Binance credits PoW fork tokens to ETH holders

Altcoin reacted with an increase of 39,5% per day

20.09.2022 - 09:40

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What’s new? On the morning of September 20, representatives of cryptocurrency exchange Binance announced the completion of the distribution of ETHW tokens after The Merge upgrade among ETH and WETH holders. The token reacted to this news with a 39,5% increase to $6,9 (CoinGecko’s data). In this, ETHW deposits are not available yet.

Information on the exchange’s blog

What else is known about the distribution? Binance also reported that the snapshot for the distribution of new tokens was made at block 15 537 393 (September 15 at 06:42:42 UTC) on the Ethereum mainnet. Users who were eligible to receive coins can check the ETHW accrual in the “Transaction History” section.

What is known about the upgrade? On September 15, at block 15 537 432, the Ethereum network made the transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS), the way coins are earned on the network changed from mining to staking. As a result of The Merge, a fork was launched that continues to work on PoW.

The developers of EthereumPoW reported that a number of major Ethereum mining pools would support ETHW, including F2Pool, Nanopool, Poolin, and BTC.com. The network also partners with backup mining pool EthwMine. However, Ethereum’s largest mining pool, Ethermine, stopped supporting the PoW algorithm.

For more details on how the upgrade of the second-largest blockchain will affect the crypto market, read GetBlock Magazine’s special feature.

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