Written By
futurewithcrypto.com
Prior to the Ethereum blockchain's historic switch to a more energy-efficient system last week, there were years and months of preparation.
Data miners on the network have gathered ether, a cryptocurrency, to the tune of around $341 million (ETH).
After the Merge, cryptocurrency analysts are now cautioning that miners' sales of their hoards may become a cause of short-term volatility.
There is negative pressure on the price of the cryptocurrency as the market has already declined by 19% over the last month.
To reinstate up-only mode, we must overcome the overhang caused by miners selling their ETH in the upcoming months.
The fall brought the miners' total holdings down to 245,000 ETH, or roughly $319 million.