October 31, 2019

Bitcoin Miners: $15BN Revenue

Since Bitcoin’s birth in 2009, miners had received combined revenue of just under $15 billion.

Data from the monitoring and statistics resource Coin Metrics, released on 15 October, found that since the birth of Bitcoin in 2009, miners had totalled nearly $15 billion in revenue.

The figure, known as the thermocap, includes both block rewards - "new" Bitcoin paid to miners for validating a transaction block - and transaction fees.

The bulk of the thermocap consists of the block reward. According to Yasine Elmandja, an analyst at the crypto-focused consulting firm ARK Invest, transaction fees this week only exceeded the $1 billion mark.

"It is official. The Bitcoin network has exceeded $1 billion in cumulative fee revenues," he wrote, quoting the latest Coin Metrics data.

Both Bitcoin fees and the block reward decrease over time. While the block premium decreases at certain intervals, fees are a free market with frequent fluctuations.

"On 31 January 2018, BTC fees accounted for about 12% of total miner revenues (block premiums account for the remaining 88%). As of October 13, 2019, BTC's cumulative fees amounted to only 6.6% of total miner revenues," Coin Metrics noted.

Latest Articles

Economics of Negative Interest Rates

July 28, 2020

Social Consequences of Negative Interest Rates

June 26, 2020

Is Switzerland following in the footsteps of Japan?

June 18, 2020

Webinar on the Effects of Negative Interest Rate Policies

June 17, 2020

Webinar on the Japanification in Europe

June 9, 2020

Deflation and inflation - all at once

May 15, 2020

Swiss Finance Institute’s Webinar on Negative Interest Rates

May 13, 2020

Ultra-loose Monetary Policy and the Japanization of the World

May 7, 2020

Fed Chairman Powell: "We're going places."

April 30, 2020

COVID-19 and the Systemic Challenges of our Financial Order

March 20, 2020
The latest in financial technology. 
Read