Binance has introduced mining pools for ETHW users, offering zero fees for a limited time. ETHW is a forked version of Ethereum that retains the Proof-of-Work components of the blockchain before the merger. The popular crypto exchange made the announcement on Thursday, September 28 via a blog entry on your website.
Mining pools are created when a group of cryptominers want to share resources with other miners. They do this to increase their likelihood of executing a transaction collectively.
Related Reading: Portland Trail Blazers Jersey Patch Partner Deal With Firm StormX
Binance offers its customers the option to participate in groups through the Binance Pool characteristic According to Thursday’s statement, there will be no fees for ETHW Pool members during the promotional period. However, the crypto exchange mentioned that the mining pool support does not guarantee that it will eventually include the forked token.
What you need to know about the Binance Mining Pool offer
In a recent blog post, the cryptocurrency exchange publicized the establishment of the ETHW Mining Pool on the Binance Pool. The article also notified users of a thirty-day period during which mining pool members would enjoy “zero pool charge.” This period will end on October 29, 2022.
The blog entry was read;
In order to protect Binance users, ETHW will go through the same strict list review process as Binance does for any other coin/token.
Mining without any listings, yet
Although Binance Pool accepts ETHW, the exchange clarified that this does not guarantee a future listing for the fork coin. The internal policy of the platform states that there are no guarantees for the listings.
Tokens for Ethereum’s proof-of-work consensus mechanism were sent to valid ETH and ETHW users on September 20. Binance later authorized withdrawals of ETHW, but no support for repositories yet.
Binance is not the only exchange that hosts ETHW miners. More than twenty-three other mining pools offer ETHW mining, including Bitmain’s official mining pool, Antpool. Other platforms that support ETHW mining include Poolin and F2Pool.
More about ETHPoW
EthereumPOW got off to a great start during its debut in early September. The hard fork launched at an impressive $121 and rose to $134 within 24 hours. Despite this, the value of the token dropped substantially in the days leading up to the Ethereum merger event. It bottomed out at $65 on September 15th and has done nothing but drop since then.
CoinMarketCap reports that ETHW is trading at $11.82, down 2.92% from the previous day (September 29). The current market cap is $1.43 billion; however, this number has not been independently confirmed and is therefore subject to change. ETHW has also seen a market volume of $181 million in the last day.
Increased interest in ETHW?
It is interesting to note that after the merger, the trading volume of ETHW experienced a significant increase. It jumped to roughly $60 million on September 15 from a meager $3.3 million the previous day.
Related reading: Major Bitcoin price advance expected this month, analyst says
The next day it broke the $100 million barrier. Since then, trading volume has soared, reaching an all-time high of $583 million on September 25. The increase in trading volume shows that traditional proof-of-work Ethereum still has some supporters.
Featured image from Pixabay and chart from TradingView.com