{"id":349972,"date":"2021-10-08T07:49:44","date_gmt":"2021-10-08T04:49:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/amount-of-eth-held-by-miners-reaches-highest-level-since-2016\/"},"modified":"2021-10-08T07:49:44","modified_gmt":"2021-10-08T04:49:44","slug":"amount-of-eth-held-by-miners-reaches-highest-level-since-2016","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/amount-of-eth-held-by-miners-reaches-highest-level-since-2016\/","title":{"rendered":"# Amount of ETH held by miners reaches highest level since 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a117fa2764\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a117fa2764\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/amount-of-eth-held-by-miners-reaches-highest-level-since-2016\/#Hash_rate_not_hit\" >Hash rate not hit<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Amount of ETH held by miners reaches highest level since 2016 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The amount of Ethereum that is being held by miners has reached record levels in U.S. dollar terms as they remain reluctant to sell.<\/p>\n<p>The balance held by Ethereum miners is the largest it has been since shortly after the network was launched five years ago. When converted into USD, it is at a historic peak of $1.85 billion, according to data provided by analytics platform Santiment.<\/p>\n<p>The firm<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1445478262491140096\"> stated<\/a> that the 532,750 ETH is the largest balance held by miners since July 13, 2016. The amount equates to around 0.45% of the total circulating supply of Ethereum which is currently 117.8 million ETH.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/c4e03ad5-5872-4a90-8ff1-ddfe46df0b87.jpg\"><figcaption style=\"text-align: center;\"><em>Ethereum miner balances and price &#8211; santiment.net<\/em><\/figcaption><\/figure>\n<p>Miners usually sell the asset regularly to cover expenses which include electricity and hardware costs. A reluctance to sell suggests that miners could be holding out for further price increases.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Hash_rate_not_hit\"><\/span>Hash rate not hit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Ethereum hash rate, which is often viewed as a reflection of network health and security, slumped during the miner exodus from China along with Bitcoin\u2019s. Ethereum&#8217;s hash rate fell to 477 TH\/s in late June but has fully recovered over the past three months and surged to new peaks. It is currently up 150% since the beginning of the year.<\/p>\n<p>That\u2019s despite China-based Ethereum mining pools dropping out of the race, with SparkPool and BeePool suspending operations in recent weeks. Curiously, there has been no noticeable drop in hash rate which hit an all-time high of 745 terrahashes per second (TH\/s) on Oct. 5 according to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bitinfocharts.com\/comparison\/ethereum-hashrate.html#1y\"> Bitinfocharts<\/a>.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Miners have accumulated $600M worth of Bitcoin since Feb<\/em><\/strong><\/p>\n<p>Cointelegraph reported in September that Ethereum miners had started hoarding the asset following the London hard fork in early August. Research from the Kraken crypto exchange suggested that miners were expecting further price increases from potential deflationary properties following the launch of EIP-1559 which burns some of the transaction fees.<\/p>\n<p>Since the upgrade went live on Aug. 5, 473,120 ETH worth around $1.7 billion has already been burnt according to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ultrasound.money\/\"> Ultrasound.Money<\/a>.<\/p>\n<p>Further adding to the supply squeeze, a large percentage has also been staked on the Eth2 Beacon Chain contract. Around 6.7% or 7.9 million ETH has been locked for staking according to the Eth2<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/beaconcha.in\/\"> explorer<\/a>. At current prices of around $3,577, this equates to roughly $28 billion worth.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The balance held by Ethereum miners is the largest it has been since shortly after the network was&#8230;<\/p>\n","protected":false},"author":1,"featured_media":349973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvMjBkMjljOTAtY2U1MC00YTdlLTg5MTgtZjNmMzY3MmMyODhlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74891,75326,75462,75042,78423],"class_list":["post-349972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ethereum","tag-ethereum-2-0","tag-hash-rate","tag-mining","tag-mining-pools"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/349972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=349972"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/349972\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/349973"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=349972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=349972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=349972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}