Home BlockchainEthereum Major mining pool Ethermine launches new ETH stacking service

Major mining pool Ethermine launches new ETH stacking service

by Chief editor

The world’s largest Ethereum mining pool, Ethermine, has launched a new stacking service.

Ethermine members can now collectively stake their ETH and earn interest. Only 0.1 ETH ($159) is required to participate. However, the smaller the size of the holding, the higher the fee. The platform currently offers participants an ETH interest rate of 4.43% per annum.

At the time of writing, 393 Ethers worth around $626,000 at current prices have been invested in the new Ethermine pool.

The fact that such pools are popping up is great, as they offer competitive interest rates and lower entry barriers. A single operator needs at least 32 ETH ($51,000) to be allowed to operate a node. The Ethpool rate for a single node operator gives an annual interest rate of 4.6 per cent.

Notably, the new stacking service is not available to US-based miners.

On Ethermine, users currently mine ETH, Zcash, Ethereum Classic (ETC), Beam (BEAM), Ravencoin (RVN) and Ergo (ERGO).

At the time of writing, there are 222,657 active miners on Ethermine, which collectively produce 261.1 TH/s. After September 15, the pool will only continue to support PoW mining of Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO) and Beam (BEAM).

A countdown clock will appear on miners’ dashboards until the “merge” time, and miners will only be able to continue mining ETH until the timer counts down to zero.

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