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Ethereum Miners’ $319M Crypto Hoard Hangs Over Market After Merge

From coindesk.com

In the years and months leading up to the Ethereum blockchain’s historic shift last week to a more energy-efficient system, data miners working for rewards on the network had accumulated nearly $341 million worth of the cryptocurrency ether (ETH). Now, a week after the Merge, crypto analysts are warning that miners’ sales of their hoards could become a source of near-term, downward pressure on the cryptocurrency's price, with the market already sinking by 19% in the past month. “Miners dumping their ETH is an overhang that we’ll have to get through over the coming months in order to resume up-only mode, but it will ... (full story)

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  • Category: Fundamental Analysis