Binance has announced a new altcoin on Binance Pool. It has announced its foundation for its new ETHW token on Binance Pool. Here are the details…
Adding new altcoin to Binance Pool
Binance exchange is trying to support a large number of crypto projects. In fact, there are hundreds of cryptos currently trading and trading on the exchange. The exchange is making another big push to support the new ETHW (the Ethereum version using the proof-of-work consensus). In a tweet, EHW’s official account announced the appropriate news. Binance has decided to add ETHW to the well-known Binance Pool platform, which means users can now mine ETHW on Binance.
ETHW;i emerged with Ethereum’s transition from the old PoW (Proof of Work) to the new and more familiar PoS (Proof of Stake) operating model. Koindeks.comAs we have also reported, PoW relies on users’ efforts to leverage computing resources to ensure network security, while PoS system relies on users’ stakes in the network.
ETHW came during the transition of ETH from PoW to PoS. A hard fork resulting from the upgrade split the Ethereum chain in two. The new ETH 2.0 using PoS and the old ETH (Now ETHW) using the PoW model. The long-awaited merge event took place on September 15th. Some crypto players who support the new hard fork argue that ETHW is stronger than censorship.
Points to be considered
Following the decision to add ETHW to Binance Pool, the exchange made a statement. He published a post giving instructions on how to activate the mining service on his platform. However, the exchange clarified a few issues that could cause confusion if misunderstood by the community. First of all, Binance does not list ETHW on its platform. Currently, the exchange only supports ETHW mining on Binance Pool. It does not support ETHW deposits either. Users who manage to mine ETHW on Binance can only convert their stash to BUSD or USDT.
The latest situation in the ETHW market
At the time of this writing, ETHW was holding 2,655 positions on CoinMarketCap. It trades around $10.69. The coin has experienced an increase of close to 3 percent in the last 24 hours. It has a market cap of approximately $1,245 billion and a circulating supply of 120.5 million ETHW. Time will tell how Binance’s boost to ETHW mining will affect these metrics. The cryptocurrency has recorded its lowest levels in recent weeks due to the fact that it is a new altcoin and that the merger has been a short time. ETHW fell as low as $4.22. The current price of the coin shows that it has managed to rise above this level by as much as 150 percent.