Largest Ethereum mining pool Ethermine announces new staking service

Largest Ethereum mining pool Ethermine announces new staking service

With the Ethereum (ETH) Merge scheduled for September 15 fast approaching, the world’s largest Ethereum mining pool Ethermine has announced a new staking pool for users. However, this pool will not be available to US miners.

The new service will allow Ethermine members to collectively stake their ETH and earn interest on the crypto assets they deposit. The minimum required to participate is as low as 0.1 ETH ($159). On the other hand, the lower the deposited amount, the higher the transaction fee will be paid. The platform currently pays 4.43% annual ETH interest to stakers.

Ethermine’s new pool has 393 Ether, or approximately 626 thousand dollars, as of publication time.

Such staking pools are of great importance as they offer competitive interest rates and reduce barriers to individual staking. Those who want to become a stand-alone node operator need to deposit at least 32 ETH ($51k). For comparison, staking transactions in Ethpool bring in an annual interest of 4.6 percent.

The staking service represents a milestone for Ethermine. Currently serving as a multi-mining pool, Ethermine allows users to mine ETH, Zcash, Ethereum Classic (ETC), Beam (BEAM), Ravencoin (RVN), and Ergo (ERGO).

ETH mining will gradually disappear as the post-Merge network moves from a proof-of-work (PoW) mining model to a proof-of-stake (PoS).

Ethermine, which currently hosts 222,657 active miners, has a total hash rate of 261.1 TH/s. The mining pool will only support PoW mining for Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO) and Beam (BEAM) after September 15.

ETH miners will be replaced by PoS validators, thus reducing the energy consumption of the network by 99 percent.

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