Ethermine, the world’s largest Ethereum mining pool, announced the launch of a staking pool service for users as Ethereum prepares to switch from Proof-of-Work (PoW) into a Proof-of-Stake network.
Ethermine Launches Staking Service
In anticipation of the most anticipated event in the cryptoverse, crypto projects are doing all they can to ensure a smooth transition into Proof-of-Stake [PoS] for both the Ethereum network and its users.
With the merge scheduled for September 14, the largest ETH mining pool, Ethermine has announced the launch of its brand new service Ethermine Staking. Ethermine wrote on Twitter (NYSE:TWTR):
We are proud to announce Ethermine Staking! Ethermine Staking is an investment based on ETH_STORE, an objective and transparent reference rate based on Ethereum Proof-of-Stake. Invest as little as 0.1 ETH https://t.co/myG3pOob7P— Ethermine.eth (@ethermine_org) August 30, 2022
The mining pool has made it clear that it wouldn’t support any sort of a hard fork. In its previous announcement, Ethermine stated that it will halt its mining pool before the mainnet merge event.
The Ethermine Staking Service
As per the announcement, the Ethermine Staking service will allow users to lock up a minimum of 0.1 ETH which is roughly $159. However, solo staking requires an immense amount of ETH (at least 32 ETH or $51K).
Funds will be collectively staked in a pool of contributors that will then be collectively staked. The Ethermine Staking pool offers stakers an annual ETH interest rate of 4.43%. Users will not be able to withdraw their earnings for a period.
On the Flipside
- Along with the announcement, Ethermine revealed United States users will not be allowed to employ this staking service.
Why You Should Care
The Ethermine staking pool will help users transition from mining to staking on the upcoming Ethereum PoS network.
Read about the merge in:
The Merge Is Coming: Ethereum Foundation Announces Date for the Mainnet Upgrade
Find the best mining pools below:
Top 12 Ethereum Mining Platforms in 2022