Bitmine invests 1.6 billion in staking ETH, Ethereum validator queue is full, new validators have to wait 17 days

Ethereum treasury company Bitmine’s latest moves have stirred the entire network. After accumulating a total stake of 544,064 ETH (worth approximately $1.62 billion) in just one week, the Ethereum validator queue has grown to nearly 97.7K ETH. This has directly resulted in new validators needing to wait close to 17 days to activate, and the wait times for exiting the queue are also lengthening. This is not just an individual action by Bitmine; it reflects institutional long-term strategic bets on Ethereum’s value, while also exposing the real pressures within the rapidly growing Ethereum ecosystem.

The True Cause of Validator Queue Congestion

Bitmine’s accelerated staking has directly intensified the congestion in Ethereum’s validator queue. According to the latest data, the validator queue has increased to about 97.7K ETH, while the exit queue (ETH waiting to be withdrawn) exceeds 113K ETH. The logic behind this is clear: a large influx of new staking demand, but the activation speed of Ethereum validators is capped.

Specific Impacts of Validator Queue Congestion

• New validators require nearly 17 days to activate, meaning users interested in staking need to plan ahead
• Over 113K ETH are in the exit queue, indicating many users are waiting to unstake
• This bidirectional congestion reflects the true state of Ethereum’s network under high load

Why is Bitmine Still Accelerating Staking?

Despite the queue congestion, Bitmine continues to ramp up. This is not reckless but a strategic choice:

Bitmine has staked a total of 544,064 ETH, valued at about $1.62 billion at current prices. Such a scale makes it a key player within the Ethereum ecosystem. Reasons for continuing to accelerate staking include: an annualized staking yield approaching 2.54%, which may seem modest but provides stable cash flow for institutional-scale funds; long-term confidence in Ethereum’s value, with institutions locking in tokens to earn yields.

Is Ethereum’s “Growing Pains” or a “Good Sign”?

Data shows that currently over 35.5 million ETH are staked, about 29% of the total supply. This number is very significant.

What Does the Rising Staking Ratio Mean?

The increase from lower levels to 29% indicates two signals:

1. Confidence among users and institutions in Ethereum’s PoS mechanism is strengthening
2. ETH in circulation is being locked up, which can impact market liquidity

Large players like Bitmine accelerating staking further tightens liquidity. When a significant amount of ETH is locked in staking contracts, the circulating supply decreases, which can support the price to some extent.

Validator Queue Congestion as a Cost of Growth

From another perspective, validator queue congestion actually reflects the vitality of the Ethereum ecosystem. Many users and institutions want to participate in staking, indicating rising optimism about the network. But it also exposes a reality: Ethereum’s validator activation mechanism may need future optimization to accommodate higher demand.

The Broader Context of Institutional Deployment

Bitmine’s actions are not isolated. According to related reports, Bitcoin recently broke through $90,000, leading to a broad crypto market rally, with US stocks of crypto concept companies also rising. Bitmine’s first trading day on US exchanges saw gains of over 4%, reflecting market confidence in the company.

All these point in the same direction: institutions are actively deploying in crypto assets. Bitmine’s large-scale ETH staking echoes other institutional Bitcoin accumulations. This is not short-term speculation but a strategic bet on the future development of the crypto ecosystem over the coming years.

Practical Impact on Ordinary Users

For regular users wanting to participate in Ethereum staking, the current validator queue congestion means:

• Initiating staking now requires waiting close to 17 days for activation
• Staking yields are stable around 2.54%, but actual returns will be delayed
• Unstaking also involves queuing and waiting

This does not mean staking is discouraged, but users should plan ahead and understand that this waiting time is a real factor.

Summary

Bitmine’s $1.62 billion ETH staking push has indeed stirred Ethereum’s validator queue. The 17-day wait and the accumulation of nearly 97.7K ETH in the queue are tangible data points. Behind this, it reflects institutional confidence in Ethereum’s long-term value and the real pressures of a rapidly expanding ecosystem. Queue congestion is a cost of Ethereum’s growth, and it also signals that the network is transitioning from niche to mainstream. For investors, the key is to understand the logic behind these phenomena rather than be frightened by short-term numbers.