- The largest Ethereum mining pool stops working with the Proof-of-Work algorithm
- It moves to the Proof-of-Stake (PoS) emission model
- They will offer an ETH staking pool with 4.43% APY
Ethermine is moving away from PoW-based ETH mining and moving to a PoS algorithm.
The new service will allow members of the Ethermine community to join ETH joint staking. To do this, it is enough to deposit only 0.1 ETH (about $159) into the pool. The platform is currently offering 4.43% APY to interested clients.
Those who do not want to use pools can stake Ethereum on their own, but a minimum of 32 ETH (about $51,000) is required to maintain a node.
At the time of writing the news, 393 ETH have already been invested in Ethermine in the amount of about $626 thousand.
The company also operates multi-currency mining pools that allow users to issue ETH, zcash, ethereum classic (ETC), beam (BEAM), ravencoin (RVN) and ergo (ERGO).
Ethermine is one of the largest mining pools. Now there are 222,657 active miners working here, together they generate power of 261.1 terahashes per second (TH / s).
After the “merger” on September 15, the pool will still support PoW mining, but only for Ethereum Classic (ETC), Ravencoin (RVN), ergo (ERGO) and Beam (BEAM) coins.
However, we cannot be sure that ETH will switch to PoS exactly on September 15th. Therefore, Ethermine will launch an accurate timer in their interface. It will show a countdown until PoW mining stops.
Some members of the ETH community are pushing to keep the current PoW consensus mechanism, leaving their expensive hardware out of business. They are waiting for a hard fork and the creation of a new ETHW coin (ether, which is still mined through PoW).