Binance Pool adds support for EthereumPoW mining

Users can already configure the equipment to mine the forked token

28.09.2022 - 09:45

1662

2 min

What’s new? Users of Binance Pool, a mining pool, owned by cryptocurrency exchange Binance, can now mine the forked token EthereumPoW (ETHW). The exchange published news about this with instructions on how to set up the equipment for mining ETHW on its blog on September 27.

News on the Binance blog

What other information has been published? According to Binance’s announcement, users can use ASIC and GPU miners to start mining ETHW. After the equipment is set up, miners can access statistics on hashrate and daily earnings. The company emphasizes that support for ETHW mining does not mean the listing of this token on the exchange. In addition, Binance currently does not support ETHW deposits. Users can only convert ETHW to BUSD and USDT stablecoins.

What is known about the fork? On September 15, 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. The upgrade also resulted in the launch of a fork that continues to run on PoW.

On September 20, Binance successfully distributed ETHW tokens to ETH and WETH holders. And on the day of the Ethereum network upgrade, September 15, crypto exchanges Bybit and FTX launched trading of ETHW paired with USDT.

As of September 28, 08:50 UTC, ETHW is trading at $10,61, having lost 1,97% in 24 hours, according to CoinMarketCap.

Author: