Ethermine, The Largest Ether Mining Pool, Launches A New ETH Staking Service

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Last Updated on August 31, 2022 by Bitfinsider

The biggest Ethereum mining pool in the world, Ethermine, has introduced a new staking pool for users in advance of the rapidly approaching Ethereum (ETH) Merge on September 15. However, it should be noted that American miners cannot use it.

Members of Ethermine now have the opportunity to stake their ETH collectively and earn interest on top of their deposits thanks to the new service. Entry costs as little as 0.1 ETH ($159). However, the cost increases with decreasing holding size. Currently, the platform provides stakers with an annual ETH interest rate of 4.43%.

As of the time of writing, 393 Ether, which at the time of writing is valued at around $626,000, have been invested in Ethermine’s new pool.

These kind of staking pools are important because they provide competitive interest rates and lower entry hurdles than solo staking as node operators, which requires a minimum of 32 ETH ($51,000) to run a node. Staking on Ethpool as a node operator earns an annual interest rate of 4.6%, which is higher than the interest rate on Ethermine.

For Ethermine, which presently functions as a multi-currency mining pool and let users to mine ETH, Zcash, Ethereum Classic (ETC), Beam (BEAM), Ravencoin (RVN), and Ergo (ERGO), the decision to start offering staking represents somewhat of a pivot.

As the network switches from a proof-of-work (PoW) mining paradigm to a proof-of-stake (PoS) staking model following the merging, ETH mining will gradually become obsolete.

222,657 miners are now working on Ethermine, contributing to a total hash rate of 261.1 Terra Hashes per second (TH/s). After September 15th, the pool will only allow the PoW mining of BeamĀ (BEAM), Ergo, Ravencoin (RVN), and Ethereum Classic (ETC).

The mining era is over

A Merge countdown clock will appear on miner dashboards, and miners may continue mining ETH until the counter reaches zero. Soon, PoS validators will take the position of ETH miners, potentially reducing network use of ETH by 99%.

Some members of the ETH mining community, however, have campaigned to maintain the present PoW consensus process because the change will render their powerful and expensive mining rigs obsolete.

The changes, according to some prominent members of the crypto community, would have detrimental effects beyond the loss of mining.

In the present PoW method, miners use a lot of computer power to solve difficult problems, validate transactions, and gain rewards in the form of ETH.

A smart contract on the blockchain is used by participants or validators in the PoS paradigm to lock up predetermined amounts of cryptocurrency. This helps to protect and decentralize the network.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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