them under “Wallet” -> “Funding.” From there, you can transfer to your spot wallet for trading or withdrawal.
👉 Get advanced methods for optimizing mining profits
Key Takeaways
- Binance Pool provides a convenient and accessible mining platform.
- Miners can monitor their hash rate and earnings in real-time.
- Cloud mining allows participation without owning hardware.
- New Coin Mining is a great, low-risk starting point for beginners.
- Always be aware of the risks and volatility associated with cryptocurrency mining.