Know how crypto users have spent almost 2.7 billion dollars mining NFTs only in the first half of 2022

by | Sep 10, 2022 | BNB, Market, Market News, News | 0 comments

The crypto industry has certainly a lot to the financial sector and the people involved in it. However, there are some aspects where it has cost more than what it has given back. The recent reports that show the amount of money that has been spent on mining NFTs, have thrown light on how much money is being dedicated to the crypto sector only. There are various websites where such mining activities are taking place by several users which have led to billions being spent on it.

How much has been spent on mining activities?

Various reports are emerging nowadays that suggest the different aspects of crypto to industry. They have helped those involved with said industries keep a track of it. As it is already known the crypto industry is a highly fluctuating one and cannot be trusted anytime completely.

As per the reports suggested by Nansen, which is a blockchain data firm, the crypto users have spent a sum of 963,227 Ether which was worth 2.7 billion dollars for mining NFT in the same blockchain network. These events transpired in the first few months of the year 2022 which was quite a huge sum,m, to begin with. A lot of these mining activities took place on only one platform, which is known as Opensea.io.

What was the situation during the mining of NFTs?

This process of minting took place almost in more than 1.088 million wallets that belonged to the Ethereum network, specifically during the period of this mining. As a result of these activities, almost as much as 107 million worth of NFTs were minted on the BNB chain and almost 77 million were minted for the platform Avalanche. With the two blockchains combined, the number of wallets that were related in some way or the other to the mining of NFTs amounted to, 263,800.

What were the results of such a high mining situation?

Such high and heavy mining situations led to the rise in demand for many such platforms where these activities could be carried out with ease. As a result of this, almost as many as sixty mine collections of NFT came into existence in May, this year 2022. This led to an even more high volume of mining and the total volume of mining surpassed 120,000 ETH.

Now taking a look at the Ethereum platform, the number of NFT collections that were minted and sold at Ethereum was as much as 28,986. It was suggested by a report that came after the few months of this year, within which time these crypto assets were already minted and sold on the Ethereum platform.

The NFTs projects also did not give rise to many Ethereum but two-thirds of them did manage to give rise to 5 ETH. However, collections of as much as 149 were managed to garner a sum of 1000 ETH. The top positions acquired by the NFT  collections on Ethereum were responsible for almost as much as 8.4% of the total mining.

Conclusion 

Crypto is changing now and then because of the vulnerable nature of the whole industry. It is, therefore, obvious to go through ups and downs as the rise in the value of crypto assets depends solely upon the mindset of the people associated with it and what sort of popularity it garners. The heavy mining situations to get hold of cryptos have led to the rise in demand for platforms of this sort with the help of which mining activities can progress further.