Ethermine Launches Staking Service
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An editor at Coincrop
01 Sept 2022 | 3 min read
thermine, the world's biggest Ethereum mining pool, has launched a new staking service for ETH investors. The investment service, known as ‘Ethermine Staking,' currently offers a straightforward yearly return of 4.41 percent (which is adjusted according to ETH.STORE).
Staking services will be available on Ethermine two weeks before the Merge is set to occur between September 15th and 16th. There is currently no fee for this service, but that may change after the merge. Users can commit as little as 0.1 ETH to this project, which comes out to around $160 using Ethereum's current rate of $1,600 per coin.
Ethermine Staking, like its current proof-of-work version of Ethereum mining pool service, intends to combine investors' funds to produce the same outcomes. It also tries to make it easier for non-individual investors to qualify for staking rewards by lowering the node entry requirement for Ethereum 2.0 stakers without requiring them to invest the whole 32 ETH required to run a validator node.
Any ETH put into the Ethermine Staking service will not be accessible until withdrawals are enabled on the proof-of-stake Ethereum chain. According to Ethermine, there is no set timetable for withdrawals, and at the absolute latest, invested ETH will be accessible after five years.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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