With the new service, Ethermine members can stake their ETH collectively and earn 4.43% interest each year in addition to their ETH deposits. Entry costs as little as 0.1 ETH ($159).
The world’s biggest Ether (ETH) mining pool, has revealed a new staking pool for users in front of the swiftly coming Ethereum Merge on September 15. However, it is noteworthy that American miners cannot use it.
With the new service, members of Ethermine can pool their ETH and earn income on top of their deposits through Bitfly. Entry costs as little as 0.1 ETH or $159 at the time of writing. However, the cost increases with the size of the holding. Currently, the platform provides speakers with an annual ETH interest rate of 4.43%.
393 ETH, or around $626,000 at the time of writing, had been put into Ethermine’s new pool.
The Largest Ether Mining Pool Ethermine Starting ETH Staking Services:Â
These staking pools are important because they provide competitive interest rates and lower entry hurdles than solo staking as node operators, which costs at least 32 ETH, or around $51,000, to run a node. Staking via the Ethpool on Bitfly as a node operator earns an annual interest rate of 4.6%, higher than Ethermine’s interest rate.
The mining pool now functions as a multi-currency mining pool, enabling users to mine ETH, ZEC, ETC, BEAM, RVN, and Ergo. The decision to transition to offer to a stake is somewhat of a pivot for Ethermine (ERGO).
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.
Two hundred twenty-two thousand six hundred fifty-seven miners are now working on Ethermine, contributing to a total hash rate of 261.1 tera hashes per second (TH/s). The pool will only allow the PoW mining of ETC, RVN, ERGO, and BEAM after September 15.
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