BitMine, the Ethereum treasury company led by Tom Lee, has reached a new symbolic milestone by holding 5.79 million ETH, representing 4.8% of the total circulating supply, valued at 11.8 billion dollars. The company has placed 85% of its ethers in staking, accounting for approximately 12% of total staking on the Ethereum network, surpassing both Binance (9.15%) and Coinbase (5.12%). BitMine currently generates roughly 254 million dollars per year in staking revenue. This concentration of a significant portion of validation power in the hands of a single publicly traded company raises growing concerns about the centralization of the Ethereum network, a debate the ecosystem thought it had moved beyond.
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