The world’s largest crypto exchange Binance in a press release on Thursday announced the launch of the Ethereum proof-of-work (ETHW) mining pool. After the announcement, the EthereumPoW (ETHW) price skyrocketed by over 15%, hitting a 24-hour high of $12.71.
Binance Announces Mining Pool for EthereumPoW (ETHW)
Binance Pool has officially launched the Ethereum Proof-of-Work (ETHW) mining pool for miners, according to a press release on September 29. With the end of Ethereum mining after the Merge, EthereumPoW hard forked Ethereum to introduce ETHW tokens in order to continue mining on Ethereum proof-of-work chain.
Binance Pool has also announced zero pool fees to promote ETHW mining on the Ethereum Proof-of-Work (ETHW) mining pool. All users can mine ETHW tokens for zero pool fees from September 29 to October 29 at 10:00 UTC.
Binance claims ETHW support on Binance Pool doesn’t represent the listing of ETHW tokens. EthereumPoW (ETHW) will undergo a strict listing review process as Binance does for other tokens. It ensures investor protection and listing of tokens with better use cases.
Moreover, the crypto exchange support only withdrawals of ETHW. The deposits of ETHW are not available due to internal policy. However, users can sell ETHW for BUSD or USDT on the Binance Convert service.
Ethereum (ETH) price has dived after the Merge as whales and traders continues to liquidate their ETH holdings. Also, the ETH supply has increased by 8,671 tokens after the Merge. Meanwhile, the ETHW price has also plummeted due to a lack of support.
EthereumPoW Price Skyrockets
EthereumPoW didn’t attract much attention from the crypto community due to a lack of support from crypto exchanges and increased security risks. However, developments related to ETHW had pushed up prices. Recently, the launch of the cross-chain ETHW Bridge supporting Ethereum led the price to rise over 40%.
After the Binance Pool announcement, the ETHW price jumped nearly 15%. The ETH price is currently trading at $12.47. It has a 24-hour low and high of $10.42 and $12.71, respectively.