Binance’s ‘exchange-run mining pool’ ranks as Bitcoin’s 11th largest, and plans to be top 10

posted 7 months ago
Binance’s ‘exchange-run mining pool’ is on the verge of breaking into the top 10 largest Bitcoin mining pools in operation. At the time of writing, Binance is ranked 11th with 2.5% share (10th is OKEx with 4.4%.) and the Binance pool had mined 11 blocks with a hashrate of 2.81 EH/s over the past 3 days.

It’s worth considering, as the Head of Crypto-investments at DTC Capital Spencer Noon stated, regarding his nervousness about the future, that is one in which “exchange-owned mining pools prioritize their own transactions or even censor transactions to competitor exchanges.” While the likelihood of the Binance mining pool manipulating the network in the future is said to be low, there is merit in being overly cautious. Especially considering the exchange had once tried to reverse a transaction in May 2019; however, after much deliberation, it did not go through with it.
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