The amount of Ether (ETH) that is being held past miners has reached record levels in terms of United States dollars, as they remain reluctant to sell.

The balance held by Ether miners is the largest it has been since shortly after the network was launched 5 years ago. When converted into USD, it is at a historic peak of $ane.85 billion, according to data provided by analytics platform Santiment.

The firm stated that the 532,750 ETH is the largest rest held past miners since July thirteen, 2022. The corporeality equates to around 0.45% of the total circulating supply of Ethereum, which is currently 117.viii meg ETH.

Ethereum miner balances and price. Source: Santiment

Miners usually sell the asset regularly to encompass expenses, which include electricity and hardware costs. A reluctance to sell suggests that miners could be holding out for further price increases.

Hash rate not hit

The Ethereum hash charge per unit, which is ofttimes viewed as a reflection of network health and security, slumped during the miner exodus from China along with Bitcoin's. Ethereum'southward hash rate fell to 477 terahashes per second (Thursday/due south) in tardily June only has fully recovered over the by three months and surged to new peaks. It is currently up 150% since the beginning of the year.

That'due south despite China-based Ethereum mining pools dropping out of the race, with SparkPool and BeePool suspending operations in recent weeks. Curiously, at that place has been no noticeable drop in the hash rate which hit an all-time high of 745 Th/southward on Tuesday, according to BitInfoCharts.

Related: Miners have accumulated $600M worth of Bitcoin since February

Cointelegraph reported in September that Ether miners had started hoarding the asset following the London hard fork in early August. Research from the Kraken crypto exchange suggested that miners were expecting further toll increases from potential deflationary properties post-obit the launch of Ethereum Comeback Proposal 1559, which burns some of the transaction fees.

Since the upgrade went live on Aug. 5, 473,120 ETH worth around $ane.7 billion has already been burned, according to Ultrasound.money.

Farther adding to the supply clasp, a large pct has also been staked on the Ethereum 2.0 Beacon Concatenation contract. Around 6.7% or vii.9 million ETH has been locked for staking according to the Eth2 explorer. At electric current prices of around $iii,577, this equates to roughly $28 billion worth.