Ethereum miners’ holdings reach their highest level since 2016

Ethereum miners’ holdings reach their highest level since 2016

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Answer Ethereum miners’ holdings reach their highest level since 2016

Ethereum miners tend to be reluctant to sell their holdings and anticipate additional gains in the future.

Ethereum miners’ holdings have reached new highs, indicating that they are reluctant to sell.

It is worth noting that the process of mining Ethereum is being changed from the Proof of Work mechanism to the Proof of Stakes mechanism.

Tim Peko, one of the developers of Ethereum, explained that Ethereum is becoming increasingly difficult to mine, stating:

It is as if we are artificially increasing the number of miners on the network, which increases the difficulty, and makes it more difficult for every other miner on the network to mine a new block.

Read:Active Ethereum addresses reach their highest level on launch…details here

The amount of money owned by Ethereum miners has reached its highest level since the network was established five years ago.

When measured in dollars, the number represents a historic high of $1.85 billion, according to data provided by the analytics firm Santiment.

According to the analytics platform, 532,750 ETH is the largest amount miners have held since July 13, 2016.

This represents about 0.45% of the total ETH in circulation, which currently stands at 117.8 million ETH.

Miners often sell their cryptocurrency on a regular basis to offset expenses such as energy and hardware.

Miners’ reluctance to sell may indicate that they are waiting for additional price hikes, as we told at the beginning of the article.

As miners from China stopped, the hash rate of Ethereum, which is generally seen as a sign of the health and security of the network, decreased along with Bitcoin.

In late June, Ethereum’s hash rate dropped to 477 TH/s, but has since fully recovered and surged to new highs in the subsequent three months.

It has increased by 150 percent since the beginning of the year.

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Although China-based Ethereum mining pools such as SparkPool and BeePool have stopped working in recent weeks, this is still the case.

Surprisingly, the hash rate remained unchanged after hitting an all-time high of 745 hashes per second (TH/s) on October 5, according to “Bitinfocharts”.

After the London split in early August, reports in September claimed that Ethereum miners had started hoarding cryptocurrencies.

Miners had been expecting further price hikes from potential deflationary qualities after the implementation of EIP-1559, which burns off some transaction fees.

Read also:

For the first time: Total value booked in DeFi projects exceeds $200 billion

Binance announces the termination of crypto derivatives offerings in South Africa

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