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.
The mining pool has made it clear that it won’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. 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