Buterin told what miners should do after launching Ethereum 2.0, and Grayscale Investments buys up half of all ETH mined in 2020

Grayscale Investments buys up half of all ETH mined in 2020

The Grayscale Investments Management Fund acquired 48.4% of all Ethereum mined since the beginning of the year.

The assessment was conducted by a redditor u/nootropicat based on the latest company report and the Ethereum blockchain data. Since the beginning of the year, miners have mined 1.56 million ETH, of which Grayscale Investments bought 756 thousand. During this time, the company issued 5.23 million shares of the Ethereum Trust, with an average cost of 0.094 ETH per share.

The report notes that in Q1 of 2020, the Ethereum Trust attracted record investments — $110 million more than the total of last two years. The company’s specialists suggest that the increased interest of investors is caused by the launching of the Ethereum 2.0 network, which is scheduled for July 30.

What should miners do after launching Ethereum 2.0? Buterin explains

The Ethereum network will soon switch to the Proof-of-Stake consensus algorithm, which does not require mining. The creator of the project, Vitalik Buterin, offered the owners of ASIC miners to switch to mining cryptocurrencies with Zero Knowledge Proofs, for example, Zcash.

“There’s been this huge kind of tech quiet technology revolution happening with zero-knowledge proofs being much more useful for everything. They’re very powerful. First of all, they give you a lot of privacy. Second they give you a lot of scalability, because instead of verifying a really big thing, you just have to verify a really small proof,” Buterin said.

The Ethereum 2.0 test network was launched on April 18 and has already attracted 23.5 thousand validators.