Binance users earn Dogecoin and Bellscoin rewards through mining Litecoin
- Binance Pool officially launches Bellscoin merged mining and users earn rewards in Litecoin and Dogecoin.
- Dogecoin creator Billy Markus created Bellscoin nearly a week prior to the meme coin project.
- Litecoin and Dogecoin erase nearly 2% value on Monday.
Binance Pool users can earn rewards in Bellscoin (BEL) and Dogecoin (DOGE), in addition to Litecoin (LTC) rewards through merge mining. In Merge mining, miners contribute their computational resources to multiple blockchain networks simultaneously, this increases the earned rewards and benefits for users.
The official announcement from Binance reads that BEL is not listed on the exchange platform and rewards in the asset do not guarantee a listing.
Binance users earn rewards in DOGE and Dogecoin creator’s older project BEL
Binance Pool announced the official launch of merge mining for Litecoin. Litecoin miners can earn LTC, DOGE and BEL rewards.
Dogecoin’s creator, Billy Markus, had created the Bellscoin project nearly a week before the meme coin’s launch, BEL is not currently listed in the exchange platform.
The official announcement guides users on the steps to participate in Litecoin mining that went live on September 29. User’s earnings are dependent on the actual payout from the mining pool.
The exchange informs users that distribution of rewards in BEL does not guarantee a listing on the exchange platform.
Litecoin and Dogecoin decline slightly on Monday, erasing nearly 2% value on the day.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
