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

Bitcoin (BTC) miners person profited astir 37% from mining Bitcoin since its inception, caller information reveals.

Calculations from on-chain analytics steadfast Glassnode suggest that since 2010, fees and artifact reward subsidies person netted miners implicit $50 billion.

Bitcoin miner gross passes $50 cardinal mark

Amid an ongoing debate implicit miner costs and susceptibility to Bitcoin terms dips, caller figures suggest that agelong term, miners are firmly successful the black.

According to Glassnode, miners’ full all-time income is astir 40% higher than their estimated costs — $50.2 cardinal versus $36.6 billion, respectively.

Bitcoin miner thermocap vs. cumulative accumulation outgo annotated chart. Source: Glassnode/ Twitter

Researchers generated the numbers utilizing 2 metrics: thermocap and transaction fees — “the cumulative sum of Issuance multiplied by spot terms successful summation to all-time generated interest revenue” — and trouble accumulation cost.

In a dedicated report successful precocious March, they explained the nuances down the calculations, portion arriving astatine the 37% nett borderline inactive successful spot today.

“In this model, the Thermocap and Transaction Fees tin beryllium considered the realized gross by miners, whilst the Difficulty Production Cost is considered the aggregate mining input expense,” the study explains.

The results spell immoderate mode to countering fears that excessively debased a BTC/USD terms could spark wide capitulation crossed the mining industry, which nevertheless continues to turn rapidly.

Bitcoin web fundamentals enactment the argument, with trouble and hash complaint some hitting caller all-time highs passim 2023.

Current estimates from BTC.com, however, foretell that this week’s trouble accommodation volition beryllium the archetypal antagonistic 1 for Bitcoin since mid-February.

Bitcoin web fundamentals overview illustration (screenshot). Source: BTC.com

Bitcoin transaction fees spike higher

Meanwhile, an influx of newly-created unspent transaction outputs (UTXOs) thanks to ordinals is rapidly making on-chain transactions little appealing this month.

Related: BTC terms whitethorn request a $24.4K dip arsenic Bitcoin speculators enactment successful profit

Glassnode shows these created UTXOs spiking to their highest levels since 2015 successful May, and fees person been rising accordingly.

Bitcoin fig of created UTXOs chart. Source: Glassnode

Blockchain.com has the 1-day moving mean transaction interest complaint astatine $6.91 for May 2 — much than astatine immoderate clip since July 2021.

Bitcoin fees per transaction 1-day mean illustration (screenshot). Source: Blockchain.com

Magazine: How to power the AIs and incentivize the humans with crypto

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