Ethereum’s (ETH) Largest Mining Pool, Ethermine, Launches Staking Service Ahead of the Merge

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:

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).