Though the Merge upgrade has effectively been accomplished by Ethereum (ETH), it additionally causes a split in the crypto industry. The whole network experienced a huge change after the transition thereof between proof-of-work (PoW) and proof-of-stake (PoS). In this way, now there is no requirement for any miners anymore.
Binance Introduces a Mining Pool for PoW-based ETH (ETHW)
In the case of the miners, the respective move has not been positive as their intention was to keep the network reliant on PoW mining. As a result of this, many of the venues – which were expelled from their place in the PoW mining on Ethereum – determined to increase support for this consensus mechanism. In this respect, Binance enhanced ETHW’s presence with the release of a mining pool specified for Ethereum Proof-of-Work (ETHW).
Binance, also known as the biggest crypto exchange across the globe in terms of market volume, turned toward its official Twitter channel and declared the exclusive initiative taken by it. In addition to this, it also encouraged the consumers of ETHW Pool by offering the mining of ETHW without any pool fees. A noteworthy point is that the zero charges on utilizing the pool would be just one month that would end on 29th of October.
After the respective promotion period, this offer would come to its end. Apart from that, Binance provided clarity by saying that ETHW’s listing was not indicated in the declaration. The announcement specified that for the protection of the consumers of Binance, some stringent listing review procedures will be adopted for the ETHW. It added that no guarantee is provided by Binance Pool regarding ETHW’s listing. According to the declaration, the crypto exchange does not provide any assurance about any listings in line with the internal policy thereof.
As confirmed by Binance, the just withdrawals were available in the case of ETHW tokens on the crypto exchange. The customers were permitted to trade the ETHW holdings in their possession in return for USDT and BUSD stablecoins while no deposits were allowed. During a couple of previous days, ETHW has been witnessing quite a favourable environment. On the other hand, the entirety of the crypto market has been going through a huge slump.
ETHW Surges in Its Value as Crypto Exchanges Move ahead to List It
A lot of profits have apparently been gained by ETHW recently. At the time of press, $10.90 was the figure around which ETHW was trading. In this way, the token has witnessed an upsurge of up to 1.93 percent during the previous twenty-four hours. A specifically noticeable thing is that the PoW-based ETHW token remained effective in crossing the high point of nearly $13.78 during the former week.
A week ago, on Tuesday, the cryptocurrency exchange completed ETHW’s distribution among the eligible ETH holders following the effective installation of a PoW chain for ETH. Apart from Binance, the OKX exchange introduced margin trading of ETHW on Friday with the listing of ETHW’s perpetual swaps which were margined by USDT.