Ethermine the ETH mining pool opens a new ETH staking service. The mining pool has announced a new staking pool for customers ahead of the upcoming Ethereum (ETH) Merge on September 15. Notably, it is not available to miners in the United States.
The new service allows Ethermine members to pool their ETH and earn interest on top of their deposits. To participate, as little as 0.1 ETH ($159) is necessary. However, the cost increases as the holding size decrease. The website is now offering a 4.43% yearly ETH interest rate to investors.
At the time of writing, 393 Ether was invested in Ethermine’s new pool, which is worth around $626,000 at current rates.
Staking pools like this are important because they provide competitive interest rates and lower entry hurdles than solo staking as node operators, which takes at least 32 ETH ($51,000) to run a node. In comparison to the interest rate on Ethermine, staking on Ethpool as a node operator yields an annual interest rate of 4.6%.
The addition of staking is a significant step forward for Ethermine, which is now a multi-currency mining pool that allows users to mine ETH, Zcash, Ethereum Classic (ETC), Beam (BEAM), Ravencoin (RVN), and Ergo (ERGO).
Following the merger, ETH mining will be phased out as the network transitions from a proof-of-work (PoW) mining paradigm to a proof-of-stake (PoS) staking one.
Ethermine, an ETH mining pool opens a new ETH staking service with to hopes of expanding business operations and revenue.
At the time of writing, there were 222,657 active miners on Ethermine, with a total hash rate of 261.1 tera hashes per second (TH/s). After September 15, the pool will only handle PoW mining of Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) (BEAM).
End Of An Era – A Mining Era
Miner dashboards will have a Merge countdown clock, and miners can continue mining ETH until the timer runs out.
PoS validators will soon replace ETH miners, potentially reducing ETH network demand by 99%.
However, some ETH miners have lobbied to maintain the present PoW consensus process because the change would render their high-powered and expensive mining rigs obsolete.
Other prominent members of the crypto community have also been critical, claiming that the changes would have detrimental consequences beyond the loss of mining.
The present PoW method is a high-energy process in which miners use massive amounts of computer power to solve complicated riddles, validate transactions, and receive ETH rewards.
Participants or validators in the PoS model lock up predetermined amounts of bitcoin in a smart contract on the blockchain; their stake helps protect and decentralize the network.
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