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New data reveals that miners have made around 37% profit from Bitcoin mining.

Since 2010, fees and block reward subsidies have earned miners more than $50 billion, according to calculations from on-chain analytics firm Glassnode.

Bitcoin Miners Earnings Cross $50 Billion
Amid the ongoing debate over miner costs and the potential for a Bitcoin price crash, new figures suggest that miners are holding firm for the long term.

According to Glassnode, miners’ total all-time earnings are roughly 40% higher than their estimated costs, at $36.6 billion versus $50.2 billion respectively.

Bitcoin Miner Thermocap vs Cumulative Production Cost Annotated Chart. Source: Glassnode/ Twitter
The researchers generated the numbers using two metrics: the thermocap and transaction fees, “the cumulative amount of the issue multiplied by the spot price plus the fee income generated at all times,” the hard cost of production.

In a dedicated report at the end of March, Glassnode explained the nuances behind the calculations, arriving at the 37% dividend that still stands today.

“In this model, the thermocap and transaction fees can be considered as income realized by the miners, while the hard production cost is considered as the total mining input cost,” the report explains.

Results Counter fears that a very low BTC/USD price could lead to a massive capitulation across the mining industry, which continues to grow.

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Bitcoin network fundamentals support this argument, with difficulty and hash rate reaching new all-time highs throughout 2023.

However, current figures from predict that this week’s difficulty adjustment will be Bitcoin’s first negative since mid-February 2023.

Bitcoin network fundamentals overview chart (screenshot). Source:
Bitcoin transaction fees have risen
Meanwhile, the influx of newly created unspent transaction outputs (UTXOs) thanks to ordinals makes this month’s on-chain transactions suddenly attractive.

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Glassnode shows that these generated UTXOs rose to their highest level since 2015 in May, and fees are increasing accordingly.

Bitcoin number of UTXOs chart generated. Source: Glassnode had a 1-day moving average transaction rate of $6.91 on May 2 – higher than at any time since July 2021.

Source: CoinTelegraph