Binance has announced that miners can now mine Ethereum PoW on its mining pool, indicating that ETHW is gaining popularity and support.
Binance has announced that cryptocurrency miners can now mine Ethereum PoW (ETHW) on its mining pool. The team at the exchange also provided a step-by-step tutorial on how miners can successfully mine Ethereum PoW (ETHW) through the Binance mining pool.
The Ethereum PoW team also noted ETHW support on the Binance mining pool and responded that both teams had ‘been working together for long’ to achieve ‘the great milestone.’
The Ethereum PoW hard-fork was successfully carried out after Ethereum transitioned from a proof-of-work network to proof-of-stake during the Merge. On the same day, Ethereum PoW’s hashrate spiked to as high as 79.42 TH/s. However, it dropped by 64.7% a week later to a hashrate of 28 TH/s.
At the time of writing, the Ethereum PoW hashrate is at 50.68 TH/s and seems to have stabilised after a volatile start, as seen in the chart below.
Regarding market cap ranking, Ethereum PoW (ETHW) is ranked 2,658 on Coinmarketcap at the time of writing. It has a current market capitalisation of $1.328 billion with a self-reported circulating supply of 120.524 million ETHW.
The digital asset has also been listed on more crypto exchanges indicating that Ethereum PoW is gaining popularity and support. ETHW is currently available for trading on major platforms such as FTX, Gate.io, Huobi, Kraken, Poloniex, Bittrex, KuCoin, Bitfinex, OKX, Bybit, Crypto.com, Phemex, and MEXC, just to name a few.
However, Binance is yet to support the trading of ETHW.
However, ETHW’s value has more or less nosedived since its launch earlier this month. Ethereum PoW h hit an all-time high of $141.36 on August 8th, when crypto exchanges such as Poloniex and Bitfinex allowed investors to trade IOU tokens representing digital assets.
But its price has since dropped by 92% to its current value of around $11. Also worth mentioning is that its value has fallen by 78% since the new chain was launched after the Merge when ETHW was trading at $50.
~By John P. Njui~