Monday, December 5, 2022
HomeCrypto NewsMarketBinance Mining Pool Adds Forked Ethereum Coin ETHW

Binance Mining Pool Adds Forked Ethereum Coin ETHW

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Binance Exchange Announces Support For The New ETHW Mining token On Binance Pool.

Binance exchange tries to support a great number of crypto projects. In fact, there are now hundreds of cryptos currently listed and available for trade on the exchange. The exchange is making another big move to support the new ETHW (the Ethereum version that utilizes the original proof-of-work model).

In a tweet, the official handle of EHW announced the good news. Binance has decided to add ETHW to its popular Binance Pool platform, meaning users can now mine ETHW on Binance.


Where Did ETHW Come From?

The origin of ETHW is clear to most crypto fans who have been following up on Ethereum’s transition from the old PoW (Proof of Work) to the new and more popular PoS (Proof of Stake) operating model. While PoW relies on the users’ efforts in availing computing resources to secure the network, the PoS system relies on users’ stake in the network.

ETHW came during ETH’s transition from PoW to PoS. A hard fork resulted from the upgrade, splitting the Ethereum chain into two – the new ETH 2.0 utilizing PoS and the older ETH (Now ETHW) utilizing the PoW model. The long-awaited merge event took place on September 15. Some of the crypto players backing the new hard fork claim that ETHW is more censorship resistant.

Points To Note

Following its decision to add ETHW to Binance Pool, the exchange published a post giving guidelines on activating the mining service on its platform. However, the exchange clarified a few issues that may create confusion if misunderstood by the community.

First off, Binance has not listed ETHW for trade on its platform. At the moment, the exchange only supports ETHW mining on Binance Pool. It doesn’t support ETHW deposits, either. Users who succeed in mining ETHW on Binance can only convert their stash into either BUSD or USDT.

The ETHW Market

At the time of this writing, ETHW sits at position 2,655 on CoinMarketCap and trades at around $10.60. The coin has recorded a 24-hour price drop of 4.5%. It has a market cap of around $1.245 billion and a circulating supply of 120.5 million ETHW. It’s yet to be seen how Binance’s support for ETHW mining will affect these metrics.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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