The BTC miners who had the foresight of holding are now millionaires. Bitcoin’s parabolic run successfully turned the early miners to millionaires at a speed rarely viewed before. Glassnode data hinted that the Bitcoin addresses containing $1 million have risen to around 66,540 in this week which is an elevation of 150%.
Why Did This Surge In Bitcoin Addresses Happen?
This increase is due to the early miners who retained their Bitcoin for a long time which coincided with the latest surge of the asset over $20,000.On Thursday, Glassnode tweeted that due to the BTC price crossing $20k the miner addresses got turned to millionaire addresses. The tweet also had a chart which showed the millionaire addresses number a record highs, the final major peak coincided with BTC’s 2017 late top.
BTC’s rally got intense on Thursday when it zipped through around $23,000 with little resistance. Data also indicates that one more parabolic move can happen as BTC is entering the price discovery phase. At recent values, BTC has a market capitalization of $430 billion.
While the early miners were benefiting from bigger block rewards, they operated in a highly speculative and more volatile market than today. Present-day miners get 6.25 BTC/block, and have higher assurances that the miner’s effort will get rewarded as BTC is evolving from an esoteric, obscure concept to a digital asset. Cointelegraph recently commented that cryptocurrency mining successfully evolved from one tiny endeavor to industrial businesses with more entities looking to capitalize on BTC’s network infrastructure.
Institutional inflows made mining a digital asset and made it more appealing than before. Currently, the miners produce around 900 BTC/day which is a quantity that can be consumed by businesses and institutions more quickly. Many of these businesses and institutions have become recent adopters.
