Ethermine has recently made an announcement prior to the launch of Ethereum (ETH) Merge. The largest Ethereum mining pool in the entire world, they have launched a new staking pool.
Ethermine’s Staking Pool
Ethermine, the largest mining pool for Ether has announced that as the ETH Merge is to be implemented on September 15, they have launched their new service.
Ethermine has already started moving its orientation towards the staking service. It has announced the launch of a new mining pool for Ethereum.
The users will be able to benefit from the new staking pool but there is a catch. Ethermine has announced that the particular staking pool will not be available to the miners based in the United States.
The benefit of the New Staking Pool
Ethermine has announced that with the help of the new staking pool, the users will be able to generate interest. The interests will be earned by the users apart from the money they deposit in the staking pool.
The best part of the staking pool will be the collective staking efforts of the users. The users will be able to stake their ETH collectively and then generate interest.
Minimum ETH Eligibility for Staking
Another major benefit for the users is the minimum staking limit set by Ethermine. According to the report, the minimum requirement on the platform would be 0.1 ETH ($159).
However, the users must be considerate of the holding fee, which would be greater if the amount staked is low.
The annual interest rate being offered by Ethermine’s latest ETH staking is 4.43%.
The popularity of Ethermine Staking Pool
Just after announcing the launch of the new ETH staking pool, a significant amount of ETH has been deposited into the new pool.
From the announcement of the new staking pool by Ethermine until now, the total number of ETH deposited into the particular pool is 393. At the time of writing, the deposited ETH account for $626,000.
Significance of the New Staking Pool
The significance of the new staking pool is very high for the staking community. This is because Ethermine’s new staking service offers very competitive interest rates.
Ethermine has performed really well in killing its competition by launching the ETH pool with a very low staking requirement. This is a very low staking requirement compared to individual staking pools.
For users aiming to become solo stakers, users have to become node operators, which requires a minimum of 32 ETH, translating to $51,000. The users need at least 32 ETH in order to operate a node.
At the time of writing, the total number of active miners on Ethermine is 222,657. Following the implementation of the Merge, Ethermine will only allow PoS mining for Ethereum Classic (ETC).