Many people expect that Ethereum miners sell off their earnings right away. A recent chart shared on Reddit show that is not the case by any means.
In fact, the chart indicates how Ethereum miners are effectively accumulating ETH at a high rate.
Very Interesting Behavior by Ethereum Miners
Given the recent Ethereum price surge, that is only to be expected.
After all ,miners want to maximize their earnings at all times.
Sometimes, holding and accumulation is the most viable approach.
As is the case with Ethereum miners, evidently.
Why this level of accumulation takes place other than “for future gains” remains somewhat unclear.
One also has to keep in mind that Ethereum has proven to be far less volatile compared to other crypto asset.
The cumulative balance of all Ethereum mining pools currently sits at nearly $300 million.
How many Ethereum miners share this optimistic outlook, is unknown at this time.
Reddit users point out how the previous ETH accumulation phase took place in late October of 2019.
This appears to be a common trend among all mineable cryptocurrencies on the market today.
Preparing the next bull run is always crucial in the crypto industry.
However, that should never come at the cost of offsetting one’s mining costs either.
With the swift to proof-of-stake on the horizon, holding more ETH becomes a lot more attractive.
The post Ethereum Miners are Heavily Accumulating ETH These Past few Months appeared first on The Merkle Hash.