Binance Pool Launches Merged Mining for Litecoin (LTC), Miners Can Now Earn Rewards in LTC, Dogecoin (DOGE), and Bellscoin (BEL)

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, a collaborative mining network operated by the cryptocurrency exchange Binance, has announced that Litecoin (LTC) miners can now earn rewards in LTC, Dogecoin (DOGE), and Bellscoin (BEL) through merged mining.

Individuals can participate in the highly competitive crypto-mining sector through Binance Pool, which combines the efforts of thousands of miners. This allows them to compete more effectively against large-scale mining operations with significant resources.

The pool has now integrated merged mining for Litecoin. Merged mining allows a miner to simultaneously mine two different cryptocurrencies using the same equipment, increasing the miner's earnings. However, merged mining is only possible when the cryptocurrencies involved utilize the same consensus protocol and hash function, such as Scrypt or SHA-256. The concept was first applied in 2011, when Bitcoin miners began to also mine Namecoin, one of the earliest cryptocurrencies.

Binance Pool users can now mine Litecoin as the parent chain, with Dogecoin and/or Bellscoin serving as the 'child' blockchains. Notably, Billy Markus, who is renowned for launching Dogecoin, the largest meme coin with a market capitalization of $17.2 billion, also launched Bellscoin in 2013. However, he abandoned the project to focus on DOGE, and it was only last year that he revived Bellscoin after leaving the DOGE team years before the meme coin's massive surge.

Despite offering Bellscoin as a reward in merged mining and being the world's largest cryptocurrency exchange, Binance has yet to list the token. In its announcement, the exchange included a disclaimer to investors regarding the assumption of an upcoming listing:

“Bellscoin (BEL) is not currently listed (available for trading) on Binance.com. The launch of the Bellscoin (BEL) mining service on Binance Pool does not guarantee a token listing on Binance.com.”

The exchange also stated that BEL's merged mining will utilize a PPLNS payout model with a minimum payout of 1 Bellscoin (BEL).

“Earnings will be based on the actual output of the mining pool. Bellscoin (BEL) earnings will not be affected by LTC or DOGE earnings.”

The revival of Bellscoin coincides with the meme coin mania that resurfaced towards the end of last year. Coins like BONK, Book of Meme, and Dogwifhat experienced a massive surge during the bull market that began in the second half of last year and peaked around March. While most of these meme coins had no utility at launch, they quickly gained a large following and are now among the top 100 coins, with WIF and BONK valued at $2.4 billion and $1.7 billion, respectively.