By growing its staking operations, Bitmine Immersion Technologies is gradually converting its substantial Ethereum holdings into a reliable source of revenue.
After adding over 40,000 ETH in only the last week, the firm currently has about 4.24 million Ether. More than two million ETH have already been staked on the Ethereum network.
Bitmine receives compensation for contributing to the blockchain’s security and validation by staking Ether. The company’s staked Ethereum could bring in almost $164 million annually at current pricing and a Composite Ethereum Staking Rate of 2.81%. This represents a change from merely possessing cryptocurrency to actively generating yield from it.
The upside might be even greater, according to Chairman Tom Lee. Bitmine could make $374 million a year, or more than $1 million every day, if it risks its entire Ether treasury. The company intends to collaborate with several staking partners and introduce its own validator in the United States this year in order to limit risk.
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