Bitcoin miners have earned over $70 billion since the Bitcoin network was created. Analysis reveals that BTC users paid miners a total of $71.49 billion, representing just 3.6% of bitcoin's record $2 trillion market cap.
Bitcoin miners have only gained 3.6% since the creation of BTC
Miners' income consists of two main sources: block grants and transaction fees. Of the $71.49 billion, $67.31 billion comes from block subsidies, that is, the creation of new bitcoins; and 4.18 billion comes from transaction fees paid by users. This breakdown shows that transaction fees represent a small fraction of total miner revenue.
Despite the significant gains made by miners, their income represents only a tiny portion of the total BTC market capitalization. This situation highlights the “tremendous” security value that miners bring to the Bitcoin network. Indeed, the BTC network has processed a cumulative volume of $131.25 trillion in transactions, highlighting the importance of the security provided by miners.
A prosperous year for BTC miners
Despite these alarming figures present in this analysisBTC miners continued to thrive in 2024, braving market challenges. Public Bitcoin mining companies, like Hut 8 and MARA Holdings, saw their shares rise and continued to accumulate BTC. Hut 8, for example, announced a share buyback program to create a strategic bitcoin reserve, while MARA Holdings acquired bitcoins worth $600 million in early December.
In sum, although BTC miners have earned billions of dollars, their income represents a small fraction of bitcoin's total market capitalization. This situation highlights the importance of the security provided by miners and the robustness of the Bitcoin network.
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