Chips Ahoy — February 19

Chart of the Town

ICYMI: Grayscale Ethereum Trust (ETHE) bought $344 million worth of ETH in a span of two weeks, indicating an influx of institutional investment. 

Mining Matters: Ether approaching $2,000 serves as validation of all Ethereum-based use cases, ranging from DeFi to NFTs. As a result,transaction fees on the Ethereum network are surging like never before, and they constitute as much as 50% of miners’ total revenue. Not a bad time to be a miner. 

Talk of the Town

Game On: Graphic card giant Nvidia unveiled on Thursday a new processor chip, designed exclusively for Ethereum mining — suggesting, to some extent, that the demand for chips from miners is not to be slighted. The Block’s research puts ETH miner revenue at a staggering $800 million in January, and with ETH’s current rally, the figure is likely to rise, demonstrating the sheer scale at which ETH mining has become.