As an analyst with over two decades of experience in the financial markets, I have witnessed countless milestones and market fluctuations. However, few events have been as monumental as the $100,000 mark reached by Bitcoin on Dec. 5, 2024.
Bitcoin Miners Have Achieved an Impressive Milestone, Collectively Earning Approximately $71.49 Billion as of Data from Glassnode Indicates.
On December 5th, marking its 5,256th day of trading, the price of Bitcoin exceeded $100,000 for the very first time. For a brief moment, the total market value also climbed above the $2 trillion mark.
As reported by the on-chain analysis platform Glassnode, Bitcoin miners have accumulated a total of approximately $71.49 billion in earnings since the cryptocurrency was first introduced. This substantial amount highlights the strong security measures and financial motivations built into the Bitcoin network.
Since December 5, Bitcoin miners have amassed a total of approximately $71.49 billion by maintaining the network and handling transactions. This amount comprises $67.31 billion from block rewards and an additional $4.18 billion from transaction fees. Here’s a look at the chart for more details: [chart shown]
— glassnode (@glassnode) December 12, 2024
On December 5th, when Bitcoin reached a milestone of $100,000, the revenue generated by miners for maintaining the network and facilitating transactions amounted to approximately $71.49 billion. This figure encompasses $67.31 billion from block subsidies and an additional $4.18 billion from transaction fees. As of now, a total of 19,791,952 Bitcoins have been mined, accounting for roughly 94.2% of the capped 21 million supply.
From the inception of its first block (Genesis Block), a total of approximately 873,304 subsequent blocks have been mined on the Bitcoin network, with an average time between blocks of around 11.8 minutes. This mining activity led to the historic price milestone of $100,000 per Bitcoin being reached on Dec. 5, 2024.
Back when Bitcoin hit $100,000, the network’s computational power (hashrate) skyrocketed from 128 billion hashes per second to over 804 quintillion hashes per second. To date, miners have collectively performed approximately 5 followed by 89 zeros hashes. It’s worth noting that about 37% of all the computations took place in the year 2024.
Bitcoin has also seen exceptional transaction growth. To date, the network has successfully processed 1.12 billion transactions (unfiltered). Since the Genesis Block, Bitcoin has processed $131 trillion in transfer volume.
Bitcoin price journey
For the very first time, Bitcoin surpassed $100,000 on December 5th, and it took just three days for the price to finish the day above that mark.
Bitcoin’s price has been actively fluctuating for approximately 5,256 days, reaching from tiny fractions of a cent to an impressive $100,000. This ride includes 72 months (including December 2024) that showed growth of about 37.4%, on average, and 71 months where it experienced a decline of around -14.2%.
During the extraordinary market surge, investors amassed a staggering profit of $1.27 trillion while also experiencing losses totaling $592 billion through blockchain transactions, as reported by Glassnode.
At the time of writing, BTC was up nearly 2% in the last 24 hours to $100,290.
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2024-12-12 17:35