ETH mining is getting less profitable amid the network upgrade of Ethereum . The recent data published by on-chain analysis platform Glassnode shows that the ETH miner revenue has touched a low of $1.59 million recently, which is the lowest level in 7 months.
“Ethereum Miner Revenue just reached a 7-month low of $1,593,570.21. Previous 7-month low of $1,631,770.34 was observed on 04 August 2021,” Glassnode noted. Additionally, ETH mining difficulty has reached its lowest level in 1 month.
The overall activity across the Ethereum network has decreased in the past few weeks, in tandem with its price. On 4 March 2022, median ETH transaction volume touched its lowest level in more than 4 weeks. “Transaction Volume (7d MA) just reached a 1-month low of 0.081 ETH,” the company added.
ETH has faced price challenges throughout the last 3 months. The digital asset made a recovery at the end of February and topped the level of $3,000. However, bearish traders remained in control and ETH failed to retain the level. On Friday, Ethereum dropped below $2,800.
ETH Network
While most of the indicators across the ETH network have dropped in the last few weeks, some Ethereum addresses have kept accumulating the second-largest cryptocurrency. For instance, the total number of Ethereum addresses holding at least 0.1 ETH reached an all-time high of approximately 7 million.
The “Number of Addresses Holding 0.1+ Coins just reached an ATH of 6,966,634. Previous ATH of 6,966,041 was observed on 03 March 2022,” Glassnode highlighted.
Moreover, the total number of ETH addresses with non-zero balances touched an all-time high of over 76 million today. “Ethereum has seen a supply rise heading to exchanges since the war. We have also noted that trader returns are unusually high, and MCD debt is being reduced rapidly as longer-term traders have sold at a loss,” Santiment mentioned in its recent report.
