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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.

Updated Apr 9, 2024, 11:24 p.m. Published Sep 29, 2022, 3:31 p.m.

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.

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#Binance launches the Ethereum Proof-of-Work $ETHW Mining Pool!

Mine $ETHW with #Binance Pool and enjoy zero fees on all your earnings 🤝

Read more ➡️ https://t.co/gwe0eKb1Pt pic.twitter.com/J6jFOpljzG
— Binance (@binance) September 29, 2022

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.

Crypto Mining Proof-of-Work Ethereum Binance

Nick Baker

Nick Baker was CoinDesk's deputy editor-in-chief. He won a Loeb Award for editing CoinDesk's coverage of FTX's Sam Bankman-Fried, including Ian Allison's scoop that caused SBF's empire to collapse. Before joining in 2022, he worked at Bloomberg News for 16 years as a reporter, editor and manager. Previously, he was a reporter at Dow Jones Newswires, wrote for The Wall Street Journal and earned a journalism degree from Ohio University. He owns more than $1,000 of BTC and SOL.