Binance, the world’s largest cryptocurrency exchange, has officially expanded its support for Ethereum Proof-of-Work (ETHW), the disguised version of Ethereum.
Mining but without a list
Cryptocurrency exchange announced the launch of the ETHW Mining Pool on Binance Pool via a Blog Posts And inform users of a thirty-day “zero pool fee” period for miners participating in the mining pool. The period ends on October 29, 2022.
“To protect Binance users, ETHW will go through the same rigorous listing review process that Binance does for all other coins/tokens,” the blog post continues.
Binance also clarified that the support for ETHW on the Binance Pool does not definitively mean that the crypto token will eventually be listed on the exchange. No listings are guaranteed according to the platform’s internal policy.
On September 20th, Binance accomplishment Distributing Ethereum PoW tokens to all eligible ETH and WETH users and then enabling withdrawals with ETHW. However, ETHW deposits are not available yet.
Binance is not the only platform that supports ETHW mining. At least 23 other mining pools have expanded their support for ETHW mining. This includes AntipolMining pool of mining hardware manufacturer Bitmain. Other names include F2PoolSwimming pool.
More about Ethereum PoW
ETHW debuted in early September at an impressive price of $121 and went on to hit $138 in 24 hours. However, the token plummeted ahead of the Ethereum merger event, trading at $65 on September 15th. The price just went down from there.
according to data From CoinMarketCap, ETHW is currently trading at $11.82, down 4.7% from yesterday (September 29). The current market capitalization is $1.44 billion, but it is important to note that this number is self-reported and not yet verified. $227 million of ETHW has been traded in the last 24 hours.
Interestingly, after the merger, ETHW trading volume witnessed a massive increase, rising to nearly $60 million on September 15, compared to just $3.3 million the day before.
The next day, he crossed the $100 million mark. Trading volume has only increased since then, reaching a record high of $583 million on September 25.
The increased trading volume only continues to demonstrate the lingering interest in the traditional Ethereum Proof of Work version. Much of this interest is coming from ETH miners who have fallen into the trap of talking about an eco-friendly version of the second largest cryptocurrency.
A Chinese consortium of Ethereum miners led by a famous miner Chandler Joe They have previously indicated that they will support a disguised version of ETH that maintains the Proof of Work consensus protocol.