There’s 1.15 million ETH accumulated, here’s the reason amidst other riveting bullish Ethereum discoveries

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There's 1.15 million accumulated in ETH, here's the reason amidst other riveting bullish Ethereum discoveries
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A professor at one of Canada’s leading polytechnic has revealed some mind-blowing discoveries on the usage of Ethereum’s ETH which largely shows that ETH users are extremely bullish for the long term.

Adam Cochran who recently carried out a thorough financial inspection on the top 10,000 Ethereum addresses to better understand asset value, market manipulation and the psychology of top market players have uncovered an intriguing and insightful number of findings which strongly implies that a large number of the Ethereum community is extremely bullish on the highly anticipated Ethereum 2.0 project.

$230 million worth of ETH? Yes, Miners are stacking up!

The Cryptocurrency community is soon to experience two major events; Bitcoin halving and Ethereum’s official transition from Proof-of-work (PoW) to Proof-of-stake (PoS) consensus. While the latter is expected to fully be implemented in the second quarter of the year, miners are aggressively stacking up in preparation for the major shift and have successfully gathered a staggering 1.15 million in ETH ($230 million) to that effect.

The reason for this mega saving has been traced back to six months ago. Apparently, miners began to accumulate funds since November 2018, all of which are yet to be sold. The possibility of his may seem questionable as miners usually have exorbitant maintenance fees to cover, but recall that earlier this month, research from Token analyst revealed that Ethereum Miners experienced a favorable anomaly in returns as Miner fees surpassed maintenance cost. 

80% of miners expected to exit the Ethereum network

While the hoarding of funds continues, the network might as well say goodbye to more than half of its existing miners who have been selling with just as much intensity as hoarders. With the aforementioned funds accounting for only 20% of miners, the remaining 80% is likely to move to Proof of Work- Supported Blockchains, and Cochran speculates Ethereum Classic just might be the chosen one.

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Ethereum 2.0 Investment returns; here’s how much staking is expected to rake in

As the rolling out of Ethereum 2.0 draws nearer, high expectations on the proof of stake technology continue to fill the air. The technology which promises to annihilate centralization while simultaneously arming miners with an opportunity to cut down on cost and reap higher rewards is expected to bring in roughly 12% to 17% once the first phase (Phase0) is fully initiated. Using a distribution model, an extension of the crossing chasm theory which bases adoption on three different waves estimates a total of over 30million ETH. As the technology continues to develop, returns will drop to 7% to 8% and finally settle at 4% to 6%.

Conclusion

The future of Ethereum remains highly promising as it moves closer to the implementation of a technology that does not only advertise the flexibility of cryptocurrencies but also continuously seems to permanently erase centralization in the Fintech world.