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What happened? Users of the Binance Pool mining pool, owned by the Binance cryptocurrency exchange, can now mine the EthereumPoW (ETHW) fork token. The exchange published the news about this with instructions for setting up equipment for mining ETHW on September 27 in its blog.
News on the Binance Blog
What other information has been released? According to the Binance announcement, users can use ASIC and GPU miners to start mining ETHW. After setting up the equipment, miners have access to 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. Additionally, Binance does not currently support deposits in ETHW. 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) to Proof of Stake (PoS) consensus algorithm, the way to earn coins on the network changed from mining to staking. As a result of the update, a fork was also launched, which continues to work on PoW.
On September 20, Binance successfully distributed ETHW tokens to ETH and WETH holders. And on the day of the Ethereum network update, September 15, Bybit and FTX crypto exchanges launched ETHW trading in tandem with USDT.
As of September 28, 11:50 Moscow time, ETHW is trading at $10.61, having lost 1.97% in a day, according to CoinMarketCap.
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