BitMine’s $5m ETH bet makes Ethereum’s decentralization look fragile

BitMine Immersion Technologies now controls 5,390,404 ETH—around 4.47% of Ethereum’s total supply—after quietly accelerating its “5% Alchemy” accumulation strategy to within striking distance of its self-imposed goal. As of May 25, BitMine Immersion Technologies says its treasury has reached 5,390,404…