Customers can now join EthereumPoW (ETHW) mining pool, a proof-of-work fork of the Ethereum blockchain that continues to run on a PoW consensus mechanism in order to retain the original PoW algorithm of this blockchain.
Mining pool is formed when a group of miners want to combine their computational resources over a network to strengthen the probability of finding a block. ETHW Pool will not ask for a fee from now until October 29, however, it should be noted that: Binance now only supports mining, but has not committed to listing ETHW; Binance does not support deposits and will allow to withdrawal ETHW from Sep 29; Users can only convert ETHW to BUSD or USDT and vice versa.
This news has had a positive effect on ETHW price. At the time of writing, ETHW is trading at $11.85, up 8.7% over the past 24 hours.
Ethereum completed The Merge in mid-September, which shifted the blockchain from a proof-of-work model to proof of stake. Miners, therefore, can’t mine cryptocurrencies on this blockchain. To solve this problem, a new version of Ethereum forked from the old blockchain to continue using the PoW mechanism. Since its launch, this fork has faced many difficulties so the support from giant Binance is expected to keep the fork running.
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