Binance's Twitter announcement said, “Binance launches the Ethereum Proof-of-Work $ETHW Mining Pool! Mine $ETHW with Binance Pool and enjoy zero fees on all your earnings.”
Binance has announced the official launch of its Ethereum Proof-of-Work (ETHW) mining service.
The world's largest cryptocurrency exchange by trading volume made this announcement today on Twitter, stating it will waive all pool fees for ETHW mining for all of its ETHW Pool users.
According to the Binance official Twitter page,
“Binance launches the Ethereum Proof-of-Work $ETHW Mining Pool! Mine $ETHW with Binance Pool and enjoy zero fees on all your earnings.”
However, Binance announced on its website that the zero pool fee offer is only valid until October 29th. The offer only lasts for the one-month promotion period.
Furthermore, Binance clarified that the recent announcement did not indicate the listing of ETHW. According to the announcement,
“In order to protect Binance users, ETHW will go through the same strict listing review process as Binance does for any other coin/token. Supporting ETHW on Binance Pool does not guarantee the listing of ETHW. Binance does not guarantee any listings as per our internal policy.”
It also stated that Binance only allows for ETHW withdrawals. Deposits for ETHW are not available. Users can sell ETHW on Binance Convert against BUSD and USDT.
Note that while Ethereum successfully completed the Merge, it caused a significant divide in the industry. Following the switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the entire network changed significantly, negating the demand for miners.
This was not favorable as many desired to keep PoW mining going. The desire birthed the Ethereum Proof-of-Work (PoW) chain.
Having established that, several platforms that had previously dismissed this chain decided to extend their support. Binance increased the visibility of ETHW by launching the Ethereum Proof-of-Work (ETHW) Mining Pool.
Furthermore, the last few days have been quite favorable to ETHW. While the market as a whole was in a slump, ETHW appeared to be picking up steam.
