Binance officially rolls out Ethereum PoW Mining Pool

Sahana Kiran
Source – Unsplash

While Ethereum [ETH] successfully finalized the Merge, it also created a huge divide in the industry. The entire network underwent a major change following its transition from proof-of-work [PoW] to proof-of-stake [PoS]. Therefore, the need for miners was negated.

This did not settle well with them and a desire to retain PoW mining was instilled among many individuals. With that in place, an array of platforms that initially dismissed this chain decided to extend support. Binance boosted the presence of ETHW by rolling out the Ethereum Proof-of-Work [ETHW] Mining Pool.

The world’s largest crypto exchange by trading volume took to Twitter and announced its latest initiative. Binance even decided to give all its ETHW Pool users zero pool fees on ETHW mining.

It should be noted that the zero pool fees offer would be in place only for a month till 29th October. Following the promotion period, this offer would end.

In addition to this, the Binance cleared the air by suggesting that the latest announcement did not indicate the listing of ETHW. The announcement read,

“In order to protect Binance users, ETHW will go through the same strict listing review process as Binance does for any other coin/token. Supporting ETHW on Binance Pool does not guarantee the listing of ETHW. Binance does not guarantee any listings as per our internal policy.”

Binance affirmed that only withdrawals were available for ETHW on the exchange. Users were allowed to sell their ETHW against BUSD and USDT, however, deposits were shut.

Here’s how ETHW has been faring

The last couple of days have been quite favorable to ETHW. While the entire market was in a slump. ETHW seemed to be bagging gains. At press time, the asset was trading for $10.90 with a 1.93 percent surge over the last 24 hours. It should be noted that ETHW managed to surge to a high of $13.78 over the week.