Ethereum miners accumulate ETH ahead of merge

On September 15, it will Ethereum (ETH) network the long-awaited merge launch. It is seen as one of the biggest updates ever to the network and it will be the end of ether mining usher in. Miners currently seem to want to take advantage of the fact that they can accumulate ETH tokens for as long as possible. The ether balance of miners has not been as high as it is now for years.

Ethereum miners are running out of money

According to data from OKlink have the addresses of Ethereum miners at least 260,000 ETH on the balance sheet at the moment. These tokens have a market value of over $415 million at the current price. The degree of accumulation among miners is now at its highest level since 2018.

There are a number of reasons why miners in the run-up to the merge want to collect as much ETH as possible. First of all, that can of course be the price forecast as a result of the merge. There is a chance that the course will make a nice upward movement after the merge. Of course, owning a lot of ETH tokens is very attractive in that case.

Many analysts argue that the merge will be a classic “buy the rumour, sell the news” moment. Which means; the price rises leading up to the update, but will plummet once the update actually launches. However, the behavior of miners suggests otherwise.

Collect ETH while you still can

An analyst at crypto exchange Bitrue, Yohannes Christian, had this to say to Cointelegraph:

“The ‘Difficulty Bomb’ will make mining unprofitable after the merge. Before this happens, miners are exploring all options to get rid of as much ether as possible while they still can.”

According to Christian, this ensures that the miners provide more computing power during the last few weeks that this is still possible. Higher computing power, coupled with a reluctance to sell, translates quite easily to a rapidly rising balance of ETH tokens from miners.

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