Thursday, June 17, 2021

Over 5 Million ETH Locked In Ethereum 2.0 Contract; Ethereum Miners Earn Over $2 Billion for the First Time

According to a report, for the first in history, Ethereum miners earned over $2 billion in total for the month of May 2021. In another development, over 5 million ETH worth $14 billion at current prices has been locked in Ethereum 2.0 deposit contract address.

5 million ETH is now locked up in the Ethereum 2.0 deposit contract

A few months after the launch of Ethereum 2.0’s Beacon Chain, over 5 million ETH is now locked in the deposit contracts address.

Read Also: Ethereum (ETH) Miners Voting to Increase Block Gas Limit for Network to Start Handling 44 TPS

At the time of writing, 5.22 million ETH worth $14 billion is locked up in the Ethereum 2.0 contract. And there is a tendency that the number will continue to increase as the community anticipates the official launch of Ethereum 2.0.

Over 5 Million ETH Locked In Ethereum 2.0 Contract; Ethereum Miners Earn Over $2 Billion for the First Time

Image Source: Etherscan

The lock-up is an integral part of the network’s transition from the energy-consuming proof of work (PoW) consensus algorithm to energy-efficient proof of stake (PoS) protocol.

Ethereum Miners Earn Over $2 Billion for the First Time

This was reported a few hours ago by a blockchain analytics firm, Smart Liquidity. According to the report, Ethereum miners earned over $2 billion for the first in history.

Read Also: New EIP to Suppress Tension between Ethereum Developers and Miners Over EIP-1559 Emerges

Based on the report, Ethereum miners’ reward has now notably surpassed similar indicators in the Bitcoin network by relatively $1 billion.

Captioning a chart for illustration, Smart Liquidity tweeted, “According to the results of May, for the first time in history, Ethereum miners earned more than $2 billion in total, surpassing similar indicators in the Bitcoin network by almost $1 billion – $2.35 billion against $1.45 billion.”

Read Also: Ethereum 2.0 Coordinator Announces Progress With Beacon Chain Upgrade

Ethereum (ETH) in the Market

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been struggling to find a better support level for the next bullish trend following the devastating price fall of the past weeks.

However, the digital currency seems to have regained its balance but the uptrend is still weak. At the time of filing this report, ETH is trading at $2,687.30, with 2.20% price uptrend in the last 24 hours.


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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