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How To Start Pooled Ethereum Staking on Ledger Live
▷ Tutorial - I Just Staked 1.00 ETH on my Ledger Nano
AltSeason CoPilot Doug
October 13, 2023
Ledger is the natural choice for self-custody of your cryptocurrencies.
Ethereum Staking Pool Tutorial (image by author)
I was resistant at first and just kept paper wallets. But after finally upgrading to move all my different crypto to one organized secure place…
And after using the Ledger until I’m not stressed and worried about how it will work - I’ve become a big fan of the Ledger Hardware Wallet.
In fact, today I set 1.00 Ethereum up for Staking in the new Staking Pool.
I’m excited and pretty clueless.
That means I’d better do some math. I want to see how the potential rewards might stack up against my plan to become a crypto millionaire in 7 years.
1.00 Eth Staked on Oct 12 2023
How To Stake ETH on Ledger
Update your Firmware to Stake Eth (image by author)
Pooled staking is here. Stake any amount of ETH with Kiln through Ledger Live. No lockup period or depeg risk.
Pooled Staking on Ledger Live
Staking pools provide an opportunity for users to stake an amount of ETH and receive a proportionate share of the rewards. This is particularly beneficial for Ethereum staking because it allows individuals who do not possess the required 32 ETH to still participate and earn rewards.
Kiln takes full responsibility for managing and operating the validator on your behalf in return for a fee. The current fee for this service is 12% of total pooled rewards.
The launch of the new Kiln pool is using organic growth because of the strength of the network of users who are also Ledger Fans, even skeptics like me.
I Never Did ICOs
I never bought tokens for their initial public offerings, well, except for LISK. And I lost my private key… so that didn’t work out well.
I never signed up for Bitconnect, I’ve never bought an NFT and I never signed up for FTX. (In fact, our trading system gave the full exit on FTT before the crash, but that’s a story for a different day)
Then again, I did get burned on QuadrigaCX and Celcius (fingers still crossed to get some back).
… so I’m actually just a trader and pretty much a noob at crypto technology, so setting up Ethereum Staking on my Ledger Wallet seemed like it would be difficult…
What Is The Minimum ETHERIUM Needed to Stake?
There is no maximum requirement in the pool, allowing you the freedom to stake any amount of ETH you desire, however, when staking via Ledger Live, 0.05 ETH is the minimum stake amount.
WARNING: when staking small amounts of Ethereum, gas fees could exceed your stake and potential rewards, making it less cost-effective.
How To Stake ETH with Ledger
I already had some ETH on my Ledger but I had to download the desktop app and update the firmware on my Ledger before the ETH staking would work.
The instructions on how to stake my first ethereum:
How to Stake ETH with Ledger (screenshot by author)
Once my Ledger firmware was updated, I could join the Pooled Staking and confirm the transaction with my Ledger device.
Click, click - and done.
Um. That’s all?
ツ シ
That Was Easy!
I started out with 1.00 ETH so that the daily compounding would be easier math to track over the long term.
The daily interest will be changing for the first couple of months so it will take a while before some good data gets collected, then we can start doing some projections about how much the compounding earns compared to the compounding offered by, say, a ‘bank’.
I’m also staking ATOM and compounding those earnings. I’ll post a report on that separately.
After Staking What’s Next?
Time to work on building that next revenue stream! I’ll leave this money sit and work for me for a very long time.
Tune in next week and each month as I report on my Ledger Staking.
Will price impact my Staking?
I’m not sure. Let’s track that out and see.
ETH price when I staked. (image by author)
Thanks for tuning in!
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