The amount of Ethereum in the hands of miners has reached an all-time high in USD, as they still do not want to sell.

The balance between Ethereum miners is the largest since then, shortly after the network was launched five years ago. In terms of US dollars, it reached a high of 1.85 billion dollars ever, according to the analytical platform Santiment.

The company stated that 532,750 ETH is the largest mining balance since 13 July 2016. This amount is approximately 0.45% of the total amount of Ethereum in circulation, which is currently 117.8 million ETH.

Balances and price for miners in Ethereum –
Miners usually sell assets regularly to cover costs, including electricity and equipment costs. The reluctance to sell indicates that miners may be resistant to further price increases.

The hash frequency has not been reached
The hash speed of Ethereum, often seen as a reflection of the health and safety of the network, slowed as miners left China with bitcoin. Ethereum’s hashish frequency fell to 477 TH / s at the end of June, but has fully recovered in the last three months and reached new heights. It is currently up 150% since the beginning of the year.

This is despite the fact that mining pools in Ethereum in China have withdrawn from the race, and SparkPool and BeePool have been suspended in recent weeks. Ironically, there was no noticeable decrease in the hash speed, which peaked at 745 countries per second (TH / s) on October 5, according to the Bitinfocharts charts.

RELATED: Miners have been accumulating $ 600 million dollars in Bitcoin since February

In September, the Cointelegraph reported that Ethereum miners began collecting assets after a hard fork in London in early August. A study of the Kraken cryptocurrency exchange showed that miners expected further price increases due to potential deflationary properties after the launch of EIP-1559, which lowers some transaction fees.

According to Ultrasound.Money, 473,120 ETHs worth around $ 1.7 billion have been burned since the update was released on August 5.

In addition to pressure from suppliers, a large percentage was booked under the Eth2 Beacon Chain contract. According to Eth2 Explorer, approximately 6.7% or 7.9 million ETHs are locked for storage. At current prices of around $ 3577, it is about $ 28 billion.

Source: CoinTelegraph