What is Binance Coin? How to mine Binance Coin?

Binance Coin is a digital asset created by the Binance Bitcoin exchange. This token is used to provide discounts to traders who use the Binance platform. Binance Coin was initially launched as an ERC-20 token on the Ethereum network, but later moved to the Binance Smart Chain (BSC) and is now a BEP-20 token.

Binance Coin is better known as BNB and is a utility token. Binance Coin is important in the blockchain for two reasons. First, it is the legal currency for all projects built on the Binance Smart Chain (BSC) ecosystem. Another reason is its "burning" mechanism, which permanently destroys one-fifth of the BNB in circulation.

How to mine Binance Coin?

Binance Coin cannot be mined because all coins were pre-mined when it was launched in 2017. Although Binance Coin does not run on the Proof of Work (PoW) consensus protocol like Bitcoin, there is a unique way to mine Binance Coin, which is through a mining software called unMineable. This method allows you to mine non-Proof of Work coins, which you can convert into your favorite asset after mining. Note: Cryptocurrency trading, purchasing, and mining are prohibited in Mainland China.