- Bitcoin whitepaper clocks 11 years today, October 31, 2019
- Since the inception of Bitcoin, miners have generated revenue of about $15 billion
- Bitcoin transfers more wealth with less transaction fees
Cryptocurrency News Today – Bitcoin just hit a major milestone. The whitepaper of Bitcoin (BTC) is 11 years old today. This means that the creator of Bitcoin – Satoshi Nakamoto – published the first document with details about the decentralized ledger and money system. According to a recent announcement, Bitcoin (BTC) miners have made about $15B securing the network as of the middle of this month.
Bitcoin Miners Have Received Aggregated Revenue of about $15 Billion since Its Inception
According to data released on October 15 by Coin Metrics – a crypto monitoring and statistics platform – since Bitcoin came into existence in 2009, miners on the network has made an aggregated revenue of about $15 billion. The figure is known as the thermocap, and it includes both transaction fees and block rewards – new BTC paid to miners for validating the block of transactions. However, the thermocap consists mainly of the block reward.
Bitcoin (BTC) Price Today – BTC / USD
In a recent tweet, an analyst at digital currency-focused advisory company ARK Invest – Yassine Elmandja – said that transaction fees on the Bitcoin network just broke the $1 billion level this week. Citing the data from Coin Metrics, he said, “It is official. The Bitcoin network has surpassed $1 billion in cumulative fee revenue.
Bitcoin Miners Move Billions of Dollars Just for a Token
Both Bitcoin block rewards and fees are reducing overtime. Bitcoin block reward reduces at set intervals, while transaction fees are a free market, with fluctuations occurring frequently. According to Coin Metrics, on January 31 last year, Bitcoin fees accounted for almost 12 percent of the total miner revenue, the remaining 88 percent were from block rewards. As of October 13 this year, the cumulative fees of Bitcoin were just 6.6 percent of total miner revenue. The firm also added that:
“This means that since February last year, Bitcoin cumulative fees have not been growing as fast as cumulative block rewards.”
This year, fees have on average remained considerably lower than in the past. The transaction fees have continued to drop despite the price of Bitcoin being higher than in the majority of its existence. According to a report by Cointelegraph in September this year, one transaction paid a fee of $700 to move Bitcoin (BTC) worth $1 billion; this is twenty times too much. Meanwhile, earlier this month, another transaction paid only $4 to move Bitcoin worth $1 billion. In other news, the Ethereum network would soon pass a total of $250M in cumulative fee revenue.