Ethermine Launches a New Staking Pool as it Braces Up for Ethereum Merge

Share This Post

With the much anticipated Ethereum Merge happening on September 15, the world’s largest Ethereum mining pool, Ethermine, has announced a new staking pool for Ethereum users on its platform. Unfortunately, the services have not been rolled out to U.S. miners. 

The new staking pool provides opportunities for Ethermine users to collectively stake their ETH and earn rewards per their contribution to the pool. Nevertheless, users need a minimum of 0.1 ETH, approximately $159, to participate. At the time of writing this report, Ethermine is offering an annual interest rate of 4.43% for this service. 

While the company only announced the launch of the new staking pool a few hours ago, over 393 Ethereum, worth nearly $626,000, have been deposited in the new mining pool.

What experts find unique about Ethermine’s new staking pool is the competitive interest rate it offers, along with the ease of entry. With the previous solo staking nodes, Ethereum users interested in staking need a minimum of 32 Ethereum to participate in a node. 

The switch to a staking protocol has been one of the cardinal goals of Ethermine, which has hitherto offered a multi-currency mining pool where users can stake different digital assets, including ETH, Ravencoin, Beam, Ethereum Classic, and Ergo. 

The Ethereum Merge and what’s to come

While a lot is coming with the proposed Ethereum Merge happening on September 15, the most significant one is the phasing out of ETH mining as the network moves from the Proof of Work mining model to the Proof-of-Stake protocol. 

There are currently 222,657 active miners on Ethermine. But after the Ethereum Merge happens in September, mining for Ethereum will be phased out while the company will continue to support the PoW mining for other digital assets supported by the platform.

There has been a call for Ethereum to move from PoW to Proof of Stake for some time now. Analysts are looking to see how the market reacts to the merger, which is just a few weeks away.  

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

Related Posts

Best Pharma Stocks List – Top 6 Pharma Stocks To Buy Now

The pharmaceutical market is considered one of the most...

Best Crypto Exchange in India – List of Top 5 in 2022

Cryptocurrency enthusiasts in India are more passionate than ever...

What is Options Trading? How Does Options Trading Work?

Options are a leading financial derivate in the investment...

What Is Polygon MATIC? A Detailed Guide to Polygon Crypto & Network

The Polygon MATIC network has swiftly risen to prominence...

What Is Sandbox? Everything You Need To Know About The Sandbox Metaverse

Setting the stage for a new digital age, many...

Blue Chip Stocks Explained: What Are Blue Chip Stocks?

While the investing domain is generally labeled as high-risk-prone...
Would love your thoughts, please comment.x