BitMine nears 5% ether supply target
BitMine Immersion Technologies nears 5% of Ether supply as buying continues fast Aiming for early November, its ETH stash could top 5%—see what happens next
BitMine Immersion Technologies could reach its goal of holding 5% of Ether's supply by early November if it keeps buying at its recent pace.
A review of the company's weekly updates suggests BitMine added about 259,000 ETH over 12 weeks, averaging roughly 21,600 ETH per week. As of Sunday, it reported holding 6,001,302 ETH, or about 4.9% of the 122.1 million ETH supply it cited.
Based on that pace, BitMine would need about 103,700 more ETH to reach 5%, which could take just under five weeks. Chairman Tom Lee has said the company may reconsider its position after reaching that level, including whether to keep buying, hold steady, or use staking rewards differently.