BitMine Immersion Technologies has added another 82,560 Ether, worth roughly $259 million, to Ethereum’s staking system, intensifying congestion in the network’s validator entry queue as institutional demand for yield continues to build.
Data from Arkham shows that the Ether treasury firm sent multiple large deposits to Ethereum’s BatchDeposit contract within the past few hours. With the new stake, BitMine’s total staked ETH has climbed to 544,064 Ether, valued at approximately $1.62 billion at current prices, according to onchain analyst Lookonchain.
BitMine first started staking ETH on Dec. 26, transferring nearly $219 million worth of ETH to staking-related contracts on the Ethereum network.
Meanwhile, BitMine’s aggressive staking push has helped push Ethereum’s validator entry queue to roughly 977,000 ETH, with an estimated wait time of nearly 17 days for new validators to become active, according to the blockchain explorer Ethereum Validator Queue. On the other hand, exit activity remains comparatively light, with just over 113,000 ETH waiting to withdraw.
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