Cryptocurrency

Largest Ethereum mining pool opens up staking ahead of the Merge

Ethermine, the world’s largest Ethereum mining pool, has announced the launch of a staking service on its platform.

In an announcement made today, the company said that with Ethermine staking, users will earn interest on ETH as if they were staking, without having to withdraw 32 ETH to become an official validator. said it can.

EtherMine said the new feature will provide a “very transparent alternative” to staking services after Ethereum’s proof-of-work (PoW) mining phase ends. Ethermine staking has a minimum investment of 0.1 ETH and offers staking to a huge number of his Ethereum his users.

The mining pool operated by Austrian company Bitfly called this feature an “investment” that gets rewarded via the ETH.STORE reference rate. Ether Staking Offering Rate (ETH.STORE) is the Ethereum Staking Reward Base Rate representing his average daily earnings of a validator across the Ethereum Staking Network.

Users who have deposited ETH into their Ethermine account will not be able to withdraw their funds until the Ethereum protocol allows withdrawal of all staking rewards. The developer expects withdrawals to take effect 6-12 months after the merge, with the longest waiting period estimated at around 5 years.

Earlier this month, Esamin announced said it plans to completely deprecate Ethereum PoW mining after the merge and will not support PoW forks. After the network transitions to PoW, his ETH mining pool on Ethermine will enter withdrawal-only mode.

Currently, over 223,000 active miners ethermine ethereum pool, producing a total hash rate of about 264 TH/s. Moving to staking would make the hardware used by all these miners obsolete, so Ethermine asked to join other high-performance pools to continue his PoW mining. During September, Mining Pools will offer a 0% commission promotion for ETC, RVN, ERGO, and BEAM Mining Pools.

Ethermine announced the news last week after it was revealed that its mining pool had stopped processing blocks containing Tornado Cash transactions. The mining pool’s actions were widely criticized by the crypto community for creating censorship at the protocol level, most likely as a result of OFAC sanctions.

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