biggest broker cryptocurrencies of the world, Binance launched yesterday (29) services for Proof-of-Work Ethereum mining (ETHW), bifurcation (“fork”, in English) of the Ethereum (ETH), according to Decrypt.
THE crypto exchange also announced that the mining pool will not charge fees until October 29.
Mining pools are formed when miners want to share resources to allow other miners to work alongside them, increasing the chances of processing transactions.
The news announced by Binance made the cryptocurrency ETHW trigger momentarily this Thursday. ETHW went from $11.62 yesterday morning to $12.55 in the afternoon, according to data from CoinMarketCap.
However, on the morning of this Friday (30), the EthereumPoW token retreated – quoted at $11.67.
Origin of EthereumPoW
Second largest cryptocurrency by market cap, Ethereum underwent “The Merge” update in September – changing the consensus mechanism used from proof-of-work (PoW) to proof-of-stake (PoS), and eliminating the need for ETH mining.
Although The Merge was expected by the community a few years ago, not everyone liked the idea – miners included.
Hence, influential Chinese crypto miner Chandler Guo proposed Ethereum forkto maintain the proof-of-work mechanism and, consequently, the mining of a new cryptocurrency.
The Ethereum fork was made on the day september 15thafter the conclusion of The Merge.
In announcing the new service, the crypto exchange stated that, “to protect users of the BinanceETHW will go through the same strict listing review process as the Binance performs for any other currency/token.”
“Providing support for ETHW on Binance Pool does not guarantee listing of ETHW,” concluded the crypto exchange.
*With Decrypt information
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Source: Moneytimes
I am a journalist with over 6 years of experience working in the news industry. I currently work as an author for Global Happenings, and my coverage focuses on Technology news. I have written for various publications, including Reuters, The New York Times and The Guardian.
