Since the merge – Ethereum completely abandoned proof-of-stake in order to adopt a staking consensus.
As of right now, the Ethereum mining community has sold over $40 million in ETH.
According to research from OkLink, the dump began a week before the merge.
Recent reports estimate that Ethereum miners sold nearly 15 thousand Ether in the very week ahead of the blockchain’s anticipated merge.
By analyzing data from several mining pools like F2Pool, Binance, and BTC.com – OKLink estimates that from September 9 up until the day of the merge (September 15th), 14,785 ETH was sold, totaling nearly US$20 million worth of Ether.
The miners dropped their holdings by 2,767 ETH on September 12, followed by another 4,121 ETH the next day. The biggest selling occurred on September 14, the day before Ethereum’s merger.
Miners sold over 8,032 Ethereum at the time, adding to the asset’s slide from $1,636 to $1,471 in less than 24 hours.
A week later, the selling of tokens continues.
PoW issuance was approximately 11,500 ETH per day (2 ETH per block * 4 blocks per minute * 60 minutes per hour * 24 hours per day = 11,520)
Now issuance is around 1,650 per day.
So that’s nearly 10,000 ETH per day that is no longer issued.
In that perspective, 15,000 ETH is basically nothing
Today, miners dumped around 30,000 ETH ($40.7 million) in the days preceding Ethereum’s PoS upgrade. This immense selling pressure contributes to the stabilization that the world’s second-largest cryptocurrency by market capitalization has been experiencing in the last couple of weeks.
Ethereum Remains Inflationary
The decline in Ether prices on September 15 corresponded with an increase in ETH supply, as more tokens are being dumped.
Approximately 24 hours after the merge, Ethereum’s supply change switched positive once more, casting doubt on the instant “deflationary” narrative owing to the post-Merge cryptocurrency.
Prior to the merge, Ethereum distributed around 13,000 ETH per day to proof-of-stake (PoW) miners and approximately 1,600 ETH to PoS validators. However, when the Merge went live, the payouts for miners decreased by nearly 90%.
Meanwhile, validators who receive Ether incentives now earn just 10.6% of what they did previously.
As a result, Ether’s yearly emissions have decreased by about 0.5%, making ETH less inflationary and, in some cases, deflationary.
Despite this, the Ether supply has increased at an annual rate of 0.2% since the Merge due to decreasing transaction costs.