Before the upcoming Ethereum Merge, which is scheduled for 15th September, Ethermine (known as the biggest mining pool on Ethereum) has disclosed an exclusive staking pool to facilitate the consumers. However, it is noteworthy that United States-based users will not be able to avail of this service.
Ethermine Launches an Exclusive Staking Service for ETH
The unique service provides an opportunity for the participants of Ethermine to stake the ETH tokens in their possession collectively and gain profits over their deposits. The required amount to be firstly deposited in this respect is just 0.1 ETH (approximately $159). Nonetheless, if the holding is small then the fees implemented on it will be greater. The venue is presently offering 4.43% as the per-annum interest rate on ETH.
At the moment, the latest pool of Ethermine has received an investment worth 393 Ether is nearly $626,000 at present prices. Staking pools like these are very significant as they provide reasonable interest rates as well as decreased hindrances on the entrance as compared with the solo staking by node operators as it requires a minimum of 32 ETH (almost $51,000) to run a node.
Following the Merge, the mining of ETH will be eliminated as a shift from PoW to PoS consensus model will take place. At present, the number of active miners is 222,657 on Ethermine responsible for a cumulative hash rate of around 261.1 terra hashes per second (TH/s). Following 15th September, the PoW mining will only be permitted for Beam (BEAM), Ergo (ERGO), Ravencoin (RVN), and Ethereum Classic (ETC) on the respective pool.
Some ETH Miners Oppose PoS Transition of Ethereum
Currently, a countdown clock is continuously ticking on the dashboards of the ETH miners and they can carry on their operations until the time runs out. Shortly, PoS validators will be placed to substitute ETH miners to assist in decreasing the network consumption of Ethereum by ninety-nine percent. Nonetheless, a few miners have insisted on keeping mining with the present PoW consensus as their expensive mining rigs will become useless after the PoS transition.
The rest of the high-profile participants within the community of cryptocurrency have additionally been criticizing this as well. They assert that the modifications will put destructive effects far from the mining loss. The present PoW mechanism is a procedure that uses substantial energy and allows miners to utilize huge computing power to answer the puzzles after which they validate transfers and gain rewards in ETH.
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