Ethermine Staking Beta for Ethereum Miner, A Preparation For Ethereum 2.0

Ethermine, one of the biggest ethereum mining pool, has announced the launch of Ethermine Staking Beta. With their one-page site including only a sign-up area for early access, they provide no clarity on what regulated means in this context. Because staking is a protocol process, it is not regulated in Europe or anywhere else as far as we are aware. However, custody fiduciary relations can remain if staking ETH is provided to a third party like Ethermine, which needs KYC for stakers but not miners.

“Ethermine Staking is the first regulated Austrian investment offering based on Ethereum Proof-of-Stake,” 

“Ethermine Staking requires KYC to meet regulatory standards, and we will not be able to onboard customers from the U.S. for the foreseeable future,” 

the pool said.

Relations between stakers and staking facilities will thus differ from those between miners and mining pools, however, there are still decentralized staking pools that can still operate at the protocol pool, in addition to solo staking if you have 32 ETH. While Proof of Work (PoW) miners are expected to be taken out of ethereum after June when it moves to fully Proof of Stake (PoS).

As a result, at least some mining pools are preparing for the changeover by selling staking services to their own miners, who may have collected enough ETH to continue earning through staking. This could imply that miners will not be hostile to the entire PoS update, even if their GPU gear becomes entirely useless. Something that should please gamers, unless some of these miners simply keep the PoW chain operating alongside the PoS network, resulting in two blockchains that are nearly identical.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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