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BTC - Block Coinbase Value / Miner Revenue (USD)
Description
Bitcoin Coinbase Transaction Value (Miner Revenue) shows the USD value of the BTC paid to miners priced at the time of the block reward, including both the minted BTC and fee components. At each Bitcoin halving, the minted block reward shrinks, but fees do not.
Bitcoin's USD Market Price is included for reference.
Pseudocode
for each block in blockchain:
block.btc_usd_rate := market_price_btc(block.time)
(x,y) := (block.time, block.cbtx_sat * block.btc_usd_rate)
for each hour in blockchain:
hr_cbtx_val_usd := avg(blockchain[hr_start:hr_end].cbtx_sat * blockchain[hr_start:hr_end].btc_usd_rate)
(x,y) := (hour, hr_cbtx_val_usd)
for each day in blockchain:
day_cbtx_val_btc := avg(blockchain[day_start:day_end].cbtx_sat * blockchain[hr_start:hr_end].btc_usd_rate)
(x,y) := (day, day_cbtx_val_btc)
Technical Info
Miner revenue is important for the health of the network, and competition within the mining industry has been a fierce efficiency war for hashrate and power. If miners don't make enough revenue during bear markets to cover running costs they are often simply forced out of business on the spot, causing interaction between miner revenue and hash rate.
In the distant future mining will be exhausted, and only fees will incentivize miners.
- Hourly and daily aggregations are derived from block data using average for this metric.
- Hourly data contains occasional gaps; no blocks were generated during these times.
Related Metrics
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