Home News Binance Debuts ETHW Mining Pool; What is ETHW?


29 Sep 2022

Binance Debuts ETHW Mining Pool; What is ETHW?

The cryptocurrency exchange Binance made the announcement today that it would provide its consumers with an Ethereum Proof-of-Work (ETHW) mining service. Binance also revealed on Thursday that those who participate in the ETHW pool would not be subject to a fee until October 29. This news came as part of the exchange’s announcement.

Binance maintains that the inclusion of ETHW support on the Binance Pool does not equate to the listing of ETHW tokens on the exchange. As is the case with all other currencies, EthereumPoW (ETHW) will be subjected to Binance’s rigorous listing review procedure. This protects the interests of investors and prioritizes the listing of tokens that have useful applications.

In addition, the cryptocurrency exchange only allows for the withdrawal of ETHW. Because of an internal policy, access to the deposits of ETHW is now denied. On the other hand, users may sell their ETHW holdings on Binance Convert in exchange for BUSD or USDT.

The price of ETHW shot up in response to the news, and at the time this article was written, it was trading for $12.21. This is representing a 12% rise over the previous twenty-four-hour period. According to CoinGecko, at one point earlier today, it reached a high of $12.72 per coin.

Binance said, as part of the announcement of its ETHW mining pool, that in order to ensure the safety of Binance users. ETHW would be subjected to the same stringent listing review procedure that Binance employs for all other coins and tokens. The business also said that even if ETHW is supported on Binance Pool, this does not ensure that ETHW will be listed.

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What is ETHW?

The Ethereum Merge took place on September 15 and was successful in transitioning the blockchain to a proof-of-stake mechanism. This eradicated the need for cryptocurrency miners on the network. Even though it got off to a rough start, a new split version of Ethereum that is still driven by proof-of-work has been established.

Chandler Guo, a veteran in the cryptocurrency sector, is leading the EthereumPoW (ETHW) community-based project. It is a Proof-of-Work (PoW) fork of Ethereum. The team is comprised of sovereign developers and miners. On July 27, 2022, Guo tweeted out the concept of ETHW to his followers. Since then, there has been a lot of interest in the matter. Especially among miners who are opposed to The Merge.

A hard fork of EthereumPoW happened because certain miners refused to abandon the profitable PoW method in favor of the less lucrative PoS. According to the most recent Arcane Research research. Ethereum mining revenues will reach $18 billion in 2021, slightly more than Bitcoin’s $17 billion returns. Mining Ethereum has been the most lucrative cryptocurrency venture since early 2022.

Following the completion of the Merge, the price of Ethereum (ETH) has collapsed. However, whales and traders continue to unload their holdings of ETH. In addition, after the Merge, the total quantity of ETH has grown by 8,671 tokens. In the meanwhile, the price of ETHW has also dropped precipitously owing to the absence of support.