Bitcoin Miners Have Earned IDR 734.2 Trillion in Revenue Since 2010
Follow Us @
Bitcoin Miners Have Earned IDR 734.2 Trillion in Revenue Since 2010
Liputan6.com, Jakarta Bitcoin miners have made about 37 percent profit from mining Bitcoins since its inception. Calculations from on-chain analytics firm Glassnode show that since 2010, Bitcoin miners have netted more than USD 50 billion in fees and block reward subsidies.
Amid the ongoing debate about miner fees and the vulnerability to Bitcoin’s price drop, new figures suggest that miners really are in the dark in the long term.
According to Glassnode, the total lifetime revenue of miners is almost 40 percent higher than their estimated cost, which is USD 50.2 billion or around IDR 734.2 trillion (exchange rate of IDR 14,625.65 per USD) from an estimate of around USD 36.6 billion.
Launching Cointelegraph, Thursday (4/5/2023), researchers generate figures using two metrics, namely the thermocap and transaction fees, which are the cumulative amount of issuance multiplied by the spot price in addition to fee income generated over time and production costs based on difficulty level.
“In this model, Thermocap and Transaction Fees can be considered as revenue realized by miners, while difficulty production costs are considered as aggregate mining input costs,” explains the report.
The results counter fears that underprice BTC/USD could trigger mass capitulation across the mining industry, which is growing.
Bitcoin network fundamentals back up the argument, with difficulty and hash rates both hitting new all-time highs throughout 2023.
Current estimates from BTC.com, this week’s difficulty adjustment will be the first negative for Bitcoin since mid-February 2023.
Bitcoin Miners Have Earned IDR 734.2 Trillion in Revenue Since 2010
FIRST REACTION FROM A READER:
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Bitcoin Miners Have Earned IDR 734.2 Trillion in Revenue Since 2010
#Bitcoin #Miners #Earned #IDR #Trillion #Revenue
-
Cryptocurrency2 months ago
NFT Sales Touch IDR 4.3 Trillion in the Second Week of February 2024
-
Sports2 months ago
Making history at the 2023 Asian Cup, the Indonesian national team raises its position in the FIFA rankings
-
Sports2 months ago
Falling from Bilbao, Girona's position is threatened in the Spanish League
-
Sports2 months ago
PSG Will Try to Sign Frenkie De Jong from Barcelona
-
usa today entertainment2 months ago
Adu Outfit Park Min Young Becomes an Office Worker, from Drakor What's Wrong with Secretary Kim to Marry My Husband
-
Sports2 months ago
And Ashworth Urges Manchester United to Seize an Important Figure at Chelsea
-
Trend tech & Telecoms2 months ago
28 Terrorist Group Accounts Get Paid Blue Check on X
-
Sports2 months ago
Lukaku Calls Draw Away Good Results