The mining pool is a significant step forward for EthereumPoW.
ETHW Mining Pools on Binance
Although Binance is hosting an ETHW pool, the exchange has clarified that this does not mean that ETHW will be listed on the exchange in the future.
As of September 29 2022, only withdrawals will be implemented for ETHW on Binance. There is no news on Binance adding the ability to deposit ETHW but users are able to swap ETHW with BUSD or USDT using Binance Convert.
During its promotional period, zero pool fees will be attributed to users who use Binance’s ETHW pool.
On September 20 Binance distributed ETHW tokens to eligible ETH and WETH holders on Binance, in collaboration with the EthereumPoW team.
EthereumPoW’s mainnet was launched hours after the Ethereum merge that turned Ethereum into a proof of stake (PoS) blockchain. EthereumPoW retains Ethereum’s original proof of work (PoW) consensus that allows miners to validate transactions for rewards.
Ethereum PoS validators, on the other hand, must stake ETH to validate transactions instead of mining them.
Since the launch of EthereumPoW, crypto miners have slowly migrated to the new blockchain to show their support. In response to interest in EtheruemPoW, cryptocurrency exchanges have begun listing the ETHW token on their platforms.
ETHW and the EthereumPoW blockchain are still in their early stages. The EtheruemPoW team is working to create an Ethereum PoW network with utilities and decentralised applications that will rival current PoS blockchains and their Ethereum Classic cousin.