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Wednesday, March 22, 2023

Largest Ether Mining Pool Ethermine Opens New ETH Staking Services

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.

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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: 

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.

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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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