October 25, 2021

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Ethereum: Miners sit on nearly $ 2 billion in mining credits

Sparkpool mining pool surrenders. (Image: Leremy / Shutterstock)

The Santiment analytics platform indicates that the amount of aether held by miners has reached its highest level since July 2016 and even represents an all-time high in terms of value.

At US $ 1.9 billion, Ethereum miners have a previously unknown value in their wallets. The sum comes from ongoing activities related to transaction processing on the blockchain, in particular the steadily increasing NFT traffic and smart contract-based transmissions from the defi sector.

The highest value of all time before the 2 billion wall was broken

The 50-month high recognized by Santiment’s blockchain analysts, is only a value expressed in aether, as it was last reached in July 2016. However, this consideration does not take into account the massive increase in value at which the aether is been exhibited ever since. In terms of value, the “50-month high” of 532,750 ETH is therefore an all-time high and is rapidly approaching the $ 2 billion mark. As soon as the ETH exceeds the value of $ 3,750, the sound barrier is cracked. The last time happened in early September 2021 and should be expected again in the fall. The ether currently hovers around $ 3,600.

It should be seen as a good sign that miners are stockpiling their stocks. They obviously assume that this will be more profitable than taking short-term profits. This is also supported by the fact that the network has handled $ 6 billion from NFT secondary sales in the past twelve months alone, crypto analytics firm Messari reports. This corresponds to an increase of 350 percent over the same period of the previous year.

Investors with great confidence, increasing hash rates

So the net inside is obviously good. Things that further affect growth prospects. There is also the case externally. A recent Coinshares survey shows that fund managers continue to increase their holdings in Ethereum and justify it with “more compelling” growth prospects.

Voyager Digital’s quarterly survey of particularly active investors recently showed that sentiment towards crypto assets is becoming increasingly positive despite some setbacks. Mike McGlone, Bloomberg’s chief analyst, sees it the same way. In his “Crypto Outlook” forecast report released in September, he was not impressed with the massive corrections the cryptocurrency market had to accept after May and issued a $ 5,000 price prediction for Ethereum by the end of the year.

If you still don’t want to believe it, you can still watch the hash rate development. This is a measure of the computing power used per second and shows the performance of the network. Although this value dropped sharply after the exodus of Chinese miners until the end of June, according to Etherscan it can still show a 150 percent increase since the beginning of the year. The recent release of the large Chinese mining pools of Ethereum Sparkpool and Beepool in recent weeks has had no effect on the network.

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