Binance launches system to mine Litecoin, Dogecoin and Bellscoin

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Binance launches system to mine Litecoin, Dogecoin and Bellscoin
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Binance has launched a new system that allows the joint mining of Litecoin (LTC), Dogecoin (DOGE) and Bellscoin (BEL). With this innovation, miners using Binance Pool can mine Litecoin and simultaneously receive rewards in Dogecoin and Bel, maximizing their income and diversifying profit sources.

This modality, called “merge mining”, allows miners to use the same hash power to mine multiple cryptocurrencies that share the same work validation algorithm.

So, instead of mining one cryptocurrency at a time, they can, with a single effort, obtain rewards in different tokens. However, despite supporting BEL mining, the cryptocurrency is not yet listed on Binance.

In a statement, the exchange said that the inclusion of BEL in mining does not guarantee its future listing on the trading platform. To receive the rewards, users must set up a Bellscoin address.

Binance focuses on mining

Binance also announced that it will use the “PPLNS” (Pay Per Last N Shares) payment system to reward miners. This model distributes rewards based on the number of valid shares contributed in the last X valid shares, favoring those who maintain a continuous mining effort.

The minimum payment will be 1 BEL, which is approximately US$0.85 currently. If the miner does not reach the required minimum, rewards will accumulate until the amount is reached.

Binance Pool offers a profit calculator tool so that users can estimate their income when using the merged mining system.

For example, with a processing power of 500 gigahashes per second (Gh/s), the estimated reward for a successfully mined block would be approximately 1.5 LTC ($103), 5,038 DOGE ($600), and 167 BEL ($143).

Combined mining of Dogecoin and Litecoin is not new. Since August 2014, this practice has been implemented to bolster the security of the Dogecoin network, which at the time was facing concerns about its vulnerability due to the decline in hash power.

By joining forces with the Litecoin network, Dogecoin ensured greater security, as both cryptoassets share the Scrypt mining algorithm. This union of efforts made the Dogecoin network more robust and secure.

Binance launches system to mine Litecoin, Dogecoin and Bellscoin

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Binance launches system to mine Litecoin, Dogecoin and Bellscoin

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Binance launches system to mine Litecoin, Dogecoin and Bellscoin

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