Ethermine, the largest Ethereum mining group, announced the launch a new ETH staking program that allows members to collectively stake their ETH, and earn 4.43% annually. This new staking option allows users to make additional income on their ETH deposit.
To participate in the new ETH staking services, members will only need 0.1 ETH (or about $159). US miners won’t be able to use the staking services.
The new ETH staking platform comes ahead of the anticipated Ethereum Merge on September 15.
Ethermine’s new ETH staking pool
As of press time, 393 Ether had been invested in ETH staking pool (worth around $626,000).
These pools have lower entry requirements and offer higher interest rates than solo pools, which require node operator to stake 32 ETH.
Ethermine’s decision to offer staking services was a significant step. The company is well-known for its multi-currency mining pool, which allows members to mine Ethereum (ETH), Ethereum classic (ETC), Zcash and Ravecoin(RVN), Ergo [ERGO], and Beam (BEAM).
It is important that you note that Ethereum mining won’t be required after the anticipated Ethereum merge upgrade. This will allow Ethereum to move to the Proof-of-Stake consensus mechanism. After the merge, Ethereum will be able to move to the Proof-of-Stake(PoS), which is geared toward staking and not mining.