BitMine could hit its 5% Ether supply target within weeks — then what?

BitMine could reach 5% of Ether’s supply by early November, while Tom Lee has left open whether it would continue buying beyond that level.

Ethereum treasury company BitMine Immersion Technologies could reach its goal of holding 5% of Ether’s supply by early November if its recent buying pace continues.

A Cointelegraph review of BitMine’s 12 weekly updates issued from July 13 through Sept. 28 shows the company reported acquiring about 259,000 Ether (ETH), averaging roughly 21,600 ETH per week. BitMine reported 6,001,302 ETH as of Sunday, equal to 4.9% of the 122.1 million ETH supply it cited.  

At this supply level, 5% would equate to about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short. Maintaining its 12-week average purchase rate would close the gap in about 4.8 weeks, though the estimate could shift if the company changes its buying pace.

Read more