Bitfly - Ethermine - Ethereum (ETH) mining pool
Do you know that you can earn with your purchased crypto assets? If you are a trader and you don’t know about staking, let me tell you that several blockchain networks allow their users to earn by holding their assets. Ethereum network is the one that supports staking through the Bitfly platform.
Well! You need to know one thing before diving into the ETH staking before 2020, the Ethereum network was working with a Proof-of-work mechanism that doesn’t involve staking. After the merger with the Beacon Chain (which was working on a consensus layer with a Proof-of-stake mechanism), ETH started serving staking services after opting PoS mechanism from Beacon Chain.
Coming to the high point of our read, Bitfly is the platform that serves as a source to explore all types of Ethereum staking and mining services. This platform is also known as Ethermine because previously it was facilitating the ETH traders with the mining services until the PoS mechanism was not implemented. And, this platform is easily accessible through the URL https://ethermine.org/. Let’s have a look at the services accessible through Bitfly.
Ethermine Staking explained
Bitfly's this service allows users to earn passive income by staking their Ether (ETH) holdings. By participating in the Ethereum network's proof-of-stake (PoS) consensus mechanism, users can securely lock up their ETH for a specific period and receive rewards in return. Ethermine Staking simplifies the staking process, providing users with a convenient and easy-going platform to organize their staked assets with earning rewards and monitor their earnings.
If you were involved in mining and now wanted to become a validator by staking your coins, you can do so by staking your assets on Ethermine Staking after withdrawing them from the mining platform. But, if you are a new user, you need to take a few assets as stated below in this section.
First of all open the Bitfly portal and from the header press the “Staking Ethermine” key.
You can also open this platform with the URL https://staking.ethermine.org/.
After this, hit the “Start Earning” orange-colored button or press “Sign Up”.
It will open the signup form, by filling out the information, you might be able to stake through Ethermine.
This platform is going to be shut off on September 30. 2023 onwards. So, there is a possibility that you wouldn’t be able to create a new account in it. If you were involved in mining, you can log in with your registered Email ID and password, and after withdrawing your assets, you would be able to become a validator.
Acknowledge the basics of Ethpool Solo Staking
Ethpool Solo staking service of Bitfly offers users the opportunity to stake their Ether individually, without joining a staking pool. This service provides greater control and independence for users who prefer to manage their own staking operations. It ensures security and reliability, allowing users to participate in Ethereum's proof-of-stake consensus and earn rewards directly.
- Register for Ethpool solo staking
If you are a first-time user, you need to register your account on the Ethpool platform for accessing its services. Here are the steps to proceed with Ethpool staking service.
Open the Bitfly platform and press the “Start Staking” button.
Or, visit the URL https://ethpool.org/ and hit the “Register” button located in the right corner.
Proceed by filling in the sign-up form further with asked details including email and password.
Provide consent to the terms after going through them and press hit “Register”.
After this, follow the prompted instructions to complete the process.
This is all you need to do for initiating the solo staking service with the Ethpool platform but make sure that you have at least 32 ETHs to begin solo staking.
Have a closer look at Mining
The mining service of Bitfly provides a robust infrastructure, low-latency connections, and reliable payout systems to optimize the mining experience. This platform is accessible by opening the “Mining” platform from the homepage but let me tell you that ETH is closing its mining services soon. However, you are still eligible to mine other tokens such as Ravencoins, Ergo, Beam, etc.
A quick overview of Ethermine Explorer
Ethermine Explorer is a comprehensive blockchain explorer developed by Bitfly. It offers users detailed insights into the Ethereum network, specifically focusing on Ethermine, one of the largest Ethereum mining pools. With Ethermine Explorer, users can explore real-time and historical data on mining statistics, block rewards, transaction details, and more. This tool enhances transparency and provides valuable information to miners, stakers, and anyone interested in monitoring the Ethereum network's mining activities.
Bottom Line!
Ethereum blockchain is catching on due to the launch of its staking services on the Bitfly platform. Ethpool solo staking is quite popular among traders as it doesn’t involve any risk and incentivized stakers with huge returns as rewards. Meanwhile, Ethermine staking and ETH classic mining services are about to end as they are no longer needed or beneficial after the PoS mechanism implementation of the ETH network.
This read will help you out with your journey no matter whether you want to begin your journey with ETH staking or you were involved in ETH mining and now want to run a validator through staking. So, bring on your journey with Bitfly and give wings to your trading journey.