The amount of ETH held by miners has reached its highest level since 2016

The amount of Ethereum held by miners has hit a record in US dollars as they remain reluctant to sell.

The Ethereum miners’ balance is the largest balance since the network started five years ago. According to the analysis platform Santiment, converted into USD, it is at an all-time high of 1.85 billion US dollars.

The Company specified that 532,750 ETH is the largest credit miners have had since July 13, 2016. This amount corresponds to roughly 0.45% of the total circulating supply of Ethereum, currently 117.8 million ETH.

Miners often sell assets on a regular basis to cover their expenses, including the cost of electricity and hardware. The reluctance to sell suggests that miners may try to keep the price up.

Hash rate failed

Ethereum’s hash rate, often viewed as a reflection of network health and security, fell along with Bitcoin during the miners’ exodus from China. Ethereum’s hash rate fell to 477 TH / s in late June but has fully recovered in the past three months and has soared to new highs. It has now risen by 150% since the beginning of the year.

And that’s despite the fact that the China-based Ethereum mining pools have dropped out of the race and SparkPool and BeePool have been closed in recent weeks. Oddly enough, according to Bitinfocharts, on October 5th there was no significant drop in the hash rate to an all-time high of 745 terrahashes per second (TH / s).

Related: Miners have amassed $ 600 million worth of Bitcoin since February

Cointelegraph reported in September that Ethereum miners began hoarding assets after the hard fork in London in early August, and research by the Kraken crypto exchange shows that miners expect further price increases from potential deflationary properties after the introduction of EIP-1559 that will blow out some transaction fees.

Since the upgrade, which began on August 5, has burned 473,120 ETH, valued at around $ 1.7 billion, according to Ultrasound.Money.

In addition to the supply shortage, a large percentage was placed on the contract for the Eth2 signaling chain. According to Eth2-Explorer, around 6.7% or 7.9 million ETH are blocked for staking. At current prices of around US $ 3,577, this equates to a value of around US $ 28 billion.