The number of miners currently holding Ether (ETH) is at an all-time high in USD terms. The total value represented stands at a whopping $1.85 billion, according to data provided by analytics platform Santiment. This sum is the equivalent of 532,750 ETH, the biggest balance in the custody of miners since July 13, 2016. Furthermore, this amount is around 0.45% of Ethereum’s total circulating supply, currently at 117.8 million ETH. Regardless of these figures, most miners are uninterested in selling the popular token.
Miners traditionally sell the digital assets often to cover expenses incurred – electricity and hardware costs included. The current reluctance among miners to sell indicates they are hoping that prices will rise even further.
Ethereum’s hash rate slumped along with BTC’s during the miner exodus from China. Hash rate is reflective of the network’s health and security. In late June, Ethereum’s hash rate dropped to 477 terahashes per second (TH/s). However, it recovered in the succeeding three months thereafter, and is now at new heights. Put in perspective, the Ethereum hash rate is currently up by 150% since the beginning of 2021.
This is despite the fact that China-based Ethereum mining pools dropped out of the race. In recent weeks, SparkPool and BeePool have suspended operations. So far, there is no noticeable effect on the hash rate, which soared to 745 TH/s on Tuesday, according to BitInfoCharts.
Image Credits: Pixabay
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