Are miners to blame for all Ethereum trouble post Merge?
In the days after the Merge Ethereum has had everything but a triumphant journey. And according to some, this is all the miner's fault. Nothing to do with Ethereum becoming more centralized, as over 60% of the nodes are all housed under three companies' umbrellas. Companies that have in the past taken orders from the "man" up stares. Something that typically is very well received and liked in the crypto community.
How are the miners still having a strange hold on Ethereum?
According to data in the days after the Merge miners dumped a total of 16,000 Ethereum or just about $20 million in USD worth. And that is coupled with the fact that miners are hoarding a massive 245,000 Ethereum still. Those two factors are apparently to blame for the nose plant Ethereum has taken after the Merge.
I am not saying that it has not contributed. Of course, it has. Claiming it has not is I would argue borderline stupidity. But to simply sit and point fingers at the miners saying it is all their fault. That I would argue is just about as stupid as saying they have nothing to do with it.
But it has been no secret that Ethereum after the Merge has become way more centralized than before. And as someone who is very new to the crypto space. If it is one thing I have learned about crypto is to HODL. No, buy the dip. No, no, no... It is that people who have and believe in crypto think that one of the key aspects of it is the fact that it is decentralized.
Ethereum becoming more and more centralized
So to think that the second largest Cryptocurrency can make a switch that makes it way more centralized. Without people using their influence to show how they feel about it. And to think it will have no adverse effect on the price. In the middle of a bear market. Yea. Pointing at the part above about being stupid.
As it is right now Ethereum is a way too big and complex organism at this point for it to be this adversely affected by a mere $20 million in sales. if $20 in sales can cause Ethereum to drop close to 20% in value. When it is currently sitting at a massive $158,752,062,826 in total market cap. If a mere $20 million in sold Ethereum can have that big of an impact. Then my friend we are in a lot more trouble than any of us can think.
Just in case you're wondering $20 million with the current market cap is ~0.013%.
What is your thought on this, it is the "miners' fault"? Or do you think there are way more things at play here behind Ethereum's drop in value? Please sound off in the comment section down below. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
See you on the interwebs!
Picture provided by: https://unsplash.com/, MidJourney
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