BitMine Closes in on 5% Ethereum Stake with Staking Rewards Strategy

BitMine has increased its Ethereum holdings to 5.9 million, moving closer to its goal of securing 5 percent of total circulating supply.

The company's total ether holdings rose by 53,501 units during the week through August 30, according to blockchain outlet CryptoSlate.

Of the 5.9 million ethers, 5,067,309 are deposited for staking, generating an annualised yield of 2.67 percent over the latest 7 days.

An analysis suggests that BitMine could approach its target without additional purchases if it simply maintains rewards generated from its staked holdings.