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

- Advertisement -

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.

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Realvision Founder Raoul Pal, “You Can Be Angry At Central Banks, Governments Or You Can Be Optimistic And Migrate To The New World Of...

RealVision founder Raoul Pal made important statements on digital currencies on Twitter. window.coinzilla_display = window.coinzilla_display || ; ...

El Salvador President, Nayib Bukele Says Citizens Are Using More USD To Buy Bitcoins

El Salvador President Nayyib Bukele shared two facts about the cryptocurrency wallet Chivo. window.coinzilla_display = window.coinzilla_display ||...

SEC Tacitly Approves First Bitcoin Futures ETF

The US Securities and Exchange Commission (SEC) has approved the ProShares application to launch the Bitcoin Futures ETF. Trading starts on Monday, October 18th. Also...

Bitcoin Above $60K After Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

Jack Dorsey says that Square is “considering” building its own Bitcoin mining system using custom silicon and open-source software. Read: Vladimir Putin: “Cryptocurrencies Have A Right...

CFTC Fined Bitfinex And Tether To Pay $42.5 Million Over USDT Backing

The United States Commodity Futures Trading Commission (CFTC) has settled claims against Tether and Bitfinex, ordering the company to pay fines totaling $ 42.5...

Bank Of Japan: “The Digital Yen Should Be Compatible With All Payment Services”

Executive Director of the Bank of Japan, Shinichi Uchida, believes that the digital Yen should be as simple and convenient to use as possible,...

Morgan Stanley CEO: “I Don’t Think Crypto Is A Fad, I Don’t Think It’s Going To Go Away”

Morgan Stanley CEO James Gorman said that the bank's clients show little interest in cryptocurrencies, but expressed confidence that digital assets will remain for...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.