Today, the cryptocurrency community celebrates a momentous occasion as Bitcoin reaches Block 800,000, a significant milestone in its remarkable history.
On this occasion, James Check, with Twitter handle Checkmate and the lead on-chain analyst at Glassnode, took to twitted to share intriguing insights into the progress of the Bitcoin network.
According to Checkmate’s analysis, a staggering 19.437 million BTC have been mined until Block 800,000, with miners receiving 268.700 BTC in fees.
The total revenue of Bitcoin miners stands at $52.593 billion, with most of it coming from block subsidies (94.5%) and a smaller portion from fees (5.5%).
A fascinating observation made by Checkmate is that approximately 7.5% of the mined BTC, equivalent to 1.46 million BTC, have remained untouched since the first exchange-traded price in July 2010. These coins, possibly belonging to early miners, could be lost forever.
The analysis also revealed that a significant 74.6% of BTC is held off exchanges by long-term holders, indicating a strong commitment to the cryptocurrency by a substantial portion of its user base. In contrast, only 2.68 million BTC are held by short-term holders, and 2.25 million BTC are located on exchanges.