Binance, the biggest crypto exchange in the world, announced in a press release on Thursday that it will launch the Ethereum proof-of-work (ETHW) mining pool. Immediately after this news was broken, EthereumPoW (ETHW) price skyrocketed by over 15%, hitting a 24-hour high of $12.71.
Binance Unveils Mining Pool for EthereumPoW (ETHW)
With the Merge software upgrade, the Ethereum Proof of work methodology has changed to less energy-intensive proof of stake methodology. EthereumPoW hard-forked Ethereum to unveil ETHW tokens. This enabled the continuing of mining on the Ethereum proof-of-work chain. Binance has finally announced the launch of the Ethereum Proof-of-Work (ETHW) mining pool for miners through a press release on September 29.
Binance Pool Waiving Pool Fees To Promote EthereumPoW (ETHW) Mining
Binance has also stated that it waives pool fees to promote ETHW mining on the Ethereum Proof-of-Work (ETHW) mining pool. All users can mine ETHW tokens for zero pool fees from September 29 to October 29 at 10:00 UTC.
Binance has clarified that ETHW support on Binance Pool does not represent the listing of ETHW tokens. EthereumPoW (ETHW) will have to undergo a strict screening process before it is listed. This ensures investors are protected and listing tickets with better use cases.
Binance crypto exchange only offers support for withdrawals of ETHW. The deposits of ETHW are not available due to internal policy. However, trading of ETHW for BUSD or USDT is possible on the Binance Convert service.
On the other hand, Ethereum (ETH) prices have tanked after the Merge software upgrade due to the hyperactivity of whales and traders offloading their ETH holdings. Also, the ETH supply has increased by 8,671 tokens after the Merge. Meanwhile, the ETHW price has also tanked due to a lack of support.