Saturday, October 16, 2021
Home Crypto News Analysis Ethereum Miners Are Holding ETH As Their Holdings Reach Highest Level Ever

Ethereum Miners Are Holding ETH As Their Holdings Reach Highest Level Ever

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Ethereum miners are holding their ETH assets.

Read: Ethereum Foundation Confirmed Date Of ETH 2.0 Upgrade Altair

As they are reluctant to sell, the number of Ethereum held by miners has reached new records in US dollars terms.

The Ethereum miners’ balance has grown to the highest level. According to data from analytics platform Santiment, the balance is now worth $1.85 billion when converted to USD.

Read: During One Year, 1/3 Of Ethereum Supply On Exchanges Has Been Moved Out


According to the Santiment, 532,750 ETH was the largest balance that miners hold since July 13, 2016. This amount is equivalent to 0.45% of Ethereum’s total circulating supply which currently stands at 117.8million ETH.


To cover their expenses, which include hardware and electricity costs, miners typically sell the asset frequently but in Ethereum’s case, miners might be expecting higher prices due to their reluctance in selling the asset.

Read: Bank Of America Report Shows 27% Of The United States Population Will Be Using Crypto In 2022

The hash rate of Ethereum, often thought to be a sign of health and security of the network, fell during the exodus of miners from China. The Ethereum hash rate dropped to 477 TH/s at June’s end, but it recovered fully in the past three months and hit new highs. It has risen 150% since the beginning of the year.

Recently China-based Ethereum mining pool SparkPool had to suspend mining operations but Bitinfocharts reports that there hasn’t been any noticeable decrease in the ETH hash rate, which reached an all-time high of 745 terrahashes per second (TH/s) on Oct. 5.

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Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


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