Binance Pool Mining: Your Starter Guide for Crypto Earnings

Binance Pool Mining is your starter guide to earning crypto. Binance pays you daily! Here’s how you can start profiting from mining right away!

You already have a Binance account and are wondering if you can use it to get started with mining? The answer is: Yes! With Binance Pool, you can contribute your computing power and receive rewards in return. In this article, I’ll show you step-by-step how to set up your mining account, configure your miner, and what you need to pay attention to.

Is KYC Necessary for Mining?

Before we begin, let’s clarify the most important question: Yes, using Binance Pool requires a fully verified account (KYC) .

Although you can probably already navigate the Binance universe, verification for financial services like mining is mandatory. The Know Your Customer procedure serves security purposes and prevents fraud, money laundering, and other illegal activities. This is how Binance ensures that all users on the platform are legitimate .

In short: Without completed KYC verification, you won’t be able to create a mining account or receive any earnings. So, make sure your main account has passed all verification stages.

Step 1: Creating Your Mining Account (“PiMike2”)

Let’s get started with creating your dedicated mining account. Simply follow these steps:

1. Log in and Navigate: Log in to your Binance account. Navigate to “More” (often found in the menu) and then select “Mining Pool” .
2. Open Dashboard: Click on “Mining Dashboard” .
3. Create Account: Here you’ll find the “Create Mining Account” button. Click on it .
4. Assign a Name: A window will open. Enter the desired name for your mining account here. Our example name is: PiMike2 .
   • Important: The name cannot be changed or deleted later .
   • You can also add an optional remark to keep track.
5. Confirm: Check the box agreeing to the terms of use and click “Create” .

Congratulations! Your mining account PiMike2 is now ready for use. By the way, you can create up to 100 such accounts (also called sub-accounts) to separate different miners or strategies .

Step 2: Setting Up Your Miner – The Core Part

Now it gets practical. This part depends on what type of hardware you are using. The setup differs depending on whether you are operating a specialized ASIC miner (e.g., for Bitcoin) or a GPU miner (graphics card rig, e.g., for coins like Conflux) .

However, the basic principle is the same for both: You need to tell your miner where to connect (the pool URL) and under what name it should work (the worker name).

Step 2.1: Configuring the Pool URL

The pool URL is the address of the Binance Pool. Which one you use depends on the algorithm of the coin you want to mine. Here are two examples:

• For Bitcoin (SHA-256 algorithm): stratum+tcp://sha256.poolbinance.com .
• For Conflux (Octopus algorithm): stratum+tcp://cfx.poolbinance.com .

You enter this URL into your miner’s configuration interface.

Step 2.2: Setting the Worker Name – Made Simple!

The worker name identifies an individual miner within your mining account. To keep it as simple as possible, you just use your account name, followed by a dot and a sequential number for your devices.

The format is therefore: YourMiningAccountName.001 (or .002, .003, etc.)

For our example, this means:

• Your first miner is called: PiMike2.001
• Your second miner is called: PiMike2.002
• And so on…

The password is optional and can be left blank or set to, for example, x .

Step 2.3: Example Configuration for an ASIC Miner (Antminer)

Let’s assume you own an Antminer S19 Pro and want to mine Bitcoin. Here’s how you proceed :

1. Establish Connection: Make sure your miner is connected to power and to your router via an Ethernet cable.
2. Find the IP: Find out your miner’s IP address (e.g., via your router’s menu or a network scanner tool) .
3. Access the Interface: Enter the IP address into your browser’s address bar and log in using the miner’s credentials (default is often root / root).
4. Make Settings: Go to the menu item “Miner Configuration” or “Miner Settings” .
5. Enter Data:
   • URL: Enter the Binance Pool URL, e.g., stratum+tcp://sha256.poolbinance.com:8888 (Specifying a port like :8888 can increase stability) .
   • Worker: Enter your worker name here: PiMike2.001
   • Password: Leave the field blank or enter any character (e.g., x).
6. Save: Click “Save & Apply” . The miner should now restart and begin working.

Step 2.4: Example Configuration for a GPU Miner (for Conflux/CFX)

If you want to mine with your graphics card, you will also need mining software like NBMiner or T-Rex . After downloading and extracting, you’ll find a .bat file (e.g., start.bat). Edit this file with a text editor.

The command for T-Rex for our account PiMike2 and worker 001 would look like this :

t-rex -a octopus -o stratum+tcp://pool.binancepool.com:443 -u PiMike2.001 -p x

Save the file and start it with a double-click.

The Importance of Algorithms

In mining, everything revolves around the correct algorithm. Your hardware is built for specific algorithms. An ASIC miner for the SHA-256 algorithm cannot suddenly mine coins based on Scrypt.

Here are some examples of which coins belong to which algorithm on Binance Pool:

• SHA-256: Bitcoin (BTC), Bitcoin Cash (BCH) .
• Octopus: Conflux (CFX) – mainly mined with GPUs .
• Ethash: Ethereum Classic (ETC) – also suitable for GPUs.

What does this mean? Before you configure your miner, you need to decide which coin you want to mine. This decision determines which pool URL you use. You can find the correct URLs for each coin on the Binance Pool main page by clicking the arrow next to the coin name .

Payouts and Monitoring

• Check Hashrate: After about 10-15 minutes, the first data should be visible in the Binance dashboard. Under the “Workers” section, you can see the active hashrate of your miners .
• View Earnings: Settlement occurs daily. The coins you’ve earned are credited to your Funding Wallet between 2:00 and 10:00 AM UTC . From there, you can transfer them to your Spot Wallet without fees.
• Stability: It is recommended to configure multiple ports (e.g., :3333, :443, :8888). If one port fails, the miner automatically switches to the next one, and your mining continues stably .

Conclusion

Getting started with Binance Pool is really easy with an existing and verified account. By creating your mining account (PiMike2), you’ve taken the first step. The setup requires a bit of care in choosing the right algorithm and correctly configuring the URL and worker name (remember the simple format: AccountName.001).

Once your miner is running, you can use Binance’s powerful tools to monitor and maximize your earnings. Happy mining!

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