The amount of Ethereum held by miners has reached record highs in dollars as their reluctance to sell continues.
Ethereum’s miner supply has experienced its highest rate since shortly after the network’s launch five years ago. The Santiment analytics platform has revealed that miners own $ 1.85 billion in Ether.
By company 532,750 ETH owned by miners represents the highest amount seen since July 13, 2016. This amount is around 0.45 percent of the total ETH supply, which is currently 117.8 million.
The miners sell regularly to cover their expenses, usually electricity and equipment. Miners’ reluctance to sell may mean they expect a price increase.
The hash rate did not decrease
Ethereum’s hash rate, which is generally believed to reflect the health and safety of the network, decreased along with Bitcoin’s hash rate during the mass migration of Chinese miners. The ETH hash rate, which fell to 477 TH / s at the end of June, has made a full recovery in the last three months and has recorded new highs. Ethereum’s hash rate has currently increased by 150 percent since the beginning of the year.
The hash rate of the Ethereum network has increased in recent weeks despite the closure of China-based Ethereum mining pools such as SparkPool and BeePool. According to data from Bitinfocharts, the hash rate, which reached an all-time high of 745 TH / s on October 5, did not show any noticeable decline.
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Ethereum miners started hoarding Ether after the London hard fork in early August. According to research by cryptocurrency exchange Kraken, miners can expect an increase in price due to the possible deflationary effects of EIP-1559, which was launched with the hard fork and led to the burning of transaction fees.
Since the EIP-1559 update was rolled out on August 5, around $ 1.7 billion in ETH has been burned, according to data from Ultrasound.Money.