It’s been almost three weeks since Ethereum 2.0 started rolling out. And since then, there have been hundreds of users who have decided to start staking on the ETH Blockchain, with the aim of generating profits by mining the cryptocurrency. To the point where today more than $ 1 billion are staking on the Ethereum 2.0 chain.
The launch of Ethereum 2.0
Without a doubt, the launch of Ethereum 2.0 was one of the most anticipated events for a long time by the crypto community. And it is that, the new version of the second most important cryptocurrency in the world, promises to solve several of the main problems that affect virtual currencies. Especially the scalability problem that prevents cryptocurrencies from being able to serve in our daily operations.
With this goal in mind, the Ethereum Foundation decided to change the ETH mining method for this new version. Leaving behind the traditional Proof-Of-Work, used by Bitcoin and other cryptocurrencies to start working with the Proof-Of-Stake. Which allows the determinant to choose a miner to validate an operation on the Blockchain, is that he has a certain amount of the cryptocurrency saved by staking.
Thanks to this method, instead of having hundreds of miners competing to mine a block and getting in the way of each other. The system will automatically choose a miner so that you can quickly execute the transactions. Radically increasing the speed of execution of each operation, and reducing costs.
More than $ 1 billion
Of course, not just anyone can do staking. In fact, a few weeks before the official launch of the first phase of Ethereum 2.0 this December 1, the Ethereum Foundation enabled a smart contract where those who wanted to staking could do so by depositing the equivalent of $ 20,000 in Ethereum.
This amount, although it may seem prohibitive at first, has not prevented hundreds of users from deciding to join the staking. Having at the time of writing this article more than 1,500,000 Ethereum deposited for staking, as reported by Glassnode, equivalent to more than 1,000 million dollars. All this while the price of the cryptocurrency continues to rise, currently trading at $ 664.
In this way, the interest of the crypto world in staking Ethereum in this new version has managed to exceed even the most optimistic expectations. Establishing positive prospects for the next phases of ETH 2.0 implementation. As more users join the cryptocurrency staking.