Ethereum Proof-of-Work (ETHW), the cryptocurrency using the former Ethereum proof-of-work network, posted a solid rise yesterday from a low of $10.38 in daytime throughput to a high of $12.94 around noon. An increase of 24.6% in a few hours.
At $11.82, ETHW has corrected slightly but retains most of the gains seen yesterday, which does not rule out further improvements over the next few days.
Binance launches ETHW mining pools.
Note that yesterday's ETHW rally was a direct response to the announcement by the Binance cryptocurrency exchange, the largest in the world, of launching an Ethereum Proof-of-Work mining pool service ( ETHW) for its users. This launch comes with fee waivers until October 29.
Remember that mining pools designate independent crypto miners sharing resources to allow other miners to work with them and have a better chance of validating a transaction and reaping a mining reward.
Note that the Binance service that allows its users to join pools is called Binance Pool.
Ethereum Proof of Work, the crypto of those who took a dim view of the merger
Recall that ETHW is a cryptocurrency "born" in the month's debit after Ethereum, the second-largest cryptocurrency by capitalization, moved to proof-of-stake in a long-prepared event. Date, known as The Merge.
According to experts, this has reduced the energy consumption of the ETH network by more than 99%, eliminating the need for mining and introducing Ethereum staking. However, although widely supported by the Ethereum community, this decision was not unanimous.
Indeed, a prominent Chinese ETH miner known as Chandler Guo launched a campaign before the merger to oppose this evolution of the network, which gave birth to ETHW, resulting from a hard fork of the ETH network, and which maintains a proof-of-work system.
ETHW explosion in sight in case of listing on a central platform
Note that the major mining pools have announced their support for this asset, which was already a source of upward pressure earlier this month.
On the other hand, what could really make ETHW's price explode is that it is listed on major exchanges. In fact, several of them, including Coinbase, have stated that they are studying this possibility.
This is also the case for Binance, which, however, clarified yesterday that "in order to protect Binance users, ETHW will go through the same strict listing review process that Binance does for any other coin/token." and adding that "supporting ETHW on Binance pool does not guarantee ETHW listing. »
There is, , a potential opportunity here for easy and quick gains for those who remain on the lookout for possible ETHW listing announcements by Binance, Coinbase, Kraken, or any other major exchange.