This inflow of Bitcoin (BTC) made the first miners millionaires at a rate never seen before. Glassnode data shows that the number of bitcoin addresses containing at least $ 1 million rose to 66,540 this week, a 150% increase.
The rise in the number of millionaire wallets is attributed to the fact that early miners owned bitcoins for many years, resulting in a recent increase in assets of over $ 20,000.
As Glassnode wrote on Thursday:
“Over $ 20,000 worth of BTC turned all early mining addresses (50 BTC bonus blocks, unused or lost) into millionaire addresses.”
The tweet was accompanied by a chart showing the number of millionaire addresses at or near a record high, with the last major peak coinciding with the Bitcoin summit in late 2017:
Number of BTC addresses containing at least $ 1 million by Glassnode
The Bitcoin rally intensified on Thursday and pulled out $ 23,000 with very little resistance. The data on the chain indicates that another parabolic move may be imminent as BTC enters a new pricing phase. At current values, the total market value of bitcoins is approximately $ 430 billion.
While the early bitcoin miners benefited from the larger block rewards, they operated in a market that was highly speculative and much more volatile than it is today. Today, miners only receive 6.25 bitcoins per block, but they have a lot of confidence that their efforts will be rewarded as bitcoin evolves from a vague and esoteric concept to a shared digital asset.
As Cointelegraph recently reported, cryptocurrency mining has evolved from a small enterprise to an industrial business as more organizations want to leverage the infrastructure of the Bitcoin network. Institutional flows have made mining digital assets more attractive than ever.
Miners are currently producing about 900 bitcoins a day – an amount that is quickly consumed by companies and corporations, many of which have recently been adopted.