Binance pool launches Bellscoin (BEL) merged mining with LTC and DOGE

Bellscoin (BEL) Joins Binance Pool Portfolio

Bellscoin (BEL) has expanded its presence on the Litecoin (LTC) network as a new merged mining asset. Effective September 30, Binance Pool will reward BEL produced in each Litecoin block to all its clients.

Rewards and Mining

To earn BEL rewards, miners must join Binance Pool with their Scrypt mining operations. BEL will be allocated to an external wallet since it's not yet listed on Binance, and there are no immediate plans for listing.

Limited Supply and Potential Rewards

BEL's relatively scarce supply, with a self-reported 42M in circulation, makes it appealing. The supply will increase to 58M by year-end, and new token production will slow down drastically after the Epoch 5 cutoff date. Blocks will produce 2 BEL every minute, reaching a supply of 60M by 2026.

Bellscoin's Origins and Mission

Bellscoin, first launched in 2013, combines meme elements with classic mining. It was revived in 2023 with merged mining capabilities. The creator, Billy Markus, known as Shibetoshi Nakamoto, aims to grow the asset organically and potentially integrate community-based projects.

Merged Mining Process

Merged mining for BEL requires a self-custodial wallet and a Binance account. BEL will be credited to the wallet once it's configured for Binance's mining pool. Participants without a configured wallet will not receive rewards. Anonymous BEL mining is possible only through solo machines or pools with different terms.

Performance and Rewards

The amount of BEL mined depends on the pool's performance, not the proportion of LTC or DOGE produced in their respective blocks. All BEL miners through Binance Pool will receive a minimum payout of 1 BEL. As of September 30, Bellscoin has 36 days remaining in its accelerated mining Epoch 3.

Upcoming Changes and Market Activity

After six months, Bellscoin will transition to a flat block reward of 2 BEL every minute. BEL has recently reached an all-time high near $1, supported by its Binance announcement. It relies on smaller exchanges like CoinEx for trading, but the Binance attention has boosted its profile.

Barriers to Entry and Growth Potential

While BEL's addition to Binance Pool may increase Scrypt activity, the top pools hold a significant portion of the hashrate. Binance Pool's relatively small share of the Litecoin hashrate indicates that newcomers may face challenges in mining BEL.

Impact on Litecoin Network

The inclusion of BEL has contributed to Litecoin's hashrate reaching an all-time high, offering increased security for the network. LTC and DOGE have stabilized at $68.10 and $0.12, respectively.