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Can You Make Profit on the New and Improved Ethereum 2.0 Network

The Ethereum merge has just finished, but we already have many people complaining about the current PoS system and how it ruins the network for millions of its users. Well, “ruin” is not the best word to describe the situation in which millions of people found themselves after mining was completely removed from the project. Ethereum now is a completely different beast that favors those who have money and makes others lose out in the long run.

How much do you need to start staking?

To earn exciting rewards that were put front and center of the “marketing” campaign ahead of the merge, you will need to stake 32ETH which is a large number despite the falling price of the asset. Even after the third consecutive day of bearish price movement, 32ETH equals $43,500 which is a massive investment for the vast majority of ETH holders.

At the same time, you will need to run a node. If you have a PC constantly connected to the internet and you hold 32ETH, you will be earning about 12.1% annually by participating in the validation process. However, it is a reality for only a small fraction of the user base.

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Another way is to join the Rocket Pool that has been gaining momentum by offering you to join the pool of validators by staking 16ETH locked for the duration of the staking period. You won’t need to run a node, but a small fee is extracted on top of what you make from staking.

Join forces with others

There is also an option of joining a different pool that will act as a custodial service by taking your ETH and adding it to the pool. Fees range from 8% to 12% and higher depending on which pool you choose. Again, you will have to lock your ETH for a certain period.

The last option available to ETH holders is staking on an Exchange like Binance. This way, you will be earning way less and pay up to 30% in fees depending on the exchange and the amount staked. The more you stake, the less you will pay in fees.

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Alexander Fyodorov

Alexander Fedorov is a new writer on Tokenhell, his articles are about on cryptocurrency news and platform reviews. We recommend keeping an eye on his latest posts as they are always very informative and super interesting.

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