Binance Pool announced the launch of its Ethereum Proof-of-Work (ETHW) mining service Thursday. The move, which comes just two weeks after Ethereum transitioned from a PoW to a PoS model, will allow users to mine ETHW with zero pool fees during the promotion period.
Users Can Only Withdraw or Convert ETHW on Binance; Deposits Unavailable
Binance Pool said in an official blog post it is rolling out an Ethereum Proof-of-Work (ETHW) mining service, which will allow users to mine ETHW with no fees during the promotion period. To enjoy zero pool fees, users have to contribute hashrate to the new ETHW pool.
Just like any other token, ETHW will also undergo a rigorous listing review process in a bid to protect Binance users. The company also said that the listing of ETHW on Binance Pool does not guarantee the listing of ETHW.
“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.”
As of Sept. 29, users will only be able to withdraw ETHW on Binance, meaning that deposits are currently unavailable. Additionally, users can convert their ETHW to BUSD or USDT using Binance Convert.
More Mining Pools Expected to List ETHW After the Merge
Binance Pool’s launch of ETHW mining service comes just two weeks after Ethereum completed the Merge, which saw the blockchain transition from Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. The Merge was one of the biggest developments in the crypto space this year, reducing Ethereum’s carbon emissions by more than 99%.
Since the Merge, Ethereum no longer relies on miners, stripping many crypto mining firms of one of their primary income sources. Because of this, many mining pools are expected to support the ETHW token, a new blockchain that aims to preserve the pre-merge PoW consensus model.
Earlier this month, ETHW airdropped on the crypto derivatives exchange FTX after the company listed the ETHW spot market. Numerous other Ethereum mining pools are expected to follow suit and support ETHW.
The price of Ether (ETH) has been slipping since the Merge, losing 18% over the past two weeks. While the price drop could be due to the ongoing crypto winter, some believe it was a “sell the news” event, which suggests that investors were buying ETH into the Merge hype, and trimmed their ETH holdings after it was completed.
This article originally appeared on The Tokenist
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