Binance Launches EthereumPoW (ETHW) Mining Pool

Binance Launches EthereumPoW (ETHW) Mining Pool
  • The news caused a 15 percent spike in the price of EthereumPoW (ETHW).
  • Binance Pool has announced that it would no longer charge any pool fees for a month.

The world’s biggest crypto exchange Binance in a press release on Thursday announced the start of the Ethereum proof-of-work (ETHW) mining pool. The news caused a 15 percent spike in the price of EthereumPoW (ETHW), which ended the day at a record $12.71.

With Ethereum mining no longer possible after the Merge, EthereumPoW hard fork was carried out to create ETHW tokens so that the Ethereum proof-of-work chain could be mined.

Zero Pool Fees

To further encourage ETHW mining on the Ethereum Proof-of-Work (ETHW) mining pool, Binance Pool has announced that it would no longer charge any pool fees. All users may mine ETHW tokens for $0 pool fees from September 29 to October 29 at 10:00 UTC.

Binance maintains that ETHW support on Binance Pool is not indicative of a listing of ETHW tokens. Similar to how Binance lists other tokens, EthereumPoW (ETHW) will be reviewed thoroughly before being added to the exchange’s platform. It provides investor protection and listing of tokens with better use cases.

Moreover, the crypto exchange support only withdrawals of ETHW. Due to institutional regulation, access to ETHW deposits is now unavailable. However, users may sell ETHW for BUSD or USDT using the Binance Convert service.

In the meanwhile, the value of ETHW has collapsed as well. The recent introduction of the Ethereum-supporting cross-chain ETHW Bridge caused a price increase of nearly 40%. The price of ETHW increased by close to 15 percent after Binance Pool was announced. At this time, one ETHW can be purchased for $12.47. The day’s low was $10.42, while the day’s high was $12.71.

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