Ethereum Miner Reserves Rise to Highest Since April 2018

by in Cryptocurrency News

Ethereum

Ethereum developers plan to activate the Merge fork on September 15, as a result of which the network will switch to PoS (Proof of Stake) consensus.

In anticipation of this important event, miners accumulate ether.

According to OkLink, more than 261,000 ETH have accumulated on the addresses of mining pools, totaling up to $415 million. The last time a similar situation was observed in April 2018, the researchers emphasized.

Miners are pursuing a cumulative strategy, as they believe that after the network upgrade, the demand for ETH will increase dramatically.

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According to Bitrue crypto exchange analyst Johannes Christian, mining will become unprofitable after the activation of Merge. That is why miners use their remaining time to the maximum to accumulate as much cryptocurrency as possible.

According to BitinfoCharts, computing power has been increasing since August 19th. The day before, the ETH hashrate reached 964.577 terahash per second (Th/s). Miner activity has increased to the highest level since June 2022.

The largest altcoin on the night of Thursday, September 1, rose to $1576. In mid-August, Ethereum broke above $2,000 but quickly retreated due to pressure from sellers.