Bitcoin (BTC) miners have earned a profit of around 37% from mining Bitcoin since its inception, as per recent data from on-chain analytics firm Glassnode. The calculations suggest that since 2010, miners have received over $50 billion from fees and block reward subsidies.
Bitcoin miner revenue passes $50 billion mark
New figures reveal that miners are firmly in the black in the long term amidst an ongoing debate over miner costs and vulnerability to Bitcoin’s price dips. As per Glassnode, miners’ all-time income is almost 40% higher than their estimated costs, at $50.2 billion versus $36.6 billion, respectively. The calculations were generated using two metrics: thermocap and transaction fees, which are “the cumulative sum of issuance multiplied by spot price in addition to all-time generated fee revenue” and difficulty production cost.
The results counter fears, as the low BTC/USD price could trigger mass capitulation throughout the mining industry, which is still growing. Bitcoin network fundamentals support the argument with hash rate and difficulty both attaining new all-time highs throughout 2023.
In the meantime, newly created unspent transaction outputs (UTXOs) thanks to ordinal upgrades are making on-chain transitions less appealing this month. Glassnode illustrates these created UTXOs reaching new highs in May since 2015, as fees rise accordingly. As per Blockchain.com, the 1-day moving average transaction fee rate for May 2 stands at $6.91, the highest since July 2021.
Bitcoin transaction fees spike higher
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Blockchain.com has the 1-day moving average transaction fee rate at $6.91 for May 2 — more than at any time since July 2021.
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