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Binance Starts Ethereum Proof-of-Work Mining Pool, Initially With No Fee

Binance Starts Ethereum Proof-of-Work Mining Pool, Initially With No Fee

Binance Starts Ethereum Proof-of-Work Mining Pool, Initially With No Fee

ETHW initially stumbled, but mining support from Binance customers could in theory help.

ETHW initially stumbled, but mining support from Binance customers could in theory help.

ETHW initially stumbled, but mining support from Binance customers could in theory help.

By Nick Baker
AccessTimeIconSep 29, 2022, 3:31 PM
Updated Apr 9, 2024, 11:24 PM
(Dalle-E/CoinDesk)

Cryptocurrency exchange Binance said customers can now join a mining pool for ETHW, the forked version of Ethereum that retains the blockchain's original proof-of-work (PoW) underpinnings.

Participants in the ETHW Pool will not be charged a fee during a promotional period that ends Oct. 29, according to a statement Thursday.

Two weeks ago, the Ethereum Merge successfully shifted the blockchain to a proof-of-stake system, eliminating the need for crypto miners on the network. A new, forked version of Ethereum still powered by PoW was created, though it got off to a rocky start. Support from customers of Binance, a giant in crypto trading, could in theory help sustain the forked version.

STORY CONTINUES BELOW

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Nick Baker

Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. He owns more than $1,000 of BTC and SOL.

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Crypto MiningProof-of-WorkEthereumBinance