Bitcoin Miners Are Needed to Keep the Network Secure. $20 Billion in BTC miner revenue is an impressive amount and a good incentive to keep the Bitcoin network running securely.
To put this into perspective, $20 Billion is roughly the combined market cap of the number 4 and 5 digital assets: XRP and Polkadot.
Bitcoin and crypto analyst, MagicPoopCannon, also reiterated that the ongoing Bitcoin corrections are necessary and healthy during a bull market. His exact analysis of the current Bitcoin situation is as follows.
While I do expect the overall downside momentum to persist over the next couple of weeks, it’s important to remember that this is a BULL MARKET. Even if we fall 40%, it’s healthy for the progression of this cycle.
- BTC Miners have now cumulatively earned Bitcoin worth $20 Billion
- Such revenue is an incentive to keep the Bitcoin network going and secure
- Bitcoin has just experienced a dip to the $35k level
- The minor corrections are necessary and healthy during a bull market
Bitcoin miners have cumulatively earned BTC worth $20 Billion since the network was launched. This is according to data from the team at Glassnode that also highlighted that miner revenue has doubled in the last two years. The team at Glassnode shared this milestone via the following statement explaining their calculations of cumulative miner revenue and accompanying chart demonstrating the growth.
Cumulative Bitcoin miner revenue (Thermocap) crossed $20 billion USD. Thermocap serves as a lower bound for the true capital inflow into Bitcoin. It has doubled in the past 2 years.
Bitcoin takes a Minor Dip to $35k, Bull Market Still Intact
With respect to price, Bitcoin has just experienced a minor dip from yesterday’s $40k area to $34,300. This is a 14.25% drop in value in 48 hours. However, such a drop is healthy in a bull market as explained by the team at Ecoinometrics via the following statement.
…248 days after the 3rd halving. BTC at $36,415.
This bull market doesn’t stop at $40k. From the growth of the previous cycles we still have a 7x upside potential.