Bitmine chair sees ‘mini-crypto winter’ thaw for ETH as it hits 77% of goal

Bitmine Immersion Technologies bought another $139 million in Ether last week, bringing its ETH holdings to 4.6 million.

Bitmine Immersion Technologies chairman Tom Lee has tipped an end to the “mini-crypto winter” impacting Ether, as the company bought another $139 million in ETH last week, bringing it closer to its goal of hitting 5% of the token’s total supply.

Lee said in a statement on Monday that Bitmine has maintained a higher buying pace over the last three weeks as it expects the end to a several-month-long Ether slump in its “base case.”

The crypto markets crashed in October last year, with Bitcoin (BTC) falling from its all-time peak above $126,000 during the month, while Ether declined from its August high of $4,946. Analysts have been debating when the crypto markets will see a meaningful rebound. 

Read more