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Binance announced support for the ETHW mining pool with a one-month promotional period wherein it will be no fees for participants of ETHW Pool.
On Thursday, September 29, the world’s largest crypto exchange Binance said that it has launched its mining pool for the Ethereum Proof-of-Work (ETHW). The ETHW has emerged out of the recent hardfork in the Ethereum blockchain just ahead of the Merge upgrade and transition to the Proof-of-Stake (PoS) network.
Interestingly, Binance has also announced a one-month promotional period wherein it will be no fees for participants of Ethereum Proof-of-Work Pool. The official announcement read:
“Binance Pool has officially launched the Ethereum Proof-of-Work (ETHW) mining service. During the promotion period, all users of the ETHW Pool will enjoy zero pool fees for ETHW mining”.
However, Binance also stated that to protect its users, Ethereum Proof-of-Work will undergo the same strict listing process. Also, Binance added that “Supporting ETHW on Binance Pool does not guarantee the listing of ETHW. Binance does not guarantee any listings as per our internal policy”.
Starting Thursday, September 29, Binance has already enabled withdrawals for ETHW. However, deposits for ETHW are currently not available. Users will be able to sell their ETHW on Binance Convert against BUSD or USDT.
ETHW and Binance Mining Pools
As said, the ETHW cryptocurrency was born out of the hardfork in the Ethereum blockchain before its transition to the Proof-of-Stake consensus model. Soon after the news from Binance on Thursday, the ETHW price skyrocketed. As of press time, ETHW is trading 8.8% up at a price of $11.97 and a market cap of $1.439 billion.
As the Ethereum blockchain prepared for a transition to PoS, prominent Chinese miner Chandler Guo launched a campaign to oppose this. This is because the Ethereum PoS transition has put miners out of business further putting a big dent in the Ethereum mining industry. As a result, the ETHW has received strong support from the Ethereum mining community. Major crypto exchanges like Binance and others have not shied away from offering support to Ethereum Proof-of-Work.
As for mining pools, these are formed as crypto miners come together to share resources. Thus it allows all miners in the group to work in a coordinated manner thereby having a better chance of processing transactions. With its own service Binance pool, the crypto exchange gives users to join its pools.