Ethermine Opens ETH Staking As They Prepare For Merge

Ethermine is the largest Ethereum mining pool. Upon entering their webpage ethermine.org, a popup is shown explaining the end of the PoW (Proof of Work) mining phase. The mining phase will come to an end on September 15, 2022 (The merge is expected between September 10-20). 

The ETH mining pool platform still outputs a hashrate of 264.6 TH/s (Terra Hash per second). This makes up 29.9% of the total hashrate of 884.88 TH/s. The pool still has 223,711 active miners.

Mining pools allow users to pool their resources to better their chances of mining difficult coins such as Bitcoin and Ethereum. To be able to solomine these currencies now, would take a significant investment that retail users won’t have access to. Mining pools allow the user to contribute their mining (hash) power, to be combined with all users in the pool, so that the pool has better chances of mining blocks. The pool then splits the rewards amongst the pool members according to the percent of hashpower provided. Most mining pools feature 1% fees and instant payouts. 

The platform also hosts mining pools for Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM). They will be offering a 0% fee promotion for the month of September for these other currency’s mining pools.

Ethermine’s Ethereum 2.0 non-custodial staking pool is already available. The pool already holds over $23 million worth of staked ETH with 454 validators. Their non-custodial solo staking requires a minimum of 32 ETH (worth around $47296 at the time of writing). 

Ethermine Staking will be available soon to allow users to earn interest on their ETH without requiring the 32 ETH to become a validator; the minimum investment amount will be 0.1 ETH.