Binance announced the opening of a mining pool for Ethereum Proof of Work (EthereumPoW), where its users will pay no commissions or fees. The promotion will run from September 29 to October 29.
The international exchange with the highest trading volume, Binance, announced that interested users can now join its specially dedicated mining pool for ETHPoW, the alternate version of the Ethereum network that maintains Proof-of-Work (PoW) mining as it had been operating prior to the arrival of The Merge.
Mining ETHW through the Binance pool
The announcement was published on its official blog and disseminated through social networks, where they indicate that as part of a special promotion, those who choose to mine ETHW through the Binance pool will receive 100% of their earnings, as they will not have to pay any commissions until next October 29.
— Binance (@binance) September 29, 2022
Binance invites interested parties to mine ETHPoW through its mining pool, who will not have to pay any commission until October 29th. The exchange clarifies that ETHW is not yet available for commercial operations on the platform.
In the statement released by Binance, the team responsible clarifies a couple of things to those interested:
The first is that while it will be possible to mine ETHW through the Binance pool, this will not be a guarantee that the exchange will list the digital currency on its international platform. For this, you must wait for it to go through the controls and reviews that apply to all tokens in general, and once this is done, the result of the evaluation will be officially communicated.
The other thing is that those who mine ETHW will be able to extract their profits in the corresponding token, but under no circumstances will they be able to make deposits with it through their Binance accounts. The ETHW inside the platform can be exchanged for BNB or USDT if users so wish, this only through instant exchange operations.
Binance and ETHPoW
The announcement by Binance comes after the exchange reported as part of the update for the Ethereum network that it would offer support for ETHW once The Merge was completed.
Therefore, once the process was completed, all ETH holders on the exchange saw the corresponding amounts in ETHPoW currency reflected in their balances.
Let’s keep in mind that ETHPoW was an alternative driven by Chandler Guo and other members of the Ethereum ecosystem, faced with what the implementation of Proof-of-Stake (PoS) on the Ethereum network would mean for PoW miners.
The intention was to welcome and provide an option to the large number of people and entities that were left out of the block validation process, this before the premise that Ethereum Classic or other networks could not support the huge volume of HASH that would involve the incorporation of all these inoperative GPUs.
Beyond profiling itself as a network that operates one more currency, the developers behind ETHPoW assured that they have quite ambitious plans for the network, as they contemplate continuing to support code development and promote the network’s adoption among a large number of already consolidated projects and initiatives.
Where did ETHW come from and why has it been so unique?
ETHW is the native cryptocurrency of the EthereumPow network. It emerged after the merger event known as The Merge of Ethereum, which aimed to change elements to improve scalability and security.
The Merge did not meet with the approval of the entire community, mainly because of the changes it would cause in the validator nodes, moving from the Proof of Work protocol to Proof of Stake, a system that eliminates mining from the network.
For this reason, Ethereum miners decided to make the EthereumPoW fork, a network that maintains the previous protocol and, therefore, allows mining in a similar way to the one that had been occurring.
In the crypto world, fork is a fork of a network, where a new one, very similar to the original, is born. In this particular case, ETHereumPoW is a reflection of what Ethereum was before The Merge took place.
ETHW is positioned in the 2,654th place in the cryptocurrency ranking and at press time, it is trading at $12.14, according to CoinMarketCap.
For its part, Binance seeks to continue consolidating its position in mining and block validation for different networks. A recently published survey by Dune Analytics revealed that the exchange currently operates 30.1% of the addresses backing the Ethereum network under The Merge, which corresponds to an estimated 4,194,169.8 ETH held as collateral.
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