RATE Group | Bitcoin Thermocap Approaches $15B as Miners Hit $1B in Fee Revenue
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Bitcoin Thermocap Approaches $15B as Miners Hit $1B in Fee Revenue

31 Oct Bitcoin Thermocap Approaches $15B as Miners Hit $1B in Fee Revenue

Posted at 11:44h in Bitcoin News by

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Bitcoin (BTC) miners had made almost $15 billion securing the network as of the middle of this month.

Bitcoin network pays out $15B

Data from monitoring and statistics resource Coin Metrics released on Oct. 15 noted that since Bitcoin’s birth in 2009, miners had received combined revenue of just under $15 billion. 

Known as the thermocap, the figure includes both block rewards — “new” bitcoins paid to miners for validating a block of transactions — as well as transaction fees. 

The vast majority of the thermocap consists of the block reward. According to Yassine Elmandja, an analyst at crypto-focused advisory firm ARK Invest, transaction fees only broke the $1 billion mark this week. 

“It’s official. The Bitcoin network has surpassed 1 billion USD in cumulative fee revenue,” he wrote, citing latest Coin Metrics data.

Miners move billions for the price of a coffee

Both Bitcoin fees and the block reward are decreasing over time. While the block reward decreases at set…

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