Bitcoin miners earned $50B from BTC block rewards, fees since 2010

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New data reveals that Bitcoin (BTC) miners have made about 37% more profit from Bitcoin mining since Bitcoin was born.

Calculations by an on-chain analytics company glass node Since 2010, fees and block reward subsidies have suggested that miners have earned more than $50 billion.

Bitcoin Miner Revenue Exceeds $50 Billion

During ~ With the ongoing debate about miner costs and Bitcoin’s vulnerability to price declines, the new numbers suggest that miners will certainly be profitable in the long run.

According to Glassnode, the miners’ total revenue over the entire period is almost 40% higher than the estimated cost, at $50.2 billion and $36.6 billion respectively.

Researchers generated the numbers using two metrics: thermocaps and transaction fees. This is “the cumulative total of issuances multiplied by the spot price, plus any commission income accrued so far,” and is the difficulty’s cost of production.

exclusively report In late March, Glassnode explained the nuances behind their calculations, and they are still hitting 37% profit margins today.

“In this model, thermocaps and transaction fees can be viewed as realized revenues by miners, while difficulty production costs are viewed as the total input cost of mining,” the report explains.

This result refutes concerns that a too low BTC/USD price could trigger a massive capitulation across the growing mining industry.

Bitcoin network fundamentals support this argument, with both difficulty and hash rate hitting new all-time highs throughout 2023.

the current Estimate However, BTC.com predicts that this week’s difficulty adjustment will be Bitcoin’s first negative adjustment since mid-February 2023.

Bitcoin transaction fees soar

On the other hand, the influx of newly created unspent transaction outputs (UTXOs) thanks to ordinals is rapidly making on-chain transactions less attractive this month.

RELATED: BTC Price May Need $24.4K Drop As Bitcoin Speculators Maintain Profits

Glassnode shows that these created UTXOs surged to their highest level since 2015 in May, with fees rising accordingly.

Blockchain.com has a daily moving average. transaction The May 2nd commission rate was $6.91, the highest since July 2021.

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This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.