The exchange Binance has just launched its own Ethereum proof of work mining pool.
The platform keeps on conquering the cryptocurrency industry. As proof, the Binance Pool, a crypto-mining platform dedicated to empowering miners and the global cryptocurrency mining industry. Launched in 2020, Binance Pool is positioning itself as one of the largest in the market.
We are in 2022, about two weeks after the ethereum merger, the famous transition from Proof of Work to Proof of Stake. The merge made ethereum much more energy efficient by eliminating the need for miners and replacing them with validators who instead rely on the cryptocurrency and don’t use expensive, energy-intensive machines to secure the network. But before the merger, prominent Chinese miner Chandler Guo launched a campaign to oppose the merger because he wanted to keep miners working.
Thus, the result was ETHW, a brand new crypto via a hard fork that still uses proof-of-work mining.
Major mining pools have already announced their support for the asset and a number of major exchanges, including Coinbase.
For Binance, Ethereum proof of work miners were able to join the Binance pool by connecting their hash power to Binance Pool. It should be noted that mining pools are formed when groups of crypto miners want to share resources to allow other miners to work with them and collectively have a better chance of processing a transaction. Binance gives its users the ability to join pools with a service called Binance Pool.
However, the press release made it clear that maintaining an asset in the Binance pool does not guarantee its listing on a crypto-exchange. Also, those who participate in the ETHW pool will not be charged until October 29.