Despite the Ethereum burn introduced with the London hard fork, miners are still making a good amount of revenue from mining. For ETH, the balance held by miners had been dropping since 2016. This was mostly a combination of poor market conditions and miners selling their holdings to fund their mining activities. With low prices, the total dollar value of miners’ ETH holdings had dropped.
This number picked back up in 2021. Following the bull run which began in 2020, the price of Ethereum has gradually recovered. And by extension, the dollar value of the miner’s ETH holdings had begun to climb. Current metrics show that the value of ETH held by miners has hit a five-year high. The last time that miners held this