- Binance CEO Changpeng Zhao (CZ) hails Bitcoin’s economic model as the “greatest business model ever invented.”
- Bitcoin miners achieved a record-high daily revenue of over $44 million on November 12.
- Between April 2022 and November 2023, miner revenue declined.
Binance CEO Changpeng Zhao praised Bitcoin’s economic model as the “greatest business model ever invented” in response to data showing mining revenues hit new highs.
Zhao, known widely as CZ, made the comments after reports emerged that Bitcoin miners generated over $44 million in block rewards and fees on November 12. This marked the highest-ever daily revenue for miners in the last year, surpassing levels last seen in April 2022.
The mining income primarily stems from the 6.25 BTC reward for successfully mining a block, coupled with transaction fees. However, miner revenue dropped between April 2022 and August 2023.
The recent mining revenue record prompted Zhao to applaud Bitcoin’s economic design on Twitter. Zhao said,
The amount of value created, to the creator (although I assume he would never move/use those coins), to the miners, to other industry participants, and to holders.
Zhao shared his assumption, stating that Bitcoin’s pseudonymous creator, Satoshi Nakamoto, would never move or use those coins. Either way, CZ believes Bitcoin’s issuance model has spawned enormous value for miners and holders.
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Source: https://coinedition.com/cz-touts-bitcoin-business-model-as-mining-revenue-hits-44m/