Ether (ETH) Miners’ balances continue to rise as the metric hit a 50-month high, according to a behavior analysis platform Santiment.

The provider of on-chain and social metrics analysis indicated that the amount of Ethereum held by miners has reached its highest level since July 2016.

Miners hoard nearly $ 2 billion worth of ETH

The amount of Ethereum held by miners is at its highest level since July 13, 2016, Santiment pointed out on Twitter.

#Ethereum is up to $ 3,480, the highest price the coin has sold in 16 days. It is noteworthy that the miners’ balances have continued to skyrocket. $ 532.75k ETH is miners’ largest balance since July 13, 2016. The value of these coins is $ 1.85 billion, easily an #AllTimeHigh.

– Santiment (@santimentfeed) October 5, 2021

The analytics platform found that the current total balance is 532,750 Ethereum, but the value of these coins is quickly approaching $ 2 billion.

The price of Ethereum rose 10.32% in the past 7 days and recently passed the $ 3,600 mark.

The reluctance to sell mining rewards suggests a strong HODL mentality among Ethereum miners, who hoard about 0.45% of the total circulating crypto supply, which currently stands at 117.7 million.

Those mining Ethereum aren’t the only ones expecting further price growth, recent data shows.

Despite high gas charges and increased competition, the network is completed Cryptanalysis firm Messari announced $ 6.2 trillion in the past twelve months, which signals a 350% increase.

In the meantime, a recent survey by CoinShares has shown that Fund manager continue to increase their Ethereum holdings, citing the “most compelling” growth prospects.

Hash rate hits an all time high

The Ethereum hash rate, a measure of computing power per second that indicates the strength and security of the network, fell after the miner’s exodus in China, dropping to 477 terahashes per second (TH / s) in late June.

It has made a full recovery in the past few months and is currently up 150% since the start of the year, as shown by Etherscan data.

There has been no noticeable drop in hash rate, which hit an all-time high of 745 TH / s on Tuesday, despite the fact that the major China-based Ethereum mining pools SparkPool and BeePool have closed in recent weeks.

Update on the # Ethereum hashrate

It looks like most of the major Chinese farms have chosen to move to # F2Pool, which is no surprise given that the company had a large presence there.

Poolin also caught a lot of hash.

– MeanHash ₿ ✪ (@MeanHash) October 4, 2021

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