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.