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Rapid Ethereum Accumulation Takes Place as Price Retakes $400

Published

2 Monaten ago

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  • Ethereum has undergone a strong rally to $406, up 8% in the past 24 hours.
  • ETH is slated to move higher as there seems to be a trend of accumulation taking place amongst Ethereum investors.
  • Per new data, 250,000 ETH has been siphoned off of Binance in the past 24 hours, which is 10% of the exchange’s holdings.

Strong Ethereum Accumulation Taking Place: Data

Ethereum has undergone a strong rally over the last day on the back of news regarding ETH2 and Serenity. ETH currently trades for $406, up around 8% in the past 24 hours alone. The coin is now outperforming Bitcoin, which has also undergone a surge in the past day.

ETH is slated to move higher as there seems to be a trend of accumulation taking place amongst Ethereum investors.

A crypto-asset analyst shared the data seen below amid ETH’s move higher, noting that accumulation is taking place as per on-chain trends. Per the data, 250,000 ETH has been siphoned off of Binance in the past 24 hours, which is 10% of the exchange’s holdings.

Some believe that this is a result of the ETH2 deposit contract being released. This may result in an influx of Ethereum accumulation as investors look to accumulate ETH to earn yields through this blockchain upgrade.

ETH2 introduces a Proof of Stake consensus mechanism into the Ethereum system. It rewards those that stake their coins, as long as they properly validate blocks in the chain.

“258k $ETH moved off Binance in the last 24 hours. Almost 10% of what Binance had in it’s wallets. Let’s make it another 10% Sell side liquidity crisis coming in a few months. Where will you get Eth when it’s all locked in smart contracts and DeFi? Are you forward thinking?”

Data of the ETH held by top crypto-asset exchanges shared by Pentoshi, head of TA at Blockfyre

Buoyed by Adoption

ETH is being further buoyed by institutional adoption.

For one, Australia’s reserve bank recently announced it will be using Ethereum technology for its CBDC.

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

CFTC Chairman Heath Tarbert recently said that he supports Ethereum, calling the blockchain innovative and exciting.

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Price tags: ethusd, ethbtc
Charts from TradingView.com
Rapid Ethereum Accumulation Takes Place as Price Retakes $400



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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

57 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.