By Alicia Maher
As a result of their reluctance to sell, the quantity of Ethereum owned by miners has touched all-time highs in terms of value in USD. The amount owned by Ethereum miners currently is the highest it has been since the network was first founded five years ago when it was at its highest point. According to statistics given by advanced analytics Santiment, when changed into USD, it has reached an all-time high of $1.85 billion, which is a historic high.
According to the company, the 532,750 ETH represents the greatest amount held by miners since July 13, 2016. The sum corresponds to approximately 0.45 percent of Ethereum’s entire total supply, which is 117.8 million ETH at the time of writing. Mining companies typically sell their assets regularly to pay costs such as energy and equipment charges. Mining companies may be sticking out for higher prices as a result of their unwillingness to sell.
Missed Hash Value
The hash frequency of Ethereum, which is widely regarded as a barometer of the safety and wellness of a network, plummeted along with Bitcoin’s during the miner outflow from China. After falling to 477 TH/s at the end of June, Ethereum’s hash rate has more than rebounded and has risen to new highs during the previous three months. It has now increased by 150% since the beginning of the year.
This is even though China-based ETH miners have dropped out of the competition, with SparkPool and BeePool both ceasing activities in the last few weeks, among others. The hash rate has remained virtually unchanged since hitting a record of 745 terrahashes per second (TH/s) on October 5, as per Bitinfocharts.
After the London hard split in early August, it had earlier been claimed that ETH miners had begun stockpiling the cryptocurrency, prompting this report. Following the publication of EIP-1559, which consumes some of the interchange fees, according to data from the Kraken cryptocurrency exchange, miners were anticipating significant price hikes as a result of possible deflationary features, according to the exchange.
Successful Upgrade
Following the publication of EIP-1559, which consumes some of the interchange fees, according to data from the Kraken cryptocurrency exchange, miners were anticipating significant price hikes as a result of possible deflationary features, according to the exchange. As per Ultrasound.Money, since the patch went live on August 5, 473,120 ETH, worth approximately $1.7 billion, has been burned, indicating that the update was successful.
A significant portion of the ETH 2.0 Beacon Chain transaction has also been submitted, which has contributed to the supply crunch even more. According to the ETH 2.0 explorer, roughly 6.7 percent, or 7.9 million ETH, has been set aside for staking. At current rates of approximately $3,577 per ounce, this corresponds to almost $28 billion in value.