In order to revolutionize the industry of cryptocurrencies various new technologies and platforms are continuously emerging in the market. Whether it is a software wallet or hardware wallet, centralized or decentralized exchange, ETH 2.0 upgrade, Staking platform, and more. And if you are a true crypto enthusiast, then we are sure that you are definitely aware of Ethermine. But if you are unaware of that, then don’t worry because we are here to help you with this blog.
In our further content, we will cover some topics such as an introduction to Ethermine and the Pros and Cons of Staking Ethermine.
Introduction to Ethermine
It is the platform that was mainly used to mine Ethereum, Beam, Ravencoin, ZCash, and Ergo. But now the era of mining has been over and recently on July 1, 2023, Ethermine has shut down its mining services. However, it is still considered as one of the most renowned and largest platforms that allows its users to stake ETH. The platform lets its users to start earning interest on their Ether (ETH) investment without requiring 32 ETH (with as little as 0.1 ETH) and offers them returns based on ETH staking rewards through ETH.STORE.
Pros of Ethermine Staking:
- Excellent support service: Ethermine platform offers excellent customer support service, so you don’t have to take any stress if you encounter any issues. It has created its open-source channel for customer support on its Discord server, where you can directly join through its official website by entering your username and required details.
- Accurate risk assessment: The platform promotes accurate risk assessment, by providing daily calculations on your return.
- High Liquidity: Due to a large number of staked ETH and active users, the platform lets you take several benefits with larger and more reliable returns.
- Reference rate of other validators: It also allows you to view the reference rate of other validators who are using the platform.
- Low Barrier to Entry: You can start earning rewards with as little as 0.1 Ether (ETH). And if you were staking your own, then you will need at least 32 ETH to deposit as collateral to earn rewards. This Low barrier to entry feature lets anyone generate a passive income by staking ETH.
- User-friendly interface: You can easily take part in staking ETH within a few clicks and save your time as well. Because, the platform dismissed the requirement of maintaining your own node when staking Ether, which takes more time and requires technical knowledge.
- Transparency: The users of the platform always clearly know what their daily returns are. Along with that, you or anyone else can check the code to know about how the system is working.
- Language Support: The platform offers professional support in three different languages including, English, Spanish, and German.
Cons of Ethermine Staking:
- No US support: Currently, Ethermine staking is not available for the U.S. based users.
- Higher fees: The platform charges a higher fee as compared to other platforms on a smaller amount of ETH. In simple words, if you deposit a small amount of Ether (ETH) to participate in staking, then you will have to pay a fee of up to 15%.
- Risk on Staking: Like other staking platforms and methods, there are some of the possible risks that can occur while staking ETH such as slashing, exploits, bugs, and more.
- Limited access: The platform pool access is only limited to one internet IP.
Bottom Line:
Overall, Ethermine is the best platform to be chosen for participating in ETH staking as it offers various rewards. And the entire process of staking ETH on the platform is also so simple and easy that can be done in just a few clicks because of its user-friendly interface. But if you were looking for how to mine Ethereum, then we want you to clarify that, after the shift of PoW to PoS, mining has been switched off and now it is not possible to mine ETH.
