Leading cryptocurrency commutation Binance launched its mining pool "Binance Puddle" on Apr 27.

The pool will operate with zero fees until May 31, after which the rate volition be prepare at 2.5%. The press release for the puddle states that large miners tin can contact Binance to negotiate an extension of the fee-free period.

Approximately 15 of Binance's more than than 1,000 employees work full-time towards the puddle's operation.

Cross-platform integration

Binance Puddle supports both Proof-of-Work (Pw) and Proof-of-Stake (PoS) mining mechanisms.

The pool is integrated with the balance of Binance's platform — assuasive miners to hands transfer funds between Binance Pool and the company'south diverse platforms, including trading, lending, and staking.

Speaking to Cointelegraph, caput of Binance Pool Lisa He stated, "We aim to establish a comprehensive platform for miners that will bring more possibilities to the mining manufacture past bridging traditional mining to financial services."

Binance founder and chief executive Changpeng Zhao said, "As an integral part of the global crypto market, empowering miners will therein enable significant growth and scale in the larger industry."

On April 24, Zhao tweeted that Binance Pool had mined its outset cake.

Community is cautious of centralization

Binance Puddle has received mixed responses from the crypto community, with some commentators expressing concerns that Binance's pool will result in a further centralization of Bitcoin (BTC) hash rate among a small-scale number of pools.

Twitter user 'HsakaTrades' tweeted a chart of Bitcoin's hash rate distribution accompanied by the explanation: "This hash distribution nautical chart is soon going to be equanimous of simply i colour." Another user wrote:

"This either ends super good for Bitcoin with multiple competing mining pools offering mass decentralisation or.... well I approximate you tin can effigy out the flipside of the money."

Binance claims to be a decentralizing force

In response to the criticism, Lisa He argued that the launch of Binance Pool will comprise a decentralizing force upon the mining sector.

"In 2018, the mining pool of a mining machine manufacturer owned nearly 51% hashing power of the whole Bitcoin network, and the security of the Bitcoin network was doubted," she stated, adding:

"With industry players similar Binance standing to enter the mining space and contribute computing power to the industry, the mining manufacture is actually getting more decentralized than it was two years ago. The largest pools take less than 20% of the computing power of the whole network, and the assets on the Bitcoin network become more secure."