Bellscoin (BEL), a revived cryptocurrency with roots dating back to 2013, has significantly expanded its presence as a new merged mining asset on the Litecoin (LTC) network. As of September 30, Binance Pool will reward miners by distributing BEL tokens produced in each Litecoin block to all its Scrypt mining clients.
To access these BEL rewards, miners must join Binance Pool with their Scrypt mining operations. However, BEL isn’t currently listed on Binance, and there are no immediate plans for a listing. Instead, the BEL rewards will be transferred to external wallets, keeping the process decentralized and independent of a Binance listing.
Scarcity and Rapid Mining Drive Demand for BEL
BEL’s limited supply is a significant factor in its growing popularity among miners. The self-reported circulating supply of 42 million BEL is expected to rise to 58 million by the end of 2024. After that, production will slow down, with new tokens being minted at a rate of 2 BEL per block every minute, eventually reaching a hard cap of 60 million by 2026. This controlled issuance, combined with the opportunity for faster rewards in 2023 and 2024, has led to a surge in miner participation.
Merged Mining and Meme Culture
Bellscoin stands out by blending classic mining with meme culture. Miners with significant Scrypt hashing power, including those mining Litecoin and Dogecoin (DOGE), are particularly well-suited to benefit from BEL. Originally launched in 2013, the project was revived in 2023 with merged mining on the Litecoin network.
One of the key figures behind BEL is Billy Markus, also known as Shibetoshi Nakamoto, co-creator of Dogecoin. Although Markus hasn’t heavily promoted BEL, the project aims to grow organically, with the potential for future community-based initiatives such as ordinals. The Bellscoin website makes it clear that BEL is not affiliated with Nintendo’s Animal Crossing franchise and has no intrinsic value or specific project associations.
How to Mine BEL on Binance Pool
To mine BEL, participants need to configure a self-custodial wallet and link it to their Binance account. Only fully verified Binance users can participate in the merged mining process, which rewards miners based on the pool’s overall performance rather than their proportion of LTC or DOGE mined. As of September 30, BEL miners can expect a payout of at least 1 BEL.
Binance Pool’s relatively small share of the Litecoin network hash rate—currently 6,827 miners—means the addition of BEL is likely to boost its Scrypt mining activity. However, the largest pools, such as ViaBTC, which produces over 32% of all Litecoin blocks, have already monopolized much of the Scrypt hashrate.
BEL’s Price and Market Performance
On the eve of Binance’s announcement, BEL surged to an all-time high of $1.03, driven by renewed attention and speculative interest. Though it has since cooled down to $0.94, BEL remains highly attractive to miners and investors. Much of BEL’s trading activity occurs on smaller exchanges like CoinEx, with community-driven efforts pushing for broader exchange listings.
The excitement surrounding BEL’s inclusion in Binance Pool is bolstered by Binance’s history of supporting assets through side projects before officially listing them. BEL’s fair distribution, with no pre-mine, aligns well with Binance’s criteria for future listings, raising hopes for increased liquidity and visibility.
Also Read: Litecoin (LTC) Surges 7.34% – Can It Reclaim July’s High Of $76.78?
Bellscoin’s revival and integration into Binance Pool come at a time when the Litecoin hashrate is soaring, up 20% since April 2024 to an all-time high of 1.2 PH/s. With Litecoin trading at $68.10 and Dogecoin at $0.12, BEL presents an opportunity for miners seeking diversification and exposure to a promising new asset.
As BEL moves through Epoch 3 of its mining schedule, it’s poised to capture even more attention, cementing its place as a key player in the merged mining ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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