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BitMine is on track to reach a 5% Ether supply target

A Cointelegraph review found the company averaged about 21,600 ETH per week in its weekly updates from July 13 through Sept. 28.

Reported · Written up by our desk · Ethereum

Ethereum treasury operator BitMine Immersion Technologies could reach its goal of holding 5% of Ether’s supply by early November, based on its recent buying pace, Cointelegraph writes.

In a review of BitMine’s 12 weekly updates from July 13 through Sept. 28, the outlet found the company acquired about 259,000 Ether (ETH), or roughly 21,600 ETH per week.

BitMine reported holding 6,001,302 ETH as of Sunday, which it said equals 4.9% of an ETH supply of 122.1 million.

At that level, Cointelegraph calculates that 5% would be about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short, while Tom Lee has left open whether BitMine would continue buying beyond the 5% threshold.

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