March 24, 2023

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One of the big news stories from the cryptocurrency world right now is the creation of the Ethereum Proof-of-Work (ETHW) mining pool and a promotion for this event from Binance Pool. Many people who work with crypto, just use it for personal goals, or are passionate about the topic, have taken the news very positively and will be watching what happens.

What is a mining pool and why is it needed?

Not too long ago, we all started to get acquainted and actively involved in the idea of a mining pool. By the way, for those who have forgotten what it is, let me remind you: it is a community or network of miners who use common equipment and mine cryptocurrency together.

Such associations have become especially relevant in these times because they provide an opportunity for more stable and reliable earnings.

About the commission in the promo from Binance Pool

One of the important things about mining pools is that the commission from earnings is usually calculated in the range of 1–2% of profits. In the promo from Binance Pool, it will be absolutely free, i.e., zero commission. True, but only if users add hashrate to the Ethereum Proof-of-Work pool.

What are the other important things to look out for in this event?

What else needs to be mentioned is that Binance reserves the right to change or cancel the terms and rules of the promotion at their own discretion if they need to.

Binance promises that it will disqualify promotional participants if there is a strong reason to believe that they are cheaters or violators of the prescribed terms and conditions. Another point is that all participants must be confirmed and verified in order to be eligible for the reward.

Will Ethereum Proof-of-Work be listed on Binance?

So far, however, Binance has made no guarantees of an Ethereum Proof-of-Work listing. It is not known when the ETHW coin itself will be on the exchange, or if it will be at all. At the moment, only Ethereum Proof-of-Work entry is available on Binance, and withdrawal is still unavailable.

Certainly, there are reasons to hope that ETHW mining during the promotion with the new mining pool may help to change Binance’s policy towards ETHW, but for now we just have to watch.

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