Cryptocurrency exchange Binance announced the launch of the ETHPoW (ETHW) mining pool. From now until October 29, users who contribute computing power to the ETHW mining pool will enjoy zero mining fees.
In order to ensure the stability of income, miners will organize together to form a mining pool to achieve the integration of computing power, and Binance provides users with the opportunity to join the mining pool through the Binance mining pool.
Logically speaking, miners’ income can usually be traded in Binance’s currency account or in fiat currency C2C and other businesses. However, Binance emphasized that although Binance Pool now supports ETHW mining, it does not guarantee Binance. The asset will also be listed. Binance stated in the announcement
To better protect Binance users, ETHW will go through the same rigorous listing review process Binance does for any other token. According to internal policy, Binance will not make any listing guarantee (for ETHW).
Binance stated that as of September 29, only the withdrawal service of ETHW is enabled , and recharge is not supported. Users can sell ETHW to exchange BUSD and USDT through the flash exchange platform.
Even so, after the news of Binance launching the ETHPoW mining pool, it still succeeded in incentivizing the ETHW price to soar. At the time of writing, ETHW is trading at $12.21, up 12% over the past 24 hours. According to CoinGecko market data, the price of ETHW once climbed to $12.72 earlier.
ETHW is a new asset born out of an ethereum merger earlier this month. At that time, Ethereum transitioned from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus mechanism, and the team that advocated retaining the Ethereum PoW mining mechanism conducted a hard fork and launched the EthereumPoW (ETHW) main network.