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Bitcoin Thermocap Surpasses $30.3 Billion, Here’s What It Means

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Mon, 09/20/2021 - 11:56
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Yuri Molchan
According to Glassnode, Bitcoin is now worth almost 30% more than its input costs
Bitcoin Thermocap Surpasses $30.3 Billion, Here’s What It Means
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A chart shared by popular on-chain data vendor Glassnode shows that the thermocap of the leading cryptocurrency has surged above the $30.3 billion level. Those are the overall profits raked in by Bitcoin miners to date.

Bitcoin's thermocap value hits a new high

The Glassnode team has reported that, currently, the thermocap of Bitcoin stands above the $30.3 billion point. This metric includes the total sum of Bitcoin block rewards in USD earned by miners and transaction fees paid to them. The metric indicates the overall cost of production for the entire Bitcoin supply currently circulating on the market.

Thermocap stands for the total accumulated value produced by BTC miners, also taking into account the electricity they spend on their rigs, the Bitcoins they mint, transaction fees and so on.

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CoinDesk compares this metric to GDP, in the same way that a country produces outputs after utilizing raw materials.

At the moment, according to Glassnode, with the current Bitcoin market capitalization value, Bitcoin is worth almost 30 times more than the total input costs paid by miners.

At the start of the year, Bitcoin's thermocap reached a high of $20 billion, rising by over 100% in the previous two years.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.