Key Takeaways
- In light of the Ethereum Merge, many developments have come to light for different crypto users.
- One of the recent instances in this line is the rolling out of mining pools for ETHW users by Binance.
In light of the Ethereum Merge, many developments have come to light for different crypto users. While some come in the form of changes in the systems of several exchanges, others exist as incentives for various stakeholders involved in the wake of this reality. One of the recent instances in this line is the rolling out of mining pools for ETHW users by Binance.
Read: $688 Million BTC Pulled From Exchanges; Traders Expect BTC Rally
Binance Rolls Out A Mining Pool For ETHW With Zero Fee
The concept of mining pools is described as a way for cryptocurrency miners to pool resources with one another. They do this to improve their chances of carrying out a transaction as a group.
In a blog post on its website on September 28, Binance announced that it would give its ETHW users 0% fees on [mining pools]https://remitano.com/forum/post/22979-mining-in-cryptocurrency-a-beginners-guide). A split version of Ethereum, called ETHW, still contains Proof-of-Work elements from before the merge
The Ethereum Merge, which effectively switched the blockchain to a proof-of-stake mechanism two weeks ago, did away with the need for crypto miners on the network. Although it had a rough start, a fresh, forked version of Ethereum was established that was still PoW-powered. The cloned version may theoretically be supported by customers of Binance, a major player in cryptocurrency trading.
Binance customers can participate in pools through the Binance Pool attribute. Members of the ETHW Pool wouldn't be charged any fees during the campaign, according to a statement issued on Thursday. Although the mining pool assisted in listing the forked cryptocurrency, the crypto exchange cautioned it is not guaranteed.
The Essential Things To Understand About The Binance Mining Pool Offer
The cryptocurrency exchange recently announced the creation of the ETHW Mining Pool on Binance Pool in a blog article. The article also informed readers that mining pool members would pay a "zero pool charge" for the next thirty days. The end of this time will occur on October 29, 2022.
The blog post also stated that ETHW will go through the same rigorous listing review procedure that Binance employs for every other coin or token to protect its customers.
On September 20, legitimate holders of ETH and ETHW were given tokens for Ethereum's Proof-of-Work consensus algorithm. Later, Binance approved ETHW withdrawals, but deposits are still not supported.
The Binance exchange is not the only exchange that accepts ETHW miners. There are over 23 mining pools that support ETHW mining, including Antpool, Bitmain's official mining pool. ETHW mining is also available on Poolin and F2Pool.
Updates on ETHPoW
At its early September introduction, EthereumPOW was off to a successful start. The hard fork's stunning 121 dollars debut price increased to 134 dollars in just one day. Despite this, the token's value significantly decreased in the days before Ethereum's merging event. On September 15th, it hit its lowest point at 65 dollars and hasn't stopped falling.
In spite of the 29 September’s price drop, ETHW is currently trading at 11.82 dollars. The market capitalization is now 1.43 billion dollars, but since this figure has not been verified, it is liable to change. The previous day's market volume for ETHW was 181 million dollars.
It's fascinating to see that ETHW's trading volume experienced a great hike in regards to the Merge. On September 15, it grew from a pitiful 3.3 million dollars the previous day to around $60 million.
It exceeded the 100 million dollars mark the day after. Trade volume has increased dramatically since that time, reaching a historic peak of 583 million dollars on September 25. The higher trade volume demonstrates that certain users still prefer Ethereum's traditional proof-of-work algorithm.
How long do you think Binance’s zero-fee offer on mining pools will last? What are your thoughts on the whole thing? Please share them with us in the comments section.
