Binance launches Litecoin and Dogecoin mining pool

The launch comes amid an important update to Dogecoin Core.

Binance cryptocurrency exchange announced the start of a mining pool aimed at mining Litecoin and Dogecoin.

Litecoin (LTC), launched on October 13, 2011, was one of the first created altcoins powered by the Scrypt Proof of Work algorithm and remains one of the largest cryptocurrencies by market capitalization.

For Litecoin, the PPS (Pay-per-Share) model will be used. In this approach, the participant receives a fixed amount for each "share" sent. Miners are paid out of the existing pool balance and can withdraw their payments immediately.

For Dogecoin, the PPLNS (Pay-per-last-N-shares) method is proposed. Miner's rewards are paid when the pool successfully mines a block. Its size, adjusted for the operator's commission, is distributed depending on a basis of N last shares, instead of all shares for the last round.

Earlier, Dogecoin developers released an update for Dogecoin Core. In addition to general security updates and changes to network policies, the release comes with lower transaction fees.

Dogecoin co-founder Billy Markus called the update important for every user on the network. According to him, there are only two reasons to ignore the update: "you hate money" and "you hate your users."

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