Originally published on: December 13, 2024
Bitcoin miners have raked in a whopping $70 billion since the inception of the Bitcoin network. In a recent analysis by Glassnode, it was revealed that Bitcoin users have paid miners a total of $71.49 billion to date.
While the prospect of Bitcoin reaching $100,000 presents a lucrative opportunity for miners, it’s surprising to discover that miner revenue remains a small percentage of the overall market cap. Despite processing transactions worth tens of billions of dollars, miner revenue accounts for a mere fraction of the Bitcoin market cap.
According to Glassnode’s latest newsletter, “The Week Onchain,” miners have earned $71.49 billion through block rewards and transaction fees. Of this total, transaction fees amounted to just $4.18 billion, highlighting how small a portion they make up of the overall revenue.
The Bitcoin network has processed a staggering $131.25 trillion in transaction volume so far, illustrating the sheer scale of its operations. Public Bitcoin miners, including Hut 8 and MARA Holdings, have experienced significant growth this past year, with share prices soaring and strategic Bitcoin reserves being established.
Glassnode also pointed out that the Bitcoin network hash rate remains near all-time highs, signaling its increasing importance on the global stage. As always, readers are advised to conduct their own research before making any investment decisions.
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