Ethermine Launches Staking Service Ahead Of The Merge
Ethermine, the largest Ethereum mining pool in the world, has launched a staking service on its platform.
In an announcement published earlier today, the company said Ethermine Staking would allow users to earn interest on their ETH without having to drop 32 ETH to become an official validator.
Ethermine says the new feature will provide a “highly transparent alternative” to staking services after Ethereum’s Proof-of-Work (PoW) mining phase ends. The minimum investment amount for Ethermine Staking is 0.1 ETH, which opens staking to a large number of Ethereum users.
The mining pool, run by Austrian company Bitfly, calls the feature an “investment” that will accrue rewards through the ETH.STORE reference rate. The Ether staking supply rate, or ETH.STORE is an Ethereum staking reward reference rate representing the average daily earnings of validators on the Ethereum network.
Users who deposit ETH into their account will not be able to withdraw their funds until the Ethereum protocol allows the withdrawal of all staking rewards. Developers expect withdrawals to be activated 6 to 12 months after The Merge, with the longest waiting period estimated to last around 5 years.
Earlier this month, Etheremine announced plans to drop Ethereum PoW mining altogether after The Merge, stating that it will not support any PoW forks. After the network transitions to PoW, Ethermine’s ETH mining pool will switch to withdrawal-only mode.
There are currently more than 223,000 Ethereum miners active on Ethermine, generating a total hash rate of around 264 TH/s. The move to staking will render the hardware used by all those miners obsolete, which is why Ethermine urges them to join other highly productive pools and continue PoW mining. During September, the mining pool will offer a 0% fee promotion for ETC, RVN, ERGO, and BEAM mining pools.
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