Bitmine Buys 9,587 Ether as Annual Staking Reward Estimate Falls

Bitmine Immersion Technologies, Inc. bought 9,587 Ether (ETH) last week, while its treasury approached a 5% supply target and its annualized staking reward estimate fell. Bitmine held 6,070,092 ETH as of 2 p.m. ET (19:00 UTC) Nov. 8, up from 6,060,506 ETH on Nov. 1. That is a 9,586 ETH increase in reported holdings, compared with the 9,587 ETH purchase Bitmine disclosed. The latest balance equaled 4.97% of the 122.2 million ETH supply figure the company uses to measure its 5% goal. Bitmine had 5,227,037 ETH staked, unchanged from its previous weekly update . That represented about 86% of its latest ETH balance. Its trailing seven-day staking yield declined to 2.65% from 3.03%, while its estimate of annualized staking rewards fell to $309 million from $358 million.

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