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- Binance Pool now allows its users to earn rewards in Dogecoin and Bellscoin, in addition to those already existing in Litecoin through merged mining.
- However, Bells is not registered with Binance, and the exchange warns that the rewards program does not guarantee that it will list the coin.
Binance Pool, the exchange’s collaborative mining network, has announced that Litecoin miners can now earn rewards in LTC, Dogecoin and Bellscoin through merged mining.
Binance Pool enables individuals to participate in the ultra-competitive cryptocurrency mining sector by harnessing the power of cooperation. Thousands of miners combine their mining resources, allowing them to better compete against global giants with vast resources.
The pool has now announced merged mining for Litecoin. Merge mining is the process by which a miner uses the same equipment to mine two different cryptocurrencies simultaneously, which increases their profits. However, combined mining is only possible when the cryptocurrencies involved use the same consensus protocol and hash function, such as Scrypt or SHA-256. The first time this was done was in 2011, when Bitcoin miners started simultaneously mining Namecoin, one of the first cryptocurrencies.
Now, Binance Pool users can mine Litecoin as a mother chain, with Dogecoin and/or Bellscoin as “daughter” blockchains. Bellscoin was launched by Billy Markus, the man best known for launching Dogecoin, the largest meme coin in the space with a market cap of $17.2 billion. However, Billy claims to have launched Bellscoin first, back in 2013, but abandoned the project and focused on DOGE. He would revive it last year after leaving the DOGE team years earlier, before the meme coin exploded.
Bellscoin has yet to hit the ground running. In fact, despite offering it as a reward in merged mining, Binance has yet to list the token. In its announcement, it warned investors not to assume that its listing was imminent:
Bellscoin (BEL ) isnot currently listed on Binance.com. The launch of the Bellscoin (BEL) mining service on Binance Pool does not guarantee the listing of the token on Binance.com.
Merged BEL mining will use a PPLNS payment model with a minimum payout of 1 Bellscoin (BEL), the exchange added.
Earnings will be based on the actual production of the mining pool. Bellscoin (BEL) earnings willnot be affected by LTC or DOGE earnings.
The BEL resurgence was aimed at the meme coin craze that had been revived late last year. Coins like BONK, Book of Meme and Dogwifhat reached huge heights in the bull market that began in the second half of last year and culminated around March. Although most of them lacked utility at the time of their launch, they gained traction to become among the top 100 most traded coins: WIF and BONK are worth $2.4 billion and $1.7 billion, respectively.
