The crypto exchange has launched a Binance pool for mining Ethereum Proof-of-Work (ETHW). Binance’s mining pool is ranked among the best in the world. Additionally, ETHW pool users will not be charged a pool fee until October 29.
The Ethereum Merge successfully converted the blockchain to a proof-of-stake system, and ETHW is the forked version of Ethereum that retains the blockchain’s original proof-of-work (PoW) underpinnings. The EthereumPoW (ETHW) price has gone up by almost 10% since the announcement, $12.03 at the time of writing.
Binance Pool offers mining services to users with a focus on PoW and PoS. It connects miners to the exchange’s suite of financial products, which includes Binance Futures, Spot & Margin trading.
Despite allowing mining for it, Binance has yet to list ETHW in its spot or futures market. So after mining, ETHW can be converted to BUSD and USDT, but not the other way around. Only ETHW withdrawals are permitted.