🚨 BitMine to control 5% of total Ethereum supply by November
BitMine Immersion Technologies is on track to reach its goal of holding 5% of the total Ethereum (ETH) supply by early November. The company currently holds 6,001,302 ETH, which is approximately 4.9% of the 122.1 million circulating supply.
Data shows BitMine has been acquiring an average of 21,600 ETH every week. To hit the 5% milestone of 6.105 million ETH, the firm only needs to acquire another 103,700 ETH, which it will likely achieve in less than five weeks.
Chairman Tom Lee stated that once the target is reached, the company might sell staking rewards—the interest earned for helping secure the network—to maintain the 5% cap. BitMine reported $45.7 million in revenue from staking and validation in a single quarter ending May 31.
#Ethereum #ETH #BitMine #CryptoNews
BitMine Immersion Technologies is on track to reach its goal of holding 5% of the total Ethereum (ETH) supply by early November. The company currently holds 6,001,302 ETH, which is approximately 4.9% of the 122.1 million circulating supply.
Data shows BitMine has been acquiring an average of 21,600 ETH every week. To hit the 5% milestone of 6.105 million ETH, the firm only needs to acquire another 103,700 ETH, which it will likely achieve in less than five weeks.
Chairman Tom Lee stated that once the target is reached, the company might sell staking rewards—the interest earned for helping secure the network—to maintain the 5% cap. BitMine reported $45.7 million in revenue from staking and validation in a single quarter ending May 31.
#Ethereum #ETH #BitMine #CryptoNews