Ethereum’s largest mining pool rolls out ETH staking service

Sahana Kiran
Source – Unsplash

Ethereum [ETH] has been the highlight of the crypto industry over the last couple of months. The much-anticipated Merge is just days away and the ecosystem has been yearning for a smooth transition into Proof-of-Stake [PoS]. However, certain miners have been retaliating and even suggesting a hard fork.

The largest ETH mining pool, Ethermine made it clear that it wouldn’t support any sort of a hard fork. The community was certainly surprised by this decision considering the loss it would incur following the Merge. It seems like Ethermine was looking for other ways to stay relevant with its latest service.

Earlier today, Ethermine announced the launch of its brand new service Ethermine Staking. With this, the platform will allow users to add funds to an enormous pool of contributors that will then be collectively staked. Following this, users will create as well as earn new ETH post-Ethereum’s transition into PoS.

It should be noted that users will be allowed to add funds as low as 0.1 ETH which is roughly $159. However, United States users will not be allowed to employ this staking service.

Furthermore, the firm was offering stakers an annual ETH interest rate of 4.43 percent. The community believes that Ethermine’s latest initiative would thrive considering its low barriers of entry. Solo staking requires an immense amount of ETH [at least 32 ETH or $51K]. Therefore, Etheremine’s timely entry into the staking business ahead of the Merge is expected to flourish.

Ethereum co-founder is all set to release a book about Proof-of-Stake

As the Merge inched closer, several in the community called out Ethereum’s core team and developers for this shift. An array of individuals and entities pointed out that the network’s transition to PoS would cause trouble with the regulators. While several pointed out that Ethereum would be deemed as a security, a few others noted how the asset was steering away from decentralization.

It seems like Vitalik Buterin intends to give the world a better idea about PoS and hence he is all set to release a book about the same. He tweeted,

“Proof of Stake”, the (physical and digital) book compiling various writings I’ve made over the last ~10 years, will be out in a month!”

As Ethereum prepares to embark on a whole new journey, the bulls seemed to be showering support. At press time, ETH was trading for $1,601 with a 1.38 percent daily surge.