Ethereum miners are holding their ETH assets.
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.
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.
#Ethereum is up to $3,480, the coin's highest price in 16 days. Notably, miner balances have continued to skyrocket. 532.75k $ETH is the largest balance held by miners since July 13, 2016. The value of these coins is $1.85B, easily an #AllTimeHigh. https://t.co/zf2g4ypqiJ pic.twitter.com/atPnYLhAgc
— Santiment (@santimentfeed) October 5, 2021
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.
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.