Wallets Holding 1 ETH Hit All-Time High as Ethereum Crosses $500

https://cryptobriefing.com/wallets-holding-1-eth-hit-all-time-high-ethereum-crosses-500/

Ethereum is undergoing what may be the start of a major rally, with record numbers of wallets holding one ETH or more and traders moving funds from centralized exchanges to smart contracts. 

Wallets Holding Ethereum Breaks Records

Glassnode data shows that 1.170 million ETH wallets held over one ETH yesterday. That number has since risen to 1.171 million.

Since June 2018, the rise in >1 ETH wallets is seen by many as a particularly bullish signal, with ETH price now enjoying recent highs.

Ethereum has been a major driver for the ongoing DeFi boom, and the project is increasingly in the public eye as it approaches the ETH 2.0 launch. Over 120,000 ETH have now been staked in the ETH 2.0 deposit contract, 22.9% of the total required for a successful launch. 

Traders Prepare to HODL

Recent data indicates that Ethereum users are anticipating significant upward price momentum. 

Anthony Sassano, a co-founder of EthHub and marketing lead at Set Protocol, noted on Nov. 16 that ETH was flowing from centralized exchanges and into smart contracts. 

The amount of ETH on these exchanges is now at a yearly low. Traders typically withdraw from centralized exchanges to store their crypto in a more secure location or deposit it into staking programs and DeFi protocols.

The amount of ETH held in smart contracts rose from 11% in June to over 16% in the past week, while centralized exchanges saw a drop from 19,000 ETH in August to 16,000 today. 

This activity indicates an increasing number of traders have no plans to sell their ETH in the immediate future, a bullish sign for price action. 

Binance Pool Offers Free Ethereum Mining for 1st Month

https://cryptobriefing.com/binance-pool-offers-fee-less-ethereum-mining-1st-month/

Crypto exchange Binance has launched a new Ethereum mining pool with just 0.5% pool fees for miners. 

Binance Pool Launches Ethereum Mining

Sparkpool, the largest ETH mining pool by hashrate, charges 1% fees, as does the Ethermine ranked at #2. 

Ethereum mining pool hashrate distribution and fees.
Ethereum mining pool hashrate distribution and fees. Source: Poolwatch.io

Binance Pool users can mine ETH with no fees for the first month. The pool uses the full pay-per share method for reward payouts, distributing both block rewards and transaction fees to pool members.

The launch comes seven months after Binance rolled out its Bitcoin mining pool. Binance pool now controls 11.3% of the Bitcoin hashrate, making it the fourth-largest BTC mining pool.

The expansion of a major exchange into crypto mining raises questions around the centralization of the Bitcoin and Ethereum hashrates, as mining pools dictate which updates and transactions are approved on Proof-of-Work (PoW) blockchain networks.

While Ethereum is poised to transition to Proof-of-Stake (PoS) as part of the ETH 2.0 network update, this is likely at least a year away.