Bitcoin Miners Reach $71.49 Billion Milestone

According to Glassnode, Bitcoin miners have achieved a significant milestone, with cumulative earnings of $71.49 billion.

On December 5, after 5,256 trading days, the Bitcoin price crossed $100,000 for the first time, briefly pushing the market capitalization above $2 trillion.

Miners' Revenue Breakdown

As reported by Glassnode, the revenue earned by Bitcoin miners for securing the network and processing transactions stands at $71.49 billion as of December 5. This consists of:
– $67.31 billion in block subsidies
– $4.18 billion in transaction fees

To date, 19,791,952 BTC have been mined, approximately 94.2% of the total supply cap of 21 million.

Block Mining and Network Difficulty

Since the Genesis Block, a total of 873,304 blocks have been mined with an average block time of 11.8 minutes. The historic Bitcoin price of $100,000 was reached on December 5, 2024, following 418 difficulty adjustments. The network difficulty is now 446,331,432,498,125,300,000,000.

Bitcoin's hashrate has dramatically increased from 128,185 hashes/sec to over 804,407,834,059,443,100,000 hashes/sec. Miners have collectively computed approximately 5.01 x 10^28 hashes, with 37% of this computed in 2024.

Transaction Growth

The Bitcoin network has processed over 1.12 billion transactions (unfiltered), with a transfer volume of $131 trillion since its inception.

Bitcoin Price Journey

Bitcoin's price reached $100,000 for the first time on December 5, achieving a daily candle close above that mark within three days.

Over 5,256 days, Bitcoin's price has varied from fractions of a cent up to $100,000, showcasing:
– 72 positive monthly candles (average increase of 37.4%)
– 71 negative monthly candles (average drop of -14.2%)

During this unprecedented market boom, investors realized a total profit of $1.27 trillion compared to -$592 billion in losses.

At the time of writing, BTC is up nearly 2% in the last 24 hours, trading at $100,290.

This article was originally published on U.Today